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Québec City CMA: GDP Grows 2.4% in the First Semester of 2017

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Highlights

  • According to The Conference Board of Canada, the real GDP grew 2.4% in the Québec City CMA during the first semester of 2017, reaching $35.1 billion.
  • For the first time since 2011, the area showed an overall result superior to 2% for the first six months of the year.
  • The manufacturing industry (+6.7%), the construction market (+2.2%) and the services sector (+2%) all contributed to the economic growth in this first half year.

Commentary

Canada’s strong economic growth reflected in the principal metropolitan areas during the first semester. The Québec City area real GDP rose 2.4% compared to the first semester of 2016. This acceleration, the fastest since 2011, allowed the area to reach a GDP of $35.1 billion.

Every sector contributed to the region’s economic expansion in this first half of 2017. This performance strengthens the trend witnessed in 2016. Right now, the good economic health in Canada and the USA are giving momentum to the manufacturing output, which increased 6.7% during the first semester. The construction sector is gaining strength due to the launch of new major residential and non-residential work sites. For the first time since 2012, the first six months of 2017 showed a growth, with 2.2%. The services sector also showed good results, with a 2% progression compared to last year. Public administration and consumer services performed especially well, with a growth of over 2%.

The solid economic expansion observed in Québec City in the beginning of the year will be maintained. The area is counting on a healthy employment market, the revival of investments and a good level of trust from consumers. Moreover, it will gain new business opportunities due to Canada’s overall good economic vitality, as well as continued improvements of the American and European economic conditions. All these factors confirmed our projections stating that the real GDP should grow more than 2% in the Québec City CMA in 2017.

Louis Gagnon
Senior Economist
Québec International

 
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LouisGagnonSenior Economist

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