The Government of Alberta 2016-17 Annual Report was unveiled today.
The provincial deficit sits at $10.8 billion at the completion of 2016-17, with Alberta’s economy contracting by 3.5 per cent in 2016.
However, there are positives, as 44,000 full-time jobs were added between July and March, and the Alberta Activity Index shows a 7.7 per cent increase in economic activity between May and March.
“The catastrophic tumble in oil prices took a deep toll on Alberta families last year and that was only compounded by the Wood Buffalo wildfire. But Albertans are resilient and compassionate. When times are tough, we help each other. While Alberta’s economy returns to growth and jobs continue to come back, we recognize this is not yet felt by all Albertans. That’s why we continue to work hard to make life better for all Alberta families,” said Joe Ceci, President of the Treasury Board and Minister of Finance.
The province completed work on 83 new schools and modernizations, and revenue was at $42.2 billion, which is an increase of $1 billion from budget.
Other highlights include Alberta’s population growing by 1.8 per cent in 2016, and the economy was slowed by roughly 0.6 per cent due to the Fort McMurray wildfire. The Wood Buffalo firefighting and support expense was $710 million, which was offset with $495 million coming from the federal government.