Bloomberg News

Quebec Keeps 2011-12 Deficit Forecast, Cuts Growth Estimate

October 25, 2011

Oct. 25 (Bloomberg) -- Quebec cut its growth forecasts for this year and next as it reiterated a goal of balancing its budget in the fiscal year ending in March 2014.

Canada’s second-most populous province kept its goal of posting a C$3.80 billion ($3.73 billion) shortfall in the year ending March 31, 2012, the provincial government said in an e- mailed statement today. The province continues to expect to balance its budget by fiscal 2013-14.

Quebec also cut its forecasts for economic growth in 2011 and 2012. The provincial economy will grow 1.6 percent this year and next, Finance Minister Raymond Bachand said. Bachand said March 17 that the government expected growth of 2 percent this year and 2.2 percent in 2012.

To contact the reporter on this story: Frederic Tomesco in Montreal at tomesco@bloomberg.net

To contact the editor responsible for this story: Frederic Tomesco at tomesco@bloomberg.net


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