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New Brunswick: Budget 2025 - From Black to Blush

March 18, 2025
Laura Gu, Senior Economist • Kari Norman, Economist

New Brunswick’s fiscal year 2025–26 (FY2026) budget projects a string of shrinking deficits through FY2029, marking the end of the province’s eight-year streak of surpluses.

New spending initiatives, particularly on health care and tariff relief measures, drove the deterioration of the province’s bottom line.

The net debt-to-GDP ratio is projected to edge up to 28.5% over the planning horizon, above the flat trajectory in the previous long-term plan despite a lower starting point. Notwithstanding this gradual increase, New Brunswick’s net debt remains below most of its peers, maintaining a manageable debt burden.

New Brunswick expects to borrow $3.3B in FY2026, up from the $1.7B completed in FY2025.

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New Brunswick: Budget 2025 - From Black to Blush (PDF, 433 KB)
NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.