Net debt and deficit is up, but Finance Minister says government is meeting expectations

    Thursday, 31 October 2024 07:00

    By Tonya Organ

    Employment is up, household income is up, population is up, and inflation has eased.

    The deficit and net debt is up for Newfoundland and Labrador but Finance Minister Siobhan Coady says government is meeting expectations fiscally and exceeding expectations economically. Employment is up, household income is up, population is up, and inflation has eased.  However, net debt is up from the spring’s $17.8 billion to yesterday’s, $18.3 billion. The deficit has grown to $218 million from $152 million earlier this year. Real Gross Domestic Product is expected to grow by 3.3 per cent, driven by strong consumer spending. The annual unemployment rate is forecast to be at 10.5 percent – a near historical low. Inflation has declined to 2.1 per cent over the January to September period, compared to 2.6 percent nationally. Revenues have decreased by $164 million largely due a reduction in oil royalties because of lower production and a slightly lower oil price, partially offset by a lower exchange rate. Retail sales are expected to remain strong, increasing by 5.1 per cent; up from 2.8 per cent,  housing starts are up significantly through the first three quarters of the year, and home sales are also above last year’s levels through September.

    To report an error, submit a news tip, or provide feedback, please e-mail news@bayfm.ca or call (709) 637-0183.

    More from Local News

     

     

     

    BayFM recognizes support from the following agencies:

                        

    Today's Weather

    • Corner Brook

      Sleet

      High: 2°C | Low: -7°C

    • Deer Lake

      Light snow

      High: 4°C | Low: -8°C

    Recently Played

    Podcasts

    • BayFM On-Demand

      Corner Brook Mayor Jim Parsons on Bay Fm

      Corner Brook Mayor Jim Parsons on Bay Fm, Tuesday March 11, 2025

    • Corner Brook In Council

      Corner Brook City Council, March 10 2025

      Corner Brook City Council, March 10 2025

    • The Night Show

      The Late Night Show, Friday March 7, 2025

      The Late Night Show, Friday March 7, 2025