Canadian oil-producing province Alberta projects C$18 billion budget deficit

The Canadian oil-producing province of Alberta on Thursday estimated its 2021/22 budget deficit will shrink to C$18.2 billion ($14.5 billion), as its economy starts to recover from the damage wrought by the coronavirus pandemic.

Alberta's 2020/21 deficit stood at C$20.2 billion, compared with a C$24.2 billion deficit projected in August, with recovering crude oil prices helping the province to achieve a narrower deficit. Still, the deficit is larger than the historical trend, reflecting the impact of pandemic spending.