Tom Osborne, minister for health and community services and Pam Parsons, minister responsible for women and gender equality listen as Siobhan Coady, deputy premier and minister of finance for Newfoundland and Labrador, delivers her 2023 budget in the House of Assembly in St John's, Thursday, March 23, 2023. THE CANADIAN PRESS/Paul Daly
Tom Osborne, minister for health and community services and Pam Parsons, minister responsible for women and gender equality listen as Siobhan Coady, deputy premier and minister of finance for Newfoundland and Labrador, delivers her 2023 budget in the House of Assembly in St John's, Thursday, March 23, 2023. THE CANADIAN PRESS/Paul Daly
ST. JOHN'S, N.L. - Newfoundland and Labrador Finance Minister Siobhan Coady tabled the province's 2023-24 budget Thursday. Some highlights:
— GDP is projected to hit $34 billion, up about 2.7 per cent from $33.1 billion in the previous year.
— Total spending of $9.8 billion, with a projected deficit of $160 million.
— $3.9 billion for health care, which the government touts as the biggest investment in the province’s history.
— The province's debt-to-GDP ratio is about 37 per cent, down from more than 50 per cent in 2020.
— 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.
— Revenues from four offshore oilfields are expected to account for roughly 12 per cent of the province’s total revenues, while taxes account for about 45 per cent.
— 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 ºÃÉ«tvwas first published March 23, 2023.
