Choose your settings
Choose your language
Quebec budget

Quebec: Budget 2022

Inflation Influences Budget Choices

March 22, 2022
Jimmy Jean, Vice-President, Chief Economist and Strategist • Benoit P. Durocher, Principal Economist

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.

Read the publication

See the full publication in PDF format.