Since Budget 2020 was released in February, Alberta has experienced an unprecedented economic impact from the COVID-19 pandemic and global oil price crash.
The Mid-year Fiscal Update and Economic Statement (PDF, 1.5 MB) shows that despite pandemic costs, the government is continuing to be fiscally responsible.
The government is committed to making the investments needed to kick-start Alberta’s economic recovery. The Alberta Recovery Plan builds on work started in Budget 2020 and will help create jobs for Albertans.
As a result of the pandemic and decline in oil prices, Alberta’s economy (measured by real Gross Domestic Product, or GDP), is expected to contract by 8.1% in 2020. This decline is expected to be followed by a partial rebound of 4.4% in 2021.
Alberta’s revenue has been negatively impacted due to lower income taxes and resource revenue. Provincial revenue is projected to be $41.4 billion in 2020-21, or $8.6 billion lower than estimated in Budget 2020.
The government is committed to reducing the tax burden on Albertans and creating a business climate that supports job creators. This low-rate, broad-based tax approach will level the playing field for all job creators and help make Alberta one of the most attractive places to invest in North America.
We are accelerating our Capital Plan, with a focus on infrastructure that advances jobs and economic growth. The plan honours previous commitments to build and maintain key infrastructure projects and introduces new projects that will create opportunities for private sector participation and support job creation.
Health and education
Budget 2020 maintains budgets at record levels for health and education. We’re refocusing how dollars are spent to make sure services get to the people they’re meant to serve.
An additional $500 million has been committed to respond to the COVID-19 public health crisis to support front-line health professionals working to keep Albertans safe and healthy.
Download detailed documents outlining the government's financial plans.
Watch the news conference
Finance Minister Travis Toews provides details on Budget 2020.
- November 28, 2020
Albertans can help plan the next budget by participating in upcoming telephone town halls.
- November 24, 2020
Alberta’s mid-year update shows improvement under responsible fiscal management in the face of the pandemic.
- November 6, 2020
The Calgary Cancer Centre is creating more than 8,770 well-paying construction and construction-related jobs in the Calgary region.
- October 14, 2020
Alberta’s government is asking Albertans to help set the direction of the upcoming budget.
- August 27, 2020COVID-19 and oil price collapse crush province with historic deficit | La COVID-19 et l'effondrement des prix du pétrole écrasent une province historiquement déficitaire
The first quarter report for 2020-21 forecasts Alberta’s deficit at $24.2 billion after the devastating economic impacts of the COVID-19 pandemic and oil price crash.