Alberta Budget Report 2017
On March 16, 2017, the Honourable Joe Ceci, President of Treasury Board and Minister of Finance, presented his third budget.
In the third quarter fiscal update released on February 23rd, the government reported that the economy is turning a corner and showing early signs of recovery, including higher exports, drilling activity and employment. Today’s budget confirmed that the province is predicting real GDP growth of 2.6% for 2017, which would be the highest rate in Canada according to the government.
The deficit for the 2016-17 fiscal year is now predicted to be $10.8 billion, which is up slightly from the $10.4 billion set in last year’s budget. The deficit for 2017-18 is estimated to be $10.3 billion. The province’s debt is expected to rise from $32.6 billion for 2016-17 to $71.1 billion for 2019-20. Although the debt-to-GDP ratio remains the lowest among the provinces, it will grow from 10.6% to 19.5% over the same time period.
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- Deficit of $10.8 billion forecast for 2016-17
- Deficit of $10.3 billion forecast for 2017-18
- No personal or corporate tax increases announced
- Economy predicted to grow by 2.6% in 2017