07:18 AM EDT, 03/19/2026 (MT Newswires) -- The Canadian province of Quebec is projecting slightly narrower deficits than expected a year ago, although spending plans could change following the ongoing CAQ leadership race as well as October's provincial election, said CIBC.

For now, though, the $6.3 billion shortfall projected for fiscal 2026/27 on a Public Accounts Basis represents just under 1% of nominal gross domestic product and, as such, puts the deficit on the smaller end of the provincial range seen so far, noted the bank.

Stronger revenues than expected a year ago have been only partly offset by higher spending, pointed out CIBC.

The slightly smaller projected deficit for the upcoming fiscal year, combined with lower refinancing needs and pre-funding undertaken in the past year, is expected to see borrowing ease to $26.2 billion in 2026/27 from $32.1 billion completed in 2025/26, added the bank.