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Economic and Fiscal Monitor - August 2017.pdf
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Our August 2017 Economic and Fiscal Monitor provides an in-year estimate of Canadian gross domestic product in 2017 and the Government of Canada’s budgetary balance in 2016 17 and 2017-18, based on data released since our April 2017 Economic and Fiscal Outlook, up to and including 4 August 2017.
PBO projects that Canada’s real gross domestic product (GDP) will grow by 2.8 per cent in 2017, which is 0.3 percentage points higher than projected in PBO’s April Economic and Fiscal Outlook and almost a full percentage point higher than forecast in Budget 2017.
PBO estimates that the Government’s budgetary balance for 2016-17 will be $21.4 billion, or 1.1 per cent of GDP. Our updated deficit estimate is $0.7 billion larger than we forecast in our April outlook. For 2017-18, we are projecting a budgetary deficit of $24.8 billion (1.2 per cent of GDP). This is $0.3 billion larger than our April forecast of $24.6 billion.