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OTTAWA—It is spring economic statement time for the federal government, the first economic update for the government of Prime Minister Mark Carney and his newly minted majority government. 

The economic update provides a snapshot of federal finances since the November federal budget—this year the tables are turned on timing, as budgets usually come out in the spring and updates in the fall.

The update shows a lower than anticipated deficit. The November budget suggested a $78.3 billion shortfall, while the actual number came in at $66.9 billion. Things were rosy because things aren’t so rosy—as surging oil prices helped pump an additional $60 billion into the kitty. In response, the update outlines $37.5 billion of spending on new measures. The government will still post an operating deficit, but projects eliminating the deficit in the cost of day-to-day operations within three years.