Ottawa –
The federal government posted a deficit of $5.5 billion in the first nine months of fiscal 2022-23.
In its monthly Fiscal Monitor, the Treasury Department shows results compared to a deficit of $70.1 billion in the same period last year.
Government revenues totaled $310 billion for the nine months, up from $278.3 billion in the same period last year. This is due to stronger economic growth and the fading impact of his COVID-19 pandemic.
Meanwhile, program expenses, excluding net actuarial losses, decreased from $322.0 billion a year ago to $282.4 billion due to the end of COVID-19 measures.
During this period, bond costs increased from $18.7 billion to $25.8 billion as a result of rising interest rates and inflation.
Net actuarial losses decreased from $7.7 billion to $7.4 billion.
This report by the Canadian Press was first published on February 24, 2023.
