April 16th, 2024

Highlights of Newfoundland and Labrador’s 2024-25 budget

By The Canadian Press on March 21, 2024.

Newfoundland and Labrador Finance Minister Siobhan Coady arrives at a finance ministers' meeting in Toronto, on Friday, February 3, 2023. THE CANADIAN PRESS/Nathan Denette

ST. JOHN’S, N.L. – Newfoundland and Labrador Finance Minister Siobhan Coady tabled the province’s 2024-25 budget Thursday. Here are some highlights:

– Projected GDP is $33.2 billion, which is a five per cent increase from $31.6 billion the year before.

– Total spending of $10.4 billion, with a projected deficit of $152 million.

– $4.1 billion for health care, which the government touts as the biggest commitment in the province’s history.

– Net debt of $17.8 billion, with $2.8 billion in new borrowing.

– Debt servicing costs account for about 11 per cent of total expenses at roughly $1.15 billion, which is slightly more than the province will spend on education.

– Projected $1.6 billion in oil revenues, with an expected average oil price of US$82 per barrel.

This report by The Canadian Press was first published March 21, 2024.

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