Newfoundland and Labrador’s debt and deficit, not surprisingly, has gone up.
The province was expected to be just shy of a billion dollars behind in current account come the end of March, but the actual shortfall was just over $1.1-billion. The debt has gone to $14.2-billion from $13.8-billion.
The change is primarily due to lower oil prices—about $180-million—and lower corporate income taxes.
Government says it was on target by the end of February to meet its projections, but the finances changed considerably in March.
Fiscal update: $1.1-B deficit, up from $937-M. Debt to $14.2-B up from $13.8. That’s til end of March.
— Brian Madore (@bmadorevocm) June 4, 2020