February 25th, 2024

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

By The Canadian Press on December 22, 2023.

The Peace Tower is pictured on Parliament Hill in Ottawa on Tuesday, Dec. 19, 2023. The federal government recorded a budgetary deficit of $15.1 billion between April and October, $7 billion of which was in October. THE CANADIAN PRESS/Sean Kilpatrick

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.

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