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Federal government posts $3.6 billion deficit between April and November

OTTAWA — The federal government posted a budgetary deficit of $3.6 billion in the first eight months of the fiscal year. In its monthly fiscal monitor, the finance department says the deficit compares to a deficit of $73.
Canadian Press
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Finance Minister Chrystia Freeland appears as a witness at a Senate committee on national finance in Ottawa on Wednesday, Dec. 7, 2022. The federal government posted a budgetary deficit of $3.6 billion in the first eight months of the fiscal year. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA — The federal government posted a budgetary deficit of $3.6 billion in the first eight months of the fiscal year. 

In its monthly fiscal monitor, the finance department says the deficit compares to a deficit of $73.7 billion during the same period last year. 

Government revenues were up $35.5 billion or 14.8 per cent compared to the same period last year, largely due to improvement in economic growth and the fading effect of the COVID-19 pandemic.

At the same time, program expenses excluding net actuarial losses were down $40.4 billion, or 13.9 per cent, largely due to COVID-19 measures expiring.

Public debt charges were up $6.1 billion or 36.8 per cent, which the finance department attributes to rising interest rates and elevated inflation. 

Net actuarial losses were down $0.3 billion, or 4.7 per cent.

This report by The Canadian Press was first published Jan. 27, 2023.

The Canadian Press