Newfoundland and Labrador Fiscal Snapshot: Spring 2016

The Conference Board of Canada, 14 pages, June 21, 2016
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This “fiscal snapshot” looks at the state of Newfoundland and Labrador’s economy and its government’s fiscal challenges, and provides a short- and medium-term outlook for the province.

Document Highlights

  • After years of spending well above the Atlantic average, a commodity price shock has pushed the province into a precarious fiscal position.
  • In order to fill the hole left by oil royalty revenues, the latest budget introduced substantial increases in taxes as a first step toward bringing the books into balance.
  • Even with the many new measures, weak oil revenues are likely to keep the province in deficit through the entire length of the forecast.

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