MONTREAL -- The COVID-19 pandemic has wreaked havoc on Quebec's economy, but the provincial government announced on Wednesday that due to a faster-than-expected recovery, the province's deficit will be $2 billion less than expected.

In a statement, Finance Minister Eric Girard presented an estimate of budget results, according to which the deficit will reach $10 billion rather than the $12 billion announced in the most recent Monthly Report on May 28.

However, Girard urged caution, due to the “exceptional context linked to the COVID-19 pandemic” and that much information remains to be analyzed in order to arrive at a clearer picture of the financial year that ended on March 31.

He pointed particularly to spending on health and education needing further verification, as well as the extension of the income tax return deadline in Quebec to May 31.

“The final budget balance will be presented next fall in the 2020-21 Public Accounts,” according to the statement.  

This report by The Canadian Press was first published in French on June 23, 2021.