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Oct 19, 2022 · On the back of higher than expected revenue from oil — and taxes — Newfoundland and Labrador is projecting a 2022 budget surplus of nearly half a billion dollars. The provincial government's...
Budget 2022 growth forecasts. Gross Domestic Product (GDP) The Department of Finance expects Newfoundland and Labrador’s nominal and real GDP to grow by 10.1 and 0.9 per cent, respectively, in 2022. Higher GDP growth relative to what was forecasted at budget is due to higher than expected oil prices and oil production (see Table 1). Consumer ...
Newfoundland and Labrador's fiscal and economic update reveals how the province's finances have benefited from better-than-expected economic conditions and higher-than-planned oil prices, as a projected $351 million deficit for 2022-23 has transformed into a $479 million surplus.
Budget assumptions versus daily Brent spot prices and year-to-date (YTD) averages. Fiscal Year. Note: The daily Brent spot prices are the daily Brent closing spot prices from the U.S. Energy Information Administration.
Oct 19, 2022 · Economic forecast: 0.9% real growth in calendar year 2022—up from 0.5% in Budget 2022; nominal growth forecast raised from 3.6% to 10.1%. Oil prices: raised Brent crude forecast to 102 USD/bbl from 86 USD/bbl in Budget; oil production outlook improved slightly by 3.5%.
Sep 12, 2022 · As COVID-19 was spreading, an oil price war between Saudi Arabia and Russia hit Newfoundland and Labrador hard. The price of oil plummeted, creating a crisis for Canada’s easternmost province, which is heavily reliant on oil revenue to pay for services for its population of about 520,000.
government is now projecting higher than forecast revenue by $1.33 billio n for the fiscal year ending March 31, 2023 . This represents $10.4B in total revenue for the fiscal year. Higher volume of oil production (86 million barrels versus 83M in the initial budget) and greater oil prices translates to $375M in higher revenue.
