Jim Flaherty misses target as Canada deficit $1.4-billion above forecast

By Michael Babad
The Globe and Mail
Published Friday, Oct. 05 2012, 11:26 AM EDT
Last updated Friday, Oct. 05 2012, 2:29 PM EDT

These are stories Report on Business is following Friday, Oct. 5, 2012.

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Flaherty misses target
The Canadian government’s deficit sure looks better than a year ago, but it’s shy of the mark set by Finance Minister Jim Flaherty.

Today’s report from Mr. Flaherty puts the 2011-2012 shortfall at $26.2-billion. That’s down markedly from $33.4-billion a year earlier and $55.6-billion the year before that.

More Related to this Story

But Mr. Flaherty’s March budget called for a 2011-2012 deficit of $24.9-billion, so the government is short of its target. The miss is actually $1.4-billion, though the numbers don’t match up because of rounding.

“This positive performance is encouraging and reflects Canada’s sound economic and fiscal fundamentals,” Mr. Flaherty said in a statement.

“However, the global economic environment is still fragile and uncertain, and recent economic developments suggest that there are downside risks to the fiscal outlook contained in Economic Action Plan 2012. Nonetheless, our government remains committed to achieving our goal of returning to balanced budgets over the medium term.”

continue reading: http://www.theglobeandmail.com/report-on-business/top-business-stories/jim-flaherty-misses-target-as-canada-deficit-13-billion-above-forecast/article4591562/


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