- Jimmy Jean, Vice-President, Chief Economist and Strategist • Benoit P. Durocher, Principal Economist
Quebec: Budget 2022
Inflation Influences Budget Choices
Summary of the publication
Strong economic growth and the acceleration of inflation have led to a significant revenue increase for the Quebec government.
The government will put a substantial portion of these additional amounts back into the Quebec economy through considerably higher spending.
The new measures announced in today’s budget total $22B over the next five years.
After deficits of around $6B in 2021–2022 and 2022–2023, the gradual return to a balanced budget is still forecast by 2027–2028.
Stronger-than-expected economic growth has resulted in a sharp reduction in the debt burden. As a percentage of GDP, gross debt fell from 46.8% in 2020–2021 to 43.1% in 2021–2022.
The financing program is expected to amount to $27.6B in 2022–2023 and to increase over the two subsequent fiscal years, reaching $33.8B in 2024–2025. Meanwhile, $19.1B in maturities will have to be refinanced.
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