Canada deficit to hit 3.4 pct of GDP: government paper

Wed May 27, 2009 3:48pm EDT
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OTTAWA (Reuters) - Canada's federal budget deficit will amount to 3.4 percent of gross domestic product in the current fiscal year, a government document released on Wednesday showed.

The document, handed out by a spokesman for Finance Minister Jim Flaherty, refers to the percentage share that the minister's revised budget deficit projection of more than $50 billion would have.

It showed that Canada would have the lowest ratio of deficit to GDP of any of the Group of Seven leading industrialized nations.

($1=$1.12 Canadian)

(Reporting by Randall Palmer, writing by Jennifer Kwan)