OTTAWA, Ont. _ The federal government says its deficit will hit $26 billion this year, $5 billion more than predicted, and it expects to take a year longer to balance the budget.

The fall economic update shows that global economic weakness will push the deficit well above the $21.1 billion predicted in the March budget.

Finance Minister Jim Flaherty says he expects the deficit will be significantly higher in each of the next four years and won't be completely eliminated until 2016-17.

He says said the key problem is a weak global economy which has depressed prices for commodities Canada sells to the world.

In turn, this erodes government tax revenues.

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  • 19 (tie): Manufacturing: -9%

    Manufacturing was one of only three economic sectors to shrink in Canada between 2000 and 2011, losing nine per cent of its value. Source: Huffington Post via StatsCan Photo: Globe and Mail

  • 19 (tie). Forestry and Logging: -9%

    Forestry and logging shrank 9 per cent from 2000 to 2011, one of only three economic sectors to see negative growth. Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 18. Fishing, Hunting and Trapping: -6%

    Fishing, hunting and trapping was one of three economic sectors to shrink in Canada from 2000 to 2011, losing six per cent of its value. Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 17. Agriculture and Forestry Support: 33%

    Source: Huffington Post via StatsCan Photo: Rex Features

  • 16. Utilities: 43%

    Source: Huffington Post via StatsCan Photo: Alamy

  • 15. Crop and Animal Production: 44%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 14. Accommodation and Food Services: 50%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 13. Transportation and Warehousing: 54%

    Source: Huffington Post via StatsCan Photo: The Globe and Mail

  • 12. Arts, Entertainment and Recreation: 61%

    Source: Huffington Post via StatsCan Photo: Alamy

  • 11. Wholesale Trade: 62%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 9 (tie). Information and Cultural Industries: 64%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 9 (tie). Education: 64%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 7 (tie). Finance and Insurance: 68%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 7 (tie). Public Administration: 68%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 6. Professional, Scientific and Technical Services: 78%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 5. Retail: 79%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 4. Health Care and Social Services: 87%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 18. Administrative and Support, Waste Management: 90%

    Source: Huffington Post via StatsCan Photo: Alamy

  • 2. Construction: 130%

    Source: Huffington Post via StatsCan Photo: The Canadian Press

  • 1. Mining, Oil and Gas Extraction: 169%

    Source: Huffington Post via StatsCan Photo: AFP/Getty