{"id":660,"date":"2020-08-12T18:46:27","date_gmt":"2020-08-12T18:46:27","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2020\/08\/12\/ontario-boosts-this-years-projected-deficit-to-38-5-billion\/"},"modified":"2020-08-12T18:46:27","modified_gmt":"2020-08-12T18:46:27","slug":"ontario-boosts-this-years-projected-deficit-to-38-5-billion","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/provincial-and-fiscal-outlooks\/provincial-budgets-and-economic-statements\/ontario-boosts-this-years-projected-deficit-to-38-5-billion\/","title":{"rendered":"Ontario Boosts This Year&#8217;s Projected Deficit to $38.5 Billion"},"content":{"rendered":"<p><b>Highlights:<\/b><\/p>\n<ul class=\"disc pad-l\">\n<li>Ontario&#8217;s deficit is now projected to come in 88% higher than March estimate<\/li>\n<li>Revenues revised $5.7 billion lower and expenses $13.1 billion higher<\/li>\n<li>Ontario&#8217;s COVID-19 response action plan upped to $30 billion <\/li>\n<\/ul>\n<hr>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/765b9b5f-3b6c-4474-a716-ff3e8ea095ae1.png\" alt=\"\" width=\"904\" height=\"566\" class=\"alignleft size-full wp-image-26618\" \/><\/p>\n<p>Ontario Minister of Finance, Rod Phillips, announced a $38.5 billion deficit for 2020\/21 in his Quarterly Fiscal Update, an $18 billion upward revision. The higher deficit includes an additional $13 billion has been allocated to the government&#8217;s COVID-19 response action plan. Total expenditure for the plan comes in at $30 billion, including $7.7 billion allocated to health care and $11.0 billion in pandemic support including pandemic pay for frontline workers and relief for electricity consumers. The province also cut its revenue projection by $5.7 billion, reflecting weaker revenues from income tax, sales tax, fees, and losses from Metrolinx. Some of the loss will be mitigated by increased federal transfers. Interest on the province&#8217;s debt is expected to come in $741 million below March&#8217;s estimate thanks to the lower interest rate environment, even though Ontario&#8217;s funding requirement increased to $17 billion. <\/p>\n<p>Our current forecast calls for real GDP to fall 5.8% in 2020, slightly less than the province&#8217;s 6.6% forecast. From February to May, the unemployment rate rose to a record-breaking 13.6%. It has since fallen to 11.3% (July) after over 528,000 jobs were gained in June and July. Provincial employment is still 8.3% below pre-COVID levels. Rising home resales (+57% in May and +67% in June), retail sales and manufacturing sales in May (+14.2% and +17.5% respectively) supported Ontario&#8217;s evolving recovery.<\/p>\n<hr>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc;\">\n<div class=\"rds-gcw\">\n<div style=\"display:inline-block; vertical-align: top;\" class=\"img w-mob-100\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" class=\"alignleft size-full wp-image-23215\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"display:inline-block; vertical-align: top;\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/ontario-boosts-this-years-projected-deficit-to-385-billion-report\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_077\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"ON Budget 2020\">Download<\/a>\n<\/div>\n<\/div>\n<\/div>\n<p>\u00a0<\/p>\n<p><i>This report was authored by Economist, Carrie Freestone.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ontario&#8217;s deficit is now projected to come in 88% higher than March estimate as revenues are revised $5.7 billion lower and expenses $13.1 billion higher.<\/p>\n","protected":false},"author":234,"featured_media":657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,91,45],"tags":[11,26],"class_list":["post-660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-provincial-and-fiscal-outlooks","category-provincial-budgets-and-economic-statements","tag-economy","tag-ontario"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ontario Boosts This Year&#039;s Projected Deficit to $38.5 Billion - RBC Economics<\/title>\n<meta name=\"description\" content=\"Ontario&#039;s deficit is now projected to come in 88% higher than March estimate as revenues are revised 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pm"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/users\/234"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/comments?post=660"}],"version-history":[{"count":0,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/660\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media\/657"}],"wp:attachment":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media?parent=660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/categories?post=660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/tags?post=660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}