It looks like Alberta’s financial picture is looking better than what the government had expected. The province released its first-quarter fiscal update Tuesday.
It shows this year’s deficit is projected to be $7.8 billion. That’s less than half of what was forecast in the latest budget back in February. Finance Minister and Grande Prairie – Wapiti MLA Travis Toews says Alberta’s economy is already witnessing signs of recovery and growth, but he stressed there is still more to do.
“After a historically challenging year, Alberta’s economy is already witnessing signs of recovery and growth. While this indicates Alberta’s Recovery Plan is working, we know there is still more to do to create jobs and restore Alberta’s place as the economic driver of the nation. We will continue to bring spending in line with that of other provinces, attract more investment and get Albertans back to work.”
Oilsands production is getting a lot of credit for the better fiscal picture. In a news release, the government states oilsands production has risen more than 8 per cent in the first half of the year with a quick rebound in bitumen output and drilling activity in June and July, exceeding 2019 levels.
As of July, Alberta added 73,000 jobs since the beginning of the year and has now recovered nearly 90% of the jobs lost when the pandemic first took hold in the province.