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Quebec and Ontario Economic News

Real GDP Growth Slowdown in Quebec: May Figures Up Only Slightly

August 30, 2022
Hélène Bégin
Principal Economist

Real GDP increased by 0.1% in May after declining 0.1% in April. This is after strong surges in previous months. May’s weak gain in real GDP confirms that the Quebec economy has lost speed this spring. Growth has already declined sharply, and the next few quarters will be difficult. Both consumer- and business-related industries will be affected by soaring inflation and sudden interest rate hikes, not to mention the faltering global economy. While we expect Quebec to keep its head above water, it’ll be a fine line between very weak growth and a slight decline in real GDP.