"Finance Minister Peter Bethlenfalvy says the fiscal update will be a plan to make the province's economy competitive and protect jobs. The economic statement serves as a mini budget and often contains funding and updates on economic growth. In another recent financial update, the 2025-26 first quarter finances, the government projected a $14.6-billion deficit this year. A report last month by Ontario's financial accountability officer"
"projected that real GDP growth in the province will be 0.9 per cent this year and one per cent next year, as U.S. tariffs "reduce demand for Ontario's exports, and businesses cut back on investment and hiring." Based on that economic outlook and the government's current policies and plans, Jeffrey Novak projects the province won't balance the books, but Bethlenfalvy's office has said the province still plans to eliminate the deficit in 2027-28."
The province will table its fall economic statement on Nov. 6. The fiscal update is presented as a plan to make the economy competitive and protect jobs. The economic statement functions as a mini-budget and often includes funding and updates on economic growth. The government's 2025-26 first quarter finances projected a $14.6-billion deficit. A recent report projected real GDP growth of 0.9% this year and 1.0% next year, citing U.S. tariffs that reduce export demand and lead businesses to cut investment and hiring. An independent projection indicates the province will not balance the books under current policies, while the government plans to eliminate the deficit by 2027-28.
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