Federal government posts $15.1 billion deficit between April and October this year

OTTAWA – The federal government recorded a budgetary deficit of $15.1 billion between April and October, $7 billion of which was in October.

The finance department says in its monthly fiscal monitor that the deficit between April and October compared with a deficit of $0.2 billion during the same period last year.

Government revenues increased by $3 billion, or 1.2 per cent, a reflection of higher interest revenues and other non-tax revenues.

Program expenses excluding net actuarial losses were up $11.8 billion, or 5.4 per cent, from the same period a year earlier, as spending across all major categories rose.

Public debt charges were up $7.5 billion, or 38.1 per cent, largely due to higher interest rates but partly offset by lower consumer price index adjustments on real return bonds.

Net actuarial losses decreased by $1.3 billion, or 23.2 per cent, compared with the same period last year.

This report by The Canadian Press was first published Dec. 22, 2023.