Alberta Chambers Reacts to Province’s Q3 Fiscal Update
Alberta 3rd Quarter Fiscal Update and economic outlook presented by Finance Minister Joe Ceci earlier today maintains an optimism that is simply out of sync with Alberta’s fiscal and economic realities. The proposed path to balance pitched by the minister sidesteps the priorities for a healthy economy and sustainable fiscal position, and what the Alberta Chambers of Commerce network has been calling for with their Vote Prosperity campaign for the upcoming provincial election.
The important facts Albertans should know from the fiscal update reported today:
- Corporate tax revenues down, meaning employers are struggling to create jobs
- Operational spending continues to outstrip revenue, meaning we spend more than we earn
- Total debt continues to rise, meaning less opportunities for future Albertans
- Costs of debt servicing continue to rise, meaning less services for Albertans today
The Conference Board of Canada in their 2019 Winter Provincial Outlook predicts Alberta’s growth will weaken and the economy will be hurt by the cuts in oil production and the declines in energy investment. StatsCan’s most recent monthly Labour Force Survey shows employment growth in Alberta has declined for the second month in a row and is down 16,000 jobs in January, while unemployment was up by 9,500 Alberta and the unemployment rate increased 0.4 percentage points to 6.8%. Read the full press release here.