Released on August 29, 2024
Saskatchewan’s finances remain stable. A first-quarter deficit of $354 million is projected, up $80.6 million from the original budget projection of $273.2 million.
“At first quarter, we continue to have a strong fiscal picture including a decline in net debt and improvements in several key economic indicators,” Deputy Premier and Finance Minister Donna Harpauer said. “Our government will continue to carefully manage spending while maintaining our commitment to make record investments in priority programs and services, to ensure strong and vibrant communities.”
Revenue increased $91.9 million primarily due to improvements in fees, investment income and miscellaneous income.
This is offset by increased expenses—up $172.5 million from budget—primarily due to increases in general government expenses for compensation costs related to the recently ratified collective bargaining agreement with the Saskatchewan Government and General Employees’ Union.
Average private sector forecasts reflect strength in many aspects of the provincial economy during the first half of 2024, including several all-time record highs in the labour market.
Saskatchewan had the second fastest-growing economy among provinces in 2023, as measured by real GDP, at 1.6 per cent. According to the most recent average private sector forecast, real GDP is expected to grow by 1.3 per cent in 2024—the third-highest among provinces—and up from the 1.0 per cent projected at budget.
The province’s net debt-to-GDP is projected to be 13.4 per cent as of March 23, 2025, an improvement from budget projections, remaining the second-best among the provinces.
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