Alberta Finance Minister Doug Horner said the province’s deficit for the fiscal year that began on April 1 will be higher than previously projected on lower royalties from crude oil.
The deficit for the year will be between C$3.5 billion ($3.5 billion) and C$4 billion, compared with a previous forecast of C$2.3 billion to C$3 billion, Horner told reporters in a quarterly fiscal update from Calgary today. Alberta lowered its projection for U.S. benchmark West Texas Intermediate oil to $91.82 a barrel in the fiscal year, from $92.50, and cut its forecast for real gross domestic product growth to 2.9 percent in 2013-2014, from an estimated 3.8 percent.
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