Finance Minister Jim Flaherty Monday revised upward his prediction for Canada's economic growth by 2014 by about $24 billion.

Flaherty said the change reflects the results of his department's survey of 15 private sector economic forecasters conducted earlier in June.

Finance Minister Jim Flaherty Monday revised upward his estimate for Canadian economic growth by 2014 by $24 billion. (Jim Ross/Canadian Press)

The survey also suggested that in 2010, the gross domestic product, adjusted for inflation, will grow 3.5 per cent. That's up from the March budget estimate of 3.1 per cent.

The survey also suggested the higher growth rate in 2010 would likely mean a lower than previously predicted growth rate in subsequent years.

The estimate for growth in 2011 is now 2.9 per cent, compared with 3.1 per cent previously. Canada's economy is projected to expand 2.8 per cent in 2012 compared with 2.9 per cent in March.

Ottawa projected in its March budget that Canadian economic output would reach $1.953 trillion by 2014.

Recovery stronger than expected

At the same time, Flaherty said in a speech in New York that the country is making a stronger-than-expected rebound from the recession.

The finance minister said that means government income tax revenue from companies and individuals will be strong enough to pay off almost the entire deficit by 2015.

Flaherty's revised estimate of nominal gross domestic product was timed to coincide with a speech to Wall Street economists and advisers, aimed at attracting more foreign investment.

"Wherever I travel — at home and abroad — Canada's economic leadership is evident," Mr. Flaherty said in a news release.

"We're open for business, creating more and better jobs today and for the future. As Canada prepares to host the world at the G8 and G20 summits, we have a great economic story to tell, and we can capitalize on it."

In a report released Monday, the government said Canada's economic output was hit the least of the G7 countries, that Canada is the only industrialized country to have almost recovered the loss in output and the only G7 member to increase employment in March over the same period a year earlier.