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New Brunswick: Budget 2024 Still a Fiscal Bright Spot

March 19, 2024
Marc Desormeaux, Principal Economist • Kari Norman, Economist

New Brunswick’s (NB) fiscal year 2024–25 (FY2025) budget continued to pencil in surpluses for the foreseeable futures.

The net debt-to-GDP ratio is still expected to decline over time. If current fiscal forecasts come true, by FY2027, New Brunswick’s net debt-to-GDP ratio would reach third place among Canadian provinces for the first time ever.

New policy announced in the budget looks largely incremental. It included funding for the healthcare system and public housing, as well as wage increases for various health and social services workers. The government opted not to offer new affordability measures.

New Brunswick expects to borrow $1.6B in FY2025, net of pre‑financing in FY2024.

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NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.