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CP NewsAlert: B.C.'s 2024 deficit comes in under forecast at $7.3B

  • The Canadian Press

  • Canadian Press

  • August 7, 2025

Premier David Eby looks on as Minister of Finance Brenda Bailey tables her first budget in the legislative assembly at legislature in Victoria, B.C., on Tuesday, March 4, 2025. THE CANADIAN PRESS/Chad Hipolito

VICTORIA -- British Columbia's final deficit for the fiscal year has come in at $7.3 billion, $564 million lower than the original projected number in Budget 2024.

The final deficit is also about $1.8 billion lower than the most recent third-quarter forecast.

Finance Minister Brenda Bailey says B.C. was able to report a lower-than-projected deficit largely due to revenue from the Insurance Corporation of British Columbia.

Total revenue was about $2.5 billion higher than expected in the budget.

B.C.'s GDP grew by 1.2 per cent, lower than the Canadian average of 1.6 per cent.

The taxpayer-supported debt-to-GDP figure reached 23.2 per cent, while the unemployment rate was 5.6 per cent.