Quebec Economy | Half of the sectors have returned to their pre-epidemic levels

(Montreal) At the end of 2020 in Quebec, 10 of the 20 economic sectors returned to their pre-pandemic production level, or even higher than before, according to the Institute of Statistics of Quebec on Monday.




Lea Levesque
The Canadian Press

The economic recovery has been so great that in December 2020, Quebec’s GDP reached 98% of the February 2020 level, before the start of the COVID-19 pandemic.

The Statistical Institute indicates in its study that some sectors have exceeded the level of their production that prevailed before the outbreak of the epidemic, especially the agriculture, forestry, fishing and fishing sector by 110.4% than it was in February 2020, then the rate of retail trade by 106.4%.

It also benefited from financing and insurance by 103.1%, health care and social assistance by 102.5%, and professional, scientific and technical services by 102.4%, determined by the Institute of Statistics.

On the other hand, the two sectors worst affected, in December 2020, were arts and entertainment and entertainment, which increased by 51.1% from the February 2020 level, and accommodation and food services, which increased by 56.8%.

The worst months

ISQ gives an idea of ​​the extent of the crisis, at the start of the epidemic, through April, stating that Quebec then experienced “production declines that we did not see during the first months of confinement.”

Quebec’s GDP decreased 9.5% in March and 14.7% in April. “From February to April, Quebec’s real GDP fell by 22.9%,” the ISQ wrote in its report.

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During this period from February to April, construction was the hardest hit, as its production level decreased by 73.6%.

“The only sector that saw growth from February to April was agriculture, forestry, fishing and hunting,” an increase of 5.4%.

But since May, the economy has been able to breathe a little. “Increases of the same magnitude as the decreases that occurred previously,” the institute writes.

Ultimately, in 2020, Quebec’s GDP decreased by 5.3%. In the US, that is down by 3.4%, in Mexico by 8.5% and in the euro area by 7.2%, ISQ confirms.

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