OTTAWA, Oct. 13 (UPI) -- Canada's deficit will likely shrink this year after coming in higher than projected in the 2009-10 fiscal year, Finance Minister Jim Flaherty said.
The deficit for the 2009-10 fiscal year, at $55.6 billion, came in $1.8 billion higher than expected, the Canadian Broadcast Corp. reported Wednesday.
But the finance minister said the deficit would shrink to $45.5 billion next year, dropping by $3.7 billion from a previous estimate, due to economic growth this year. Flaherty also projected deficit declines of $1.7 billion predicted by the 2014-15 fiscal year and a surplus the following year.
Citing what he called a consensus forecast, Flaherty said a recent meeting with economists from the private sector included projections of 1.8 percent economic growth in the third quarter of 2010 and 2.5 percent growth for January through September in 2011.