Stable Fiscal and Economic Outlook for the province

Deputy Premier and Minister of Finance Siobhan Coady delivered the mid-year fiscal and economic update, highlighting a stable financial situation and a strong economic outlook for the province.

The projected deficit for 2023-24 is $154 million, slightly improved as compared to the $160 million projected for Budget 2023.

Revenue is projected to be higher than forecast by $204 million for the fiscal year ending March 31, 2024, largely due to offshore exploration forfeitures. Most expenses remain the same as projected at budget. The average price of oil for 2023-24 has been revised to US$85 from the Budget 2023 projection of US$86. The Canada to United States exchange rate has been adjusted to 74.3 cents from the Budget 2023 forecast of 75.7 cents.

Employment is forecast to increase by 2.2 per cent, while the unemployment rate is forecast to decrease by 1.2 percentage points. If realized, this would be the lowest annual unemployment rate since consistent records began in 1976. Consumer spending is expected to remain strong, with the value of retail sales forecast to increase by 4.0 per cent, and population growth continued for the tenth straight quarter.