By CHAT News Today

Province releases third quarter fiscal update

Feb 28, 2018 | 1:53 PM

EDMONTON — The Alberta government is reporting its deficit has dropped more than $1.4 billion.

According to the third quarter fiscal update released Wednesday afternoon, the province says the current provincial deficit is now forecast at $9.1 billion for the fiscal year, down from what was projected in the budget.

Finance Minister Joe Ceci says GDP growth has been revised up to 4.5 per cent, and says 90,000 jobs have been added in the province over the last year.

“Alberta’s economic growth and broad-based recovery show that we made the right choice in the face of the worst recession in a generation,” he said in a statement. “Our choice to invest in Albertans, build infrastructure and carefully find savings—without firing thousands of teachers and nurses—is paying off.”

The province has taken several measures to reduce the deficit, including having several unions in the province agree to wage freezes in contract negotiations, as well as salAry freezes for non-union staff and management in the public sector.

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The total debt is expected to hit almost $42 billion this year.

The province also announced the next budget will be tabled on March 22.