Provincial economy is recovering despite pandemic: Nova Scotia

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The Nova Scotia government has released some better than expected fiscal news Tuesday.

According to the province, the overall economy is improving despite the pandemic.

Finance and Treasury Board Minister Alan MacMaster is projecting a surplus of $108.2 million for 2021-2022. Far better than the nearly $585 million deficit presented in March.

“With the recent increase in case numbers and the Omicron variant, we know that Nova Scotia, like the rest of the world, is still in a period of uncertainty,” said Minister MacMaster.

“Although revenues were much higher than we expected, prudent fiscal management will allow us to continue to fight the pandemic and rebuild our economy by investing in key areas like healthcare, seniors, housing and the environment.”

Provincial revenues are expected to hit $12.8 billion based partially on higher personal income tax, the Canada Health transfer, HST revenues and offshore accord payments.