Thursday, September 3, 2015

2015 Quebec First Quarter GDP Up 1.6% Annualized

Somewhat surprisingly, Quebec reported GDP growth in the first quarter of 1.6% (annualized). That compares to the now revised 0.8% drop in Canada overall and the -0.2% GDP growth for Ontario.

Both exports and imports declined:

"In the first quarter 2015, exports shrank (-2.9%) after four consecutive increases, solely due to international exports of goods (-7.2%), as all other components posted gains. Total imports contracted 3.2%—imports from other countries dropped by 3.8% and those from other provinces by 2.0%."

Considering that the second quarter GDP for Canada was announced as -0.5%, it will be interesting to see how the various provinces do. Will Ontario print a more Quebec like number? Will Alberta have even worse numbers than in the first quarter?

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