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Economic News

Quebec: Monthly GDP

Growth Remained Modest in April

July 28, 2026
Sonny Scarfone
Principal Economist

Highlights

  • In April 2026, Quebec’s real GDP increased by 0.1%, a more modest pace than that observed in Canada External link. (+0.5%). Unlike Canada, however, Quebec’s economy posted growth in the first quarter, with real GDP rising at a 1.0% annualized rate.

Comments

The modest increase recorded in April is consistent with a period of weak economic growth that has characterized Quebec’s economy for roughly the past year (graph). The trade conflict with the United States has been a key factor keeping economic activity on this subdued trajectory.

Economic output nevertheless remains 0.5% below its January 2025 peak, with all goods-producing industries posting declines (table). In addition to the trade conflict, slower population growth continues to weigh on economic activity.

Compared with the first four months of 2025, a few positive developments are worth highlighting. The accommodation and food services sector, as well as the arts, entertainment and recreation sector, are operating at levels above those observed before the slowdown of recent quarters. This strength may partly reflect solid domestic tourism activity and the performance of the Montreal Canadiens, whose economic spin-offs likely continued to be felt in May.

Over the past year, the wholesale and retail trade sector, along with finance and real estate-related industries, have also proven more resilient than industries most exposed to trade tensions.

Implications

Quebec’s economy continues to tread water. Despite some pockets of resilience, particularly in services, the trade conflict, demographic factors and slower growth in government spending are limiting the province’s growth prospects.

NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.