Ontario deficit projections unchanged, books seen balanced in 2017-18

Mon Nov 17, 2014 2:17pm EST
 
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TORONTO Nov 17 (Reuters) - The Canadian province of Ontario said on Monday it continues to project a deficit of C$12.5 billion ($11.1 billion) in fiscal 2014-15, with a balanced budget expected in 2017-18, unchanged from the forecasts in the Liberal government's July budget.

In his fall fiscal update, Finance Minister Charles Sousa said there are signs economic growth in the province has been gaining some momentum in 2014 after weak growth in 2013, with unemployment dropping to 6.5 percent in October, the lowest rate since 2008.

The government projected gradual deficit reduction to C$8.9 billion in 2015-16 and C$5.3 billion in 2016-17, before reaching balance the following year.

($1=$1.13 Canadian) (Reporting by Andrea Hopkins; Editing by Peter Galloway)