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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