Provincial government revenue and expenditure Alberta 2022 | Statista (2024)

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Provincial government revenue and expenditure Alberta 2022 | Statista? ›

In 2022, Alberta's provincial government had a revenue of 76.8 billion Canadian dollars, which was an increase from the previous year. Additionally, Alberta's government had expenditures totaling about 68.25 billion Canadian dollars in 2022.

In 2022, roughly 6.27 billion Canadian dollars in revenue was collected by the Alberta government through taxes on goods and services. A further five billion Canadian dollars in revenue was collected through the sales of goods and services in that year.

The government receives revenue from: taxes. resource revenue such as oil and natural gas royalties. transfers from the federal government.

In 2023-'24, the government began the year with $5.1 billion in surplus cash from 2022-'23 and added $2.2 billion in surplus cash from 2023-'24, bringing the total surplus cash to $7.3 billion, Horner's report states.

Alberta produces the vast majority of Canada's natural gas and crude oil and roughly half of its coal. Not surprisingly, fluctuations in world oil prices seriously affect the province's economy.

The economist Trevor Tombe has shown that Canada's richest province, Alberta, would rank 14th among U.S. states.

Total revenue of $76.2 billion is forecast in 2024-25, $2.7 billion higher than estimated in Budget 2024. This increase is mainly due to higher than expected oil prices, record seasonal oil production and income tax revenue.

Alberta is “blessed” with large reserves of oil which, since the 1970s, has made it one of the richest provinces in Canada instead of one of the poorest.

Alberta is the economic engine of Canada, with a young, skilled and vibrant workforce and diversifying economy built on strong, business-friendly policies that continue to attract job-creating investment. We lead the country in job creation in high-earning positions across different sectors of our economy.

Hear why the provincial Finance Minister says Albertans should be happy with budget stability. Posted June 27, 2024 12:57 pm. Last Updated June 27, 2024 6:47 pm. Alberta has announced its final numbers for the fiscal year that ended in March, and the bottom line is a $4.3-billion surplus.

Who is the largest employer in Alberta? ›

Alberta Health Services (AHS) is Canada's largest health care delivery organization and Alberta's largest employer with 102,000 employees.

Alberta is known for its abundant natural resources, particularly its vast oil and natural gas reserves. The mining, quarrying, and oil and gas extraction sector makes up the largest proportion of Alberta's GDP, followed by the real estate and rental and leasing, construction, and manufacturing sectors.

Reserves and production

Alberta's oil sands has the fourth-largest proven oil reserves in the world, after Venezuela, Saudi Arabia and Iran. Sources: Alberta Energy Regulator (AER) ST98 report and Oil & Gas Journal.

Revenue. Total revenue of $76.2 billion is now forecast, which is $2.7 billion higher than estimated at budget. This improvement is mostly due to higher-than-expected income from non-renewable resources and personal income taxes.

Federal transfers to the provinces and territories decrease

Among all provinces, Prince Edward Island received the highest grants per capita ($6,712), followed by New Brunswick ($5,289), and Nova Scotia ($4,872), while Ontario ($2,132), British Columbia ($2,180) and Alberta ($2,235) received the lowest.

Federal Revenue Trends and the U.S. Economy

In fiscal year 2022, federal revenue was equal to 16% of total gross domestic product (GDP), or economic activity, of the United States that year $4.44 trillion.

Overview of the Alberta Economy

Alberta's gross domestic product (GDP) in 2024 reached $351.4b, with growth of 1.5% over the 5 years to 2024. Businesses in Alberta employed a total of 1,753,803 people in 2024, with average annual employment growth over the past five years of 2.0%.