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
OTTAWA — The federal government posted a budgetary deficit of $3.6 billion in the first eight months of the fiscal 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. This report by The Canadian Press was first published Jan. 27, 2023.
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