The Board of Trade is very concerned with news the province’s deficit is closing in on $1 billion.

Finance Minister Craig Pardy revealed the number in a fall economic update delivered earlier this week.

CEO AnnMarie Boudreau says while a higher deficit is typically expected following a change in government, the figure is worrisome and action must be taken.

“It underscores the need for really careful fiscal management, it underscores the need for really careful, long-term, responsible planning, and immediate action for our province,” says Boudreau. She says the deficit has been going in the wrong direction in the last three updates, and “that’s problematic.”