Alberta Premier Jason Kenney delivers his address to the Alberta United Conservative Party annual general meeting in Calgary, Alta., Saturday, Nov. 30, 2019. Albertans will get a look at the province’s biggest deficit in history when the government releases its fiscal and economic update today. THE CANADIAN PRESS/Dave Chidley

Alberta Premier Jason Kenney delivers his address to the Alberta United Conservative Party annual general meeting in Calgary, Alta., Saturday, Nov. 30, 2019. Albertans will get a look at the province’s biggest deficit in history when the government releases its fiscal and economic update today. THE CANADIAN PRESS/Dave Chidley

Low energy prices, COVID crisis leave Alberta with $24.2B deficit

Unemployment rate, now about 12%, is expected to remain at near double-digit levels well into next year

Alberta’s first-quarter fiscal update says the double blow of collapsing oil prices and the COVID-19 crisis have pushed the province into a historic deficit of $24.2 billion.

The red ink Finance Minister Travis Toews is predicting for 2020-21 is more than triple what the United Conservative government projected in its February budget.

The value of everything Albertans produce is forecast to drop by nearly nine per cent.

The unemployment rate, now about 12 per cent, is expected to remain at near double-digit levels well into next year.

The government says the economy will start to bounce back next year, but it won’t be enough to make up for the ground lost in 2020.

The Conference Board of Canada said this week that Alberta will be the hardest hit province economically this year with an 11 per cent contraction in GDP.

The Canadian Press

AlbertaAlberta budget

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

curling
Stettler Curling Club lands provincial grant – to be used for facility upgrades

Members recently learned the Club would be receiving the Community Facility Enhancement Grant

moonlight
Moonlight Madness and Miracle on 50th Events CANCELLED

Event plans have had to change but the spirit of the season has not

Alberta’s chief medical officer of health, Dr. Deena Hinshaw, said the 500 deaths from COVID-19 in the province are a tragic milestone. (Photo by Chris Schwarz/Government of Alberta)
Alberta hits ‘tragic milestone’ with more COVID-19 deaths

Province up to 500 COVID-19 deaths, adds 1,265 cases

pic
Heartland Victim Services’s Charity Check Stop set for Dec. 5th

Annual event to run on Hwy. 12 by Walmart from 11 a.m. to 3 p.m.

Stetter Dodge
Stettler Dodge takes the Stettler Board of Trade’s Corporate Citizen Award

“Our motto has always been, ‘Locally owned, community involved, and customer driven’.”

Kyle Charles poses for a photo in Edmonton on Friday, Nov. 20, 2020. Marvel Entertainment, the biggest comic book publisher in the world, hired the 34-year-old First Nations illustrator as one of the artists involved in Marvel Voice: Indigenous Voices #1 in August. THE CANADIAN PRESS/Jason Franson
VIDEO: Indigenous illustrator of new Marvel comic hopes Aboriginal women feel inspired

Kyle Charles says Indigenous women around the world have reached out

(File photo)
Alberta woman charged after allegedly hitting boy with watermelon at B.C. campsite

Police say a disagreement among friends at an Adams Lake campsite turned ugly

A pedestrian wears masks while out walking in front of the Alberta Legislature as the COVID-19 numbers spike in Edmonton on Tuesday November 24, 2020. THE CANADIAN PRESS/Jason Franson
Doctor says Alberta restrictions not enough to reduceCOVID-19 strain on hospitals

Mithani notes people are still allowed to gather indoors at large places of worship and in bars,

Prime Minister Justin Trudeau speak to the media about the COVID-19 virus outside Rideau Cottage in Ottawa, Friday, Nov. 20, 2020. THE CANADIAN PRESS/Adrian Wyld
Canada’s inability to manufacture vaccines in-house will delay distribution: Trudeau

First doses of COVID-19 vaccine expected in first few months of 2021, prime minister says

This undated photo issued by the University of Oxford shows of vial of coronavirus vaccine developed by AstraZeneca and Oxford University, in Oxford, England. Pharmaceutical company AstraZeneca said Monday Nov. 23, 2020, that late-stage trials showed its coronavirus vaccine was up to 90% effective, giving public health officials hope they may soon have access to a vaccine that is cheaper and easier to distribute than some of its rivals. (University of Oxford/John Cairns via AP)
VIDEO: How do the leading COVID vaccines differ? And what does that mean for Canada?

All three of the drug companies are incorporating novel techniques in developing their vaccines

Ilaria Rubino is shown in this undated handout image at University of Alberta. Alberta researcher Rubino has developed technology allowing mostly salt to kill pathogens in COVID-19 droplets as they land on a mask. THE CANADIAN PRESS/HO-University of Alberta
Alberta researcher gets award for COVID-19 mask innovation

The salt-coated mask is expected to be available commercially next year after regulatory approval.

Russ and Luanne Carl are sharing about their experiences of fighting COVID-19 this past summer. (Photo submitted)
Stettler couple opens up about COVID-19 battle

Luanne and Russ Carl urge others to bolster personal safety measures amidst ongoing pandemic

This 2019 photo provided by The ALS Association shows Pat Quinn. Quinn, a co-founder of the viral ice bucket challenge, died Sunday, Nov. 22, 2020, at the age of 37. (Scott Kauffman/The ALS Association via AP)
Co-founder of viral ALS Ice Bucket Challenge dies at 37

Pat Quinn was diagnosed with Lou Gehrig’s disease, also known as amyotrophic lateral sclerosis, in 2013

Most Read