The federal government has announced a $5.5-billion budget deficit for the first nine months of the current 2022-23 fiscal year which commenced in April and ended in December 2022.
According to the Federal Finance Department, the result compared with a deficit of $70 billion during the same period of the previous fiscal year when it was still giving individuals and businesses financial support connected to the COVID-19 pandemic.
Government revenue in the nine-month period totalled $310 billion, an increase from $278 billion in the same period a year earlier.
The increased revenue was largely due to stronger economic growth and the ending of different pandemic supports.
Program expenses between April and December totalled $282 billion, against $322 billion a year earlier, owing to the end of COVID-19 measures across the country.
Public debt charges stood at $25.8 billion, up from $18.7 billion owing to increased interest rates and inflation.
The Finance Department disclosed that its net actuarial losses through the nine months of its fiscal year were $7.4 billion, a decrease from $7.7 billion a year ago.
Ottawa’s fiscal year starts on April 1 and ends on March 31.
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