11/28/2013 01:49 EST | Updated 01/28/2014 05:59 EST

Quebec to end fiscal year with $2.5B deficit

Quebec is expected to end the current fiscal year with a $2.5 billion deficit, despite the Parti Québécois' promise to balance the books by next spring. 

That's up from the $1.6 billion deficit left behind by the Liberal Party before the PQ took power in 2012. 

Still, Finance Minister Nicolas Marceau says he is satisfied with how his government is handling the economy.

Marceau blamed the deficit on a number of unforeseen circumstances, including a drop in consumer spending, low inflation, a sluggish housing market, and lower than expected tax revenues.

He said things should improve in coming years, and predicted that Quebec will balance its budget in 2015.