Ontario lowers 2023-24 deficit forecast on increased revenue

TORONTO (Reuters) – Ontario on Monday projected a smaller deficit for the current fiscal year than it previously expected due to increased revenue and lower borrowing costs, a third-quarter report from Canada’s most populous province showed.

The province, one of the world’s biggest sub-sovereign borrowers, said it expected a deficit of C$4.5 billion for 2023-24, C$1.1 billion less than was forecast in a fiscal update in November. The fiscal year ends on March 31.