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Quebec and Ontario Economic News

Quebec’s Real GDP Fell Sharply in July

October 25, 2022
Hélène Bégin
Principal Economist

Real GDP contracted 0.5% in July, the fourth consecutive monthly decline. Quebec's real GDP came in much lower than Canada's 0.1% uptick in July. As a result, we expect Quebec's third quarter GDP to be significantly weaker. Barring an upturn in the next few months, we could see Quebec GDP contract in the third quarter as GDP expands about 1% nationwide. Quebec's economy began to slow in the second quarter, with real GDP growth tracking 1.0% annualized. It could really hit the brakes in the third quarter.

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