Quebec lowers fiscal 2021-22 budget deficit forecast to C$6.8 billion on stronger growth By Reuters

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MONTREAL (Reuters) – Quebec, the hardest hit Canadian province at the start of the pandemic, on Thursday revised its fiscal 2021-22 budget deficit forecast downward to C$6.8 billion ($5.4 billion), from a C$12.3 billion deficit projected in March, helped by stronger-than-expected economic growth.

The province revised upward its GDP forecast for calendar 2021 to 6.5%, compared with 4.2% projected in March.

In an update on the province’s finances, Finance Minister Eric Girard announced C$3.4 billion spending over five years to combat labor shortages and stimulate economic growth in Quebec, which wants to close the standard of living gap with Canada’s most populous province Ontario by 2036.

($1 = 1.2649 Canadian dollars)

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