30-Sep-2010 1:27 PM

Canada may report negative GDP for Jul-2010

Canada’s Finance Minister Jim Flaherty stated Canada’s budget deficit may exceed a prior estimate of CAD53.8 billion (USD52.1 billion) for the 12 months ended 31-Mar-2010 due to accounting rules regarding payments made after two provinces harmonised their sales taxes with a federal levy (Bloomberg, 30-Sep-2010). Mr Flaherty added that Canada may report a “negative” GDP figure for Jul-2010.