{"id":93527,"date":"2025-08-19T04:55:18","date_gmt":"2025-08-19T04:55:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/93527\/"},"modified":"2025-08-19T04:55:18","modified_gmt":"2025-08-19T04:55:18","slug":"provinces-projected-budget-deficit-nearly-doubles-volatile-markets-and-poor-exchange-rate-to-blame-says-minister","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/93527\/","title":{"rendered":"Province\u2019s Projected Budget Deficit Nearly Doubles, Volatile Markets and Poor Exchange Rate to Blame says Minister"},"content":{"rendered":"<p>\t\t\t\t&#13;<\/p>\n<p>\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2025\/08\/coady-update.png\" class=\"header-image\" alt=\"Province's Projected Budget Deficit Nearly Doubles, Volatile Markets and Poor Exchange Rate to Blame says Minister\"\/><\/p>\n<p class=\"wp-caption-text\">Finance Minister Siobhan Coady (VOCM News)<\/p>\n<p>Current market conditions have caused the province\u2019s deficit to nearly double from previous budget projections for the 2025-2026 fiscal year.<\/p>\n<p>A volatile oil market and a less-than-ideal exchange rate for the Canadian dollar have added $254-million to the deficit which now stands at $626-million.<\/p>\n<p>The province revealed the numbers in an unexpected fiscal update today. <\/p>\n<p>Finance Minister Siobhan Coady says the province has increased the projected benchmark for oil to $US73 dollars a barrel over the $US66 dollars projected in the spring while the Canada-U.S. rate has been adjusted from 69 cents to 73 cents. <\/p>\n<p>\u201c$254-million is a lot of money, but we do know and do expect from time to time there is volatility in oil price. We\u2019ve had volatility in oil price in other times and we\u2019ve weathered those changes as a province as well,\u201d she explains.<\/p>\n<p>\u201cIt is important to note that this volatility exists in oil price and that\u2019s why we\u2019re bringing it to the people of the province today and it\u2019s important to note that we are having pressures on expenses as well and I think the people of the province understand that.\u201d<\/p>\n<p>More positive news, according to government, is that real GDP is anticipated to be 6.3 per cent in 2025, up from the 4.4 per cent projected in the spring. Retail sales remain strong and housing starts are expected to increase by 20 per cent. <\/p>\n","protected":false},"excerpt":{"rendered":"&#13; Finance Minister Siobhan Coady (VOCM News) Current market conditions have caused the province\u2019s deficit to nearly double&hellip;\n","protected":false},"author":2,"featured_media":93528,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[28,112],"class_list":["post-93527","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/93527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=93527"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/93527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/93528"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=93527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=93527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=93527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}