Quebec’s Real GDP Edged Up in August

Real GDP increased 0.1% in August after several monthly declines since the spring. Despite the rebound in real GDP in August, the third quarter will be particularly weak. If industrial output remains stable in September and data from previous months are not revised, Quebec’s third-quarter real GDP print will be negative. It is therefore likely that a period of economic contraction has already begun in the province. It remains to be seen whether summer 2022 will mark the official start of a recession that should be moderate. The next few months could be a roller coaster, but the economic downturn is far from over.