Highlights from Newfoundland and Labrador's 2023-24 budget

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ST. JOHN'S, N.L. — Newfoundland and Labrador Finance Minister Siobhan Coady tabled the province's 2023-24 budget Thursday. Some highlights:

— GDP is projected to hit $34 billion, up about 2.7 per cent from $33.1 billion in the previous year.

— Total spending of $9.8 billion, with a projected deficit of $160 million.

— $3.9 billion for health care, which the government touts as the biggest investment in the province’s history.

— The province's debt-to-GDP ratio is about 37 per cent, down from more than 50 per cent in 2020.

— Debt servicing costs will account for about eight per cent of total expenses at roughly $723 million, which is more than the province will spend on transportation and infrastructure.

— Revenues from four offshore oilfields are expected to account for roughly 12 per cent of the province’s total revenues, while taxes account for about 45 per cent.

— Spending totalled about $9.7 billion in 2022-23, which was $320 million more than forecast at the beginning of the fiscal year.

This report by The Canadian Press was first published March 23, 2023.

The Canadian Press