Province reports slightly improved deficit in fall fiscal update

—The provincial deficit has improved slightly since budget day, Finance Minister Siobhan Coady announced the fall fiscal update on Tuesday.

Revenue is projected to be higher than forecast by $204 million for the fiscal year ending March 31, 2024, largely due to offshore exploration forfeitures; The average price of oil for 2023-24 has been revised to US$85 from the Budget 2023 projection of US$86. The Canada to United States exchange rate has been adjusted to 74.3 cents from the Budget 2023 forecast of 75.7 cents.

For the year as a whole, employment is forecast to increase by 2.2 per cent, while the unemployment rate is forecast to decrease by 1.2 percentage points to average 10.1 per cent. If realized, this would be the lowest annual unemployment rate since consistent records began in 1976;

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