Government Releases 2019 Fiscal and Economic Update #NLpoli
Finance Minister Tom Osborne has released the province’s annual Fiscal and Economic Update, which provides a snapshot of the province’s fiscal situation at the midway point of the fiscal year ending March 31, 2020.
Government has maintained course in the areas it can control. Expenses have held steady, with a reduction of $24 million from the original projection. Government’s borrowing requirements are also unchanged at $1.2 billion from Budget 2019.
Real gross domestic product is expected to increase by 3.1 per cent, and while this is a reduction of 1 percentage point from the original Budget projection we are still leading the country in this indicator.
Capital investment is forecast to increase 3.1 per cent to $9.4 billion in 2019 and by 4.9 per cent to $9.8 billion in 2020.
The unemployment rate is expected to average 11.8 per cent in 2019, down from the 13.1 per cent forecast at budget time.