Province reports $10.3 billion deficit in second-quarter fiscal update, but also seeing signs of recovery
EDMONTON — The provincial government says there are signs of a rebound in the provincial economy, even as a deficit is still in the financial forecast.
Finance Minister Joe Ceci presented the second quarter fiscal update for 2017 Tuesday morning in Edmonton. According to the update, the government expects the economy to grow by 4 per cent in 2017, up from the 2.6 per cent forecast presented when budget 2017 was tabled and 3.1 per cent in the first quarter.
“For the second time this year, we are upgrading our economic growth projections for 2017,” Ceci said in a news release. “With the recession behind us, Alberta’s economy has returned to growth. As we look ahead to Budget 2018, I look forward to hearing Albertans’ thoughts on how we can continue to make life better for Albertans while compassionately tightening our belt and returning responsibly and carefully to balance without extreme and risky cuts.”
According to the update, the province has added more than 70,000 full-time jibs since the middle of 2016, with the majority in the private sector. Ceci adds retail sales have recovered to pre-recession levels, and drilling activity has also increased.