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Update: Canada's Federal Gov't Projects a Smaller Deficit For FY2025-26 Than Previously Seen

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-- (Updates with revenue data in third paragraph.)

Canada's federal government now projects a deficit in fiscal year 2025-26 of C$66.9 billion, down from a prior forecast of $78.3 billion, reflecting improved economic growth, it said in a spring economic update Tuesday.

The deficit is set to gradually decline to C$56.2 billion by FY29-30, the government said.

An extra $60.3 billion in revenues has allowed the government to add $37.5 billion in spending, it added

Projected GDP Growth is 1.1% in 2026, 1.9% in each of the next three years, and 1.8% in 2030, the governing Liberals said.

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