Canada says final 2011-12 budget deficit was C$26.2 billion

OTTAWA Oct 5 (Reuters) - Final figures show that Canada's budget deficit for the 2011-12 fiscal year was C$26.2 billion ($26.7 billion), down from C$33.4 billion the previous year, Finance Minister Jim Flaherty said on Friday.

Initial figures released in May put the deficit at C$23.5 billion. Canada's deficit-to-GDP ratio is one of the lowest among major Western economies.

Flaherty said in a statement that despite risks to the government's fiscal outlook, Ottawa is committed to balancing the budget over the medium term.