2012 Slight Decrease in Québec’s GDP in August 2012
Slight Decrease in Québec’s GDP in August 2012
According to the latest data from the Institut de la statistique du Québec (ISQ), Québec’s real gross domestic product (GDP) decreased by 0.1 per cent in August 20121 compared to the previous month. The decrease is entirely due to a drop in activity in goods-producing industries which fell by 1.2 per cent in August, particularly in the manufacturing (-2.2 per cent) and the construction (-0.6 per cent) sectors. On the other hand, activity in service-producing industries increased by 0.3 per cent. Production in the wholesale trade sector, in educational services as well as in professional, scientific and technical services posted the sharpest increases, at 0.9 per cent, 3.6 per cent and 0.9 per cent, respectively.
Source: Institut de statistique du Québec
To consult the official ISQ press release, click here.
1 Seasonally adjusted data.
Details About Canada’s and Québec’s GDP
The Gross Domestic Product (GDP) measures the total wealth produced within a territory during a given period. Changes in the GDP are generally considered as the main measure of economic growth.
GDP figures can be presented in two different ways: as nominal GDP, which takes into account price movements, or as real GDP, which excludes price movements. We prefer data presented in real terms, as it isolates changes in the level of output.
Statistics Canada is responsible for publishing GDP figures for Canada (on a monthly basis), while the Institut de la statistique du Québec (ISQ) is responsible for publishing GDP figures for Québec. Data for Canada is available with two months of delay and provincial data is available with three months of delay.
The technical definition of a recession is two consecutive quarters of GDP decline.
In 2010, Québec’s GDP represented more than 20 per cent of Canada’s total GDP.
Gross Domestic Product and the Resale Market in Québec
As a general indicator of the health of Canada’s and Québec’s economy, changes in GDP strongly influence the real estate market. In particular, its impact is felt in terms of changes in income and the labour market situation. In the medium- to long-term, strong economic growth generally translates into the creation of many jobs, which is a determining factor in the level of activity on the resale market.