WINNIPEG, Manitoba, Nov 24 (Reuters) - The Canadian oil-producing province of Alberta said on Tuesday that it was seeing the start of a modest economic recovery and trimmed its deficit estimate for the current fiscal year.
The C$21.3 billion ($16.36 billion) deficit, down from a C$24.2 billion estimate previously, would still be much larger than usual and reflects economic damage from the pandemic, Finance Minister Travis Toews said.
Travel restrictions related to the spread of COVID-19 have hammered global fuel demand, weighing on oil prices that generate much of Alberta’s economic activity and government revenue.
Toews said Alberta’s real gross domestic product looked to contract 8.1% in 2020, rather than the 8.8% contraction he previously forecast, and the economy looked to rebound with 4.4% growth next year.
Revenue for the current 2020-21 year is estimated at C$41.4 billion, up nearly $3 billion from an earlier estimate, topped up by federal transfers and improving oil prices.
Alberta forecast U.S. crude prices to average $36.40 per barrel in 2020-21, up from its previous estimate of $35.60.
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