Quebec's economic growth slowed to 0.3 per cent in the second quarter from 1.4 per cent in the first quarter, with the increase largely driven by higher spending on services, the Quebec Statistics Institute said Tuesday.
In its report on the province's economic accounts released Tuesday, the provincial agency said spending on services jumped 4.6 per cent in the April-to-June quarter, after falling 0.7 per cent in the first quarter.
The increase in services spending offset several declines, including a 0.2 per cent drop in consumer spending on goods and a 1.2 per cent decrease in government consumption spending.
On an annualized basis, Quebec's economic growth reached 1.0 per cent in the second quarter. In Canada, real GDP increased by 0.8 per cent in the second quarter, representing annualized growth of 3.3 per cent.
The second-quarter increase represented the eighth consecutive rise in Quebec's GDP since the second quarter of 2020, the Quebec Statistics Institute said.
Foreign trade reduced GDP growth in the second quarter, the agency added. The volume of total imports of goods and services increased by 7.4 per cent, much more than total exports of goods and services, which climbed 4.5 per cent.
This report by The Canadian Press was first published in French on Sept. 27, 2022.
