Quebec’s deficit falls to $7.2 billion

Quebec Finance Minister Eric Girard during his speech at the Chamber of Commerce of Greater Montreal in Montreal on Monday, March 23, 2026. (Christopher Katsarovs/The Canadian Press)

The Christine Fréchette government says that Quebec’s financial situation has improved, as the province’s budget deficit continues to decline.

According to preliminary results released Thursday afternoon by the Ministry of Finance, the budget deficit stood at $7.2 billion for the 2025-2026 fiscal year, after payments of $2.3 billion to the Generations Fund.

This represents an improvement over the deficit, which had been set at $13.6 billion when the 2025-2026 budget was tabled and was subsequently revised downward to $9.9 billion in the 2026-2027 budget.

According to the Ministry of Finance report, the accounting deficit for 2025-2026 has also been revised to $4.9 billion, or 0.8 per cent of GDP.

“Currently, Quebec’s accounting deficit is the lowest as a percentage of GDP among all Canadian provinces,” said Finance Minister Eric Girard in a press release.

This report by The Canadian Press was first published in French on June 11, 2026.