- According to the Conference Board of Canada, the Quebec City census metropolitan area (CMA) recorded a 1.3% increase in real GDP in the third quarter of 2012 (year over year), reaching a total of $27.5 billion.
- The construction industry (+8.2%) and the services sector (+1.7%) were the two main growth drivers.
- Quebec City is still positioned among Canada’s top-performing CMAs.
As the twin pillars of the regional economy, the construction industry (+8.2%) and the services sector (+1.7%) both fared well in the third quarter. The sound of hammering could be heard on more than 180 residential and non-residential projects valued at approximately $8 billion. Meanwhile, the services sector benefited from the expansion of production services (+3.4%) and consumer services (+1.2%). The local manufacturing industry (-2%) still faces a global economy that is less robust than expected, driving down the sector’s growth outlook and exports.
The Quebec City region performed well in the third quarter and has successfully adjusted to various constraints. However, some of these same constraints had a negative impact on growth. In addition to the global economy, which is struggling to get back on its feet, Quebec City’s labour market had a fairly calm summer. The region also remained vulnerable to the decline in government capital expenditures at various levels. Against that backdrop, the third-quarter results indicate that full-year growth in 2012 may be less than we expected (our initial forecast was for 2%) GDP growth.