The government said Alberta's oil production reached 3.5 million barrels per day in September, a nine per cent rise, helping offset slower growth in other areas such as tourism. Revenue from non-renewable resources is expected to be almost $11 billion, an $8-billion leap from what was first projected. “Almost all of Alberta's revenue sources are improving, along with the economy.”Īlberta's economic arrows are pointing up across the board propelled by a resource-driven economy sailing higher than expected as the global economy emerges from the COVID-19 pandemic. “Our economic recovery is becoming more entrenched,” Toews told reporters Tuesday as he delivered the midterm budget update. That's a third of the $18.2-billion deficit he predicted when he tabled the budget back in February. Alberta's budget outlook for this year is turning a rosier shade of red ink with jobs up, the deficit down and oil and gas prices humming along at unexpectedly high levels.įinance Minister Travis Toews says the deficit is expected to be $5.8 billion when the government closes the books on the 2021 fiscal year on March 31.
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