Highlights
- According to data published yesterday by the Conference Board of Canada, real GDP topped $33.1 billion the Quebec City census metropolitan area (CMA) last year, up 1.2% compared with 2012.
- Regional growth was primarily driven by the services sector, which posted an increase of 2.1%.
- Thanks to its dynamic economy, Quebec City was one of the top performers in Eastern Canada over the past few years (2008-2013) as real GDP grew by 8.7%, edging out Toronto (+8.1%) and Montreal (+6.8%).
Comments
Quebec City’s economic growth was driven by the services sector in 2013 (+2.1%), helped in part by the expansion of production services (finance, insurance, professional, scientific and technical services, etc.) as well as by public administration. The construction industry was down slightly (-0.3%) due mainly to the residential market, although the non-residential sector outdid itself as investments totalled $1.2 billion. Meanwhile, the anticipated recovery of the manufacturing sector (-7%) will have to wait for another year. Labour market stability, combined with a slow but steady increase in new orders over the past few months, point to a gradual recovery for the transformation sector in 2014.
In 2014, real GDP in the Quebec City CMA is expected to increase by 2%. The awarding of new contracts and the development of new markets will benefit companies offering goods and services. The construction industry also stands to benefit from the robust non-residential sector, which should help to offset the housing market slowdown.
Louis Gagnon
Senior Economist
Québec International
