POLITICS

Highlights of economic update released Tuesday by Finance Minister Jim Flaherty

11/12/2013 02:44 EST | Updated 01/23/2014 06:56 EST
OTTAWA - Some of the specific projections Finance Minister Jim Flaherty delivered Tuesday in the fall economic update:

— Budget surplus of $3.7 billion in 2015-16 — $3-billion more than projected in March — and $5 billion in 2016-17.

— Federal deficit to fall to $17.9 billion for 2013-14, compared with $18.9 billion the previous year and $55.6 billion in 2009-10.

— Government expects widespread spring flooding in Alberta to cost $2.8 billion in 2013-14, on top of $60 million in assistance for rail disaster in Lac-Megantic, Que.

— Sale of 30 million shares in General Motors to net $700 million for 2013-14; other expected asset sales include B.C. bulk coal terminal Ridley Terminals, the rest of the government's GM shares and the Dominion Coal Blocks lands in B.C., generating $500 million in 2014-15 and $1.5 billion in 2015-16.

— Real GDP growth to fall to 2.4 per cent in 2014, down from 2.5 per cent in federal budget.

— Nominal GDP growth of three per cent in 2013, down from 3.3 per cent, and 4.2 per cent in 2014, down from 4.7 per cent.

— Spending freeze in federal government departments to save $1.65 billion over 2014-15 and 2015-16.

null