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Quebec and Ontario Economic News

Quebec Ends 2022 with a Bang, Avoiding a Recession for Now

March 28, 2023
Hélène Bégin
Principal Economist

Real GDP jumped an annualized 1.9% in the final quarter of 2022. Real GDP rebounded in the fourth quarter on strong consumer spending growth and increased infrastructure spending. 2022 ended on a high note, with solid economic growth of 2.8% for the year. The recession that seemed to have started in the third quarter hasn’t materialized, at least not yet. With interest rates still high, many households and businesses are just holding on. Like the rest of Canada, Quebec may struggle to stay out of a recession this year.