Federal government posts $0.2 billion deficit for April to October period

OTTAWA – The federal government posted a deficit of $0.2 billion during the first seven months of the 2022-23 fiscal year.

In its monthly fiscal monitor, the finance department says the deficit between April and October compares with a deficit of $72.3 billion reported for the same period last year.

Compared with the same seven months in the previous fiscal year, government revenues were up $36.6 billion, or 17.6 per cent, as revenue streams continued to improve.

Program expenses were down $40.4 billion, or 15.6 per cent, largely due to the expiration of COVID-19 measures.

Higher interest rates and stubbornly high inflation have driven up the cost of public debt charges by $5.2 billion, or 35.7 per cent, compared with the same period last year.

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

This report by The Canadian Press was first published Dec. 23, 2022.