A year after posting a record deficit, the Quebec government released an economic update on Thursday containing a lower-than-expected deficit thanks to an increase in economic growth.
Finance Minister Eric Girard says the province’s deficit for the current fiscal year is now forecast at $ 6.8 billion, down from the $ 8.3 billion that had been projected, and less than the half of the $ 15 billion deficit reported last year.
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It says that Quebec will return to a balanced budget in 2027-28.
The province’s debt-to-GDP ratio is 44.3 percent, five percentage points less than last year’s projections, amid economic growth of 6.5 percent.
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The economic update, which comes less than a year before the next provincial elections, also includes one-time payments to help seniors and lower-income people cope with rising cost of goods.
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Quebec will also expand a refundable tax credit for people who send their children to unsubsidized daycare as part of an effort to address long waiting lists for spaces in its public daycare system.
The province plans to spend $ 3 billion over five years to retrain 170,000 workers as it seeks to deal with a labor shortage.
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