Deputy Prime Minister and Minister of Finance Chrystia Freeland takes a break from answering questions on the second day of a Liberal cabinet retreat, in Vancouver, Sept. 7, 2022. (The Canadian Press/Darryl Dyck)

Finance Minister Chrystia Freeland will provide an update on federal finances in the Fall Economic Statement to be tabled in the House of Commons on November 3.

The financial update will also share the government’s outlook for an economy facing high inflation and eyeing a potential recession in the coming months.

Freeland has stressed in recent weeks that the Liberal government is focused on fiscal discipline, so as not to fuel further inflation that has affected the cost of living, including grocery bills.

Monthly updates from the Department of Finance showed that federal finances have improved as revenues have increased and pandemic-related spending has declined.

In the Liberals’ spring budget, the focus was on making life more affordable for people and giving a long-needed boost to Canadian productivity.

It is widely expected that next week’s financial update will show how Canada intends to respond to the US Cut Inflation Act, in order to remain competitive in attracting green energy investment.

The Canadian Press