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.

Looking for more?

Get the best of Maclean's sent straight to your inbox. Sign up for news, commentary and analysis.