Nova Scotia's 2023 Budget: Persistent but Manageable Deficits
The Province of Nova Scotia (Nova Scotia; rated A (high) with a Stable trend by DBRS Morningstar) released its 2023 budget on March 23, 2023 (Budget 2023). Budget 2023 allocates substantial investments to healthcare, which continues to take centre stage of spring provincial budgets. The increased spending is accompanied by continued deficits and rising debt amid a macroeconomic slowdown, which is expected to reduce flexibility over the medium term. However, we note that Nova Scotia entered this downturn with considerable fiscal flexibility, a relatively strong balance sheet, and a resilient economy, which will help to withstand pressures arising from a deteriorating macroeconomic outlook.
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