Summary
Based on estimates from the Conference Board of Canada (CBoC), real gross domestic product (GDP) in the Québec City census metropolitan area (CMA) was $39.97B in 2023, a 0.4% decrease compared to last year. This decline is explained in part by postponed investments, decreased consumption, and a challenging year for several sectors of the economy. These impacts are directly linked to the economic slowdown following repeated increases in the key interest rate. Preliminary data also shows that the year 2023 was harder on the Québec City region than on its Canadian counterparts.
As for the standard of living and productivity levels, the region continues to lag behind the other major Canadian CMAs. Despite a challenging year from coast to coast, the region maintains its last position in Canada, with the standard of living established at $45,929, and the GDP per job at $87,802.
The export and import of goods grew significantly in recent years, but Québec City continues to register a negative balance of trade.
The year 2024 will be somewhat of a continuation for the different regions, as rates could remain high for a part of the year. However, the economy could gradually bounce back as central banks lower their key interest rates. Therefore, forecasters are expecting moderate growth in the region, with the CBoC forecasting increases of 0.5% in the region, 0.3% in the province, and 0.6% in the country.
