Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Canadian province Alberta sees economic improvement, trims deficit forecast

11/24/2020 | 05:24pm EST
FILE PHOTO: FILE PHOTO: A TORC Oil & Gas pump jack near Granum

WINNIPEG, Manitoba (Reuters) - The Canadian oil-producing province of Alberta said on Tuesday that it was seeing the start of a modest economic recovery and trimmed its deficit estimate for the current fiscal year.

The C$21.3 billion ($16.36 billion) deficit, down from a C$24.2 billion estimate previously, would still be much larger than usual and reflects economic damage from the pandemic, Finance Minister Travis Toews said.

Travel restrictions related to the spread of COVID-19 have hammered global fuel demand, weighing on oil prices that generate much of Alberta's economic activity and government revenue.

Toews said Alberta's real gross domestic product looked to contract 8.1% in 2020, rather than the 8.8% contraction he previously forecast, and the economy looked to rebound with 4.4% growth next year.

Revenue for the current 2020-21 year is estimated at C$41.4 billion, up nearly $3 billion from an earlier estimate, topped up by federal transfers and improving oil prices.

Alberta forecast U.S. crude prices to average $36.40 per barrel in 2020-21, up from its previous estimate of $35.60.

Alberta Premier Jason Kenney's United Conservative Party government boosted its spending estimate by C$135 million to C$62.7 billion to fund pandemic-related costs and economic recovery plans.

Alberta announced in June it would accelerate a corporate tax cut and spend C$10 billion on infrastructure to jump-start its economy.

The province expects its taxpayer-supported debt to reach C$97.4 billion by March 31, 2021, the end of the current fiscal year, up C$23.3 billion from a year earlier. Alberta will draft a plan to balance the budget once the pandemic ends.

(Reporting by Rod Nickel in Winnipeg)

By Rod Nickel

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.32% 56.22 Delayed Quote.7.08%
WTI 0.41% 52.89 Delayed Quote.8.49%
Latest news "Economy & Forex"
02:51aLONDON'S FINANCIAL POWERHOUSE SAYS : we'll thrive without EU access but can't be rule takers
02:42aChina industry body sees rising steel demand in 2021, eyes raw materials safety
02:39aTaiwan says chipmakers to prioritise auto chips
02:34aBANCA D'ITALIA : The IMAS portal for the exchange of information with the supervised entities is now online
02:26aWORLD BANK : Government of Nepal and the World Bank Launch $150 million Nepal Urban Governance and Infrastructure Project
02:23aSouth Africa's Aveng aims to raise $20 million in rights issue
02:14aSouth Africa's rand slips; U.S. Fed policy meeting in focus
02:14aGerman Consumer Confidence Set to Drop Sharply in February Amid Lockdown -GfK
02:08aThailand changes inflation base year due to pandemic, population survey
02:03aOFGEM OFFICE OF GAS AND ELECTRICITY MARKET : proposes to fine Symbio Energy £100,000 for late payments into Government renewables schemes
Latest news "Economy & Forex"