Federal government posts $5.5B deficit for April to December 2022

OTTAWA –

The federal authorities posted a $5.5-billion deficit in the course of the first 9 months of its 2022-23 fiscal 12 months.

In its month-to-month fiscal monitor, the Finance Department says the end result in contrast with a deficit of $70.1 billion throughout the identical interval a 12 months earlier.

Government income totalled $310.0 billion for the nine-month interval, up from $278.3 billion in the identical interval a 12 months earlier, resulting from stronger financial development and the fading impact of the COVID-19 pandemic.

Meanwhile, program bills excluding web actuarial losses amounted to $282.4 billion for the interval, down from $322.0 billion a 12 months earlier, because of the expiration of COVID-19 measures.

Public debt expenses totalled $25.8 billion for the interval, up from $18.7 billion, on account of increased rates of interest and inflation.

Net actuarial losses had been $7.4 billion, down from $7.7 billion.

This report by The Canadian Press was first printed Feb. 24, 2023.