ST. JOHN'S, N.L. 鈥� Newfoundland and Labrador Finance Minister Siobhan Coady tabled the province's 2023-24 budget Thursday. Some highlights:
鈥� GDP is projected to hit $34 billion, up about 2.7 per cent from $33.1 billion in the previous year.
鈥� Total spending of $9.8 billion, with a projected deficit of $160 million.
鈥� $3.9 billion for health care, which the government touts as the biggest investment in the province鈥檚 history.
鈥� The province's debt-to-GDP ratio is about 37 per cent, down from more than 50 per cent in 2020.
鈥� Debt servicing costs will account for about eight per cent of total expenses at roughly $723 million, which is more than the province will spend on transportation and infrastructure.
鈥� Revenues from four offshore oilfields are expected to account for roughly 12 per cent of the province鈥檚 total revenues, while taxes account for about 45 per cent.
鈥� Spending totalled about $9.7 billion in 2022-23, which was $320 million more than forecast at the beginning of the fiscal year.
This report by The Canadian Press was first published March 23, 2023.
The Canadian Press
