December 3, 2012 / 7:14 PM / in 5 years

Flaherty: Canada economy to grow modestly, debt trend encouraging

OTTAWA (Reuters) - Canadian Finance Minister Jim Flaherty said on Monday he is encouraged by steps Canadians are taking to lower their personal debt obligations and that the economy is on track for modest growth.

Canada's Finance Minister Jim Flaherty speaks during Question Period in the House of Commons on Parliament Hill in Ottawa November 27, 2012. REUTERS/Chris Wattie

“We are on track, as we anticipate, for modest growth, moderate growth, in the next fiscal year,” he told reporters in Ottawa.

“When it comes to consumer debt, I am encouraged by the reaction of Canadians. More Canadians are paying down their mortgages, more Canadians are paying their credit cards on time. This is very desirable,” he said.

Reporting by David Ljunggren in Ottawa; Writing by Alastair Sharp in Toronto; Editing by James Dalgleish

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