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Real GDP: The Québec City CMA Confirms 25 Years of Economic Growth

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Highlights

  • According to The Conference Board of Canada, the area’s real GDP was $34.6 billion in 2016, a gain of 1.6% compared to 2015.
  • This performance places Québec City as the only major metropolitan area in Canada to have maintained continuous economic growth for 25 years.
  • From 1991 to 2016, the Québec City CMA’s GDP increased by 72.7%, the highest increase observed in the province of Quebec.
  • The Québec City CMA is the 8th economy in importance in Canada, and the 2nd in the province of Quebec, with respective weights of 2.1% and 10.8%.
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Real GDP: An expansionary period for Québec City

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Real GDP : Overview of 8 main Canadian CMAs

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Commentary

The Québec City CMA registered a new increase in its real GDP (gross domestic product) in 2016. It gained 1.6% compared to 2015, reaching $34.6 billion. This result has a strong symbolic value, as it confirms a quarter century of uninterrupted economic growth. With almost 73% increase over that 25-year period, the area registers the best performance in the province. It is the only major metropolitan area in Canada to show such a long period of growth.

Every sector contributed to the economic expansion of the CMA in 2016. Good performance in sectors like consumer services and public services balanced the slight decrease in producer services. The manufacturing industry continued to benefit from intensification of activities linked to the production of value-added goods. As for the construction market, the recovery observed in 2016 — after three years of deceleration — points to the beginning of a more active period.

The Québec City CMA’s economic strength represents leverage to ensure the future growth of its real GDP. Projections show that the area’s economy should progress on average by 2% annually over the next 5 years, from 2017 to 2021. This should surpass the performance from 2011 to 2016 (+1.3%) and will allow the region to better compete with the rates expected from other Canadian metropolitan areas. This performance will support the increase in the population’s productivity and living standard. It will also contribute to support progression for other variables such as labour market, investment and demography

Louis Gagnon
Senior Economist
Québec International

 
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LouisGagnonSenior Economist

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