Canada private sector economists cut growth forecasts: Flaherty

OTTAWA, March 8 Fri Mar 8, 2013 11:45am EST

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OTTAWA, March 8 (Reuters) - Private sector economists have cut their growth forecasts for the Canadian economy in 2013 due to volatile market conditions in the United States and Europe, Finance Minister Jim Flaherty said on Friday.

Flaherty, speaking to reporters after meeting the economists, did not give precise figures. He also said government revenues would be hit significantly by lower-than-expected growth in nominal gross domestic product but did not give details.

Despite the lower growth figures Ottawa was still on track to balance the budget in 2015/16, he added.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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