ST. JOHN'S — The deficit forecast for Newfoundland and Labrador has been revised upward by almost 70 per cent, primarily due to a volatile oil market and a stronger Canadian dollar.

Finance Minister Siobhan Coady says the province's revenues for the current fiscal year will be $254 million less than she forecast in the 2025-26 budget delivered in April.

She expects the province to finish the fiscal year in March 2026 with a deficit of $626 million, a rise of 68 per cent compared to the $372-million deficit anticipated in the budget.

The provincial net debt will climb to $19.7 billion, up from the $19.4 billion forecast in April.

Coady says crude prices have swung between US$60.31 and US$80.37 per barrel in the first quarter of the current fiscal year.

As well, she says the budget esti

See Full Page