General

Highlights of economic update

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.

Note to readers: This is a corrected story. An earlier version described the projected surplus as less than projected in March.

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