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Reuters
Canada’s Alberta province forecasts C$12.3 billion budget surplus
(Reuters) -Canada’s main oil-producing province Alberta on Thursday forecast a C$12.3 billion ($9.2 billion) budget surplus for the 2022/23 fiscal year, but warned economic risks are increasing as high inflation, rising interest rates and geopolitical unrest slow global activity. The estimated surplus is less than the C$13.2 billion surplus forecast in August, due to weakening global oil prices, but still marks a dramatic turnaround from recent years when Alberta posted sustained deficits. Alberta’s financial health is closely tied to oil prices, which soared this year after Russia’s invasion of Ukraine disrupted global crude flows, and this fiscal year is the first time the province expects to post a surplus since 2014/15.
