- Laura Gu, Senior Economist • Kari Norman, Economist
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New Brunswick: Budget 2025 - From Black to Blush
March 18, 2025
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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