Flaherty says the deficit will now be eliminated in 2017.
- FY 2012 deficit hiked to $26B from $21.1B
This is worse than expected but CAD hasn’t moved on the headlines. Overall, it’s another year of deficits but the FY2015 deficit is forecast at just $1.8B.
One of the reasons for the change is lower commodity exports, which is something that will filter through to a higher USD/CAD.
