Sluggish new numbers for Alberta’s revenues show the provincial deficit is expected to grow $1.3 billion more than was forecast in the budget.

In its Q1 economic update Thursday, the government announced it was projecting a deficit of $6.5 billion, the bottom line dragged down by sagging resource revenues, expected to be $1.4B lower than anticipated in the spring budget.

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That dip in oil revenue is offset by a slight increase in corporate income tax revenue, up $236 million from the budget.

The drop in resource revenue is a whopping 38 per cent since its peak of $25.2 billion in 2022-23 to a forecast of $15.7 billion in 2025-26, according to ministry numbers.

The drop is due in part to lower crude oil prices and a stronger Canadian dollar — challenges partially offs

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