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Ottawa’s Budget Deficit Declined 57% In Fiscal 2022-23

The federal government in Ottawa has recorded a budget deficit of $41.3 billion for the 2022-23 fiscal year ended on March 31.

The Finance Department said the government’s latest budget deficit declined 57% from a deficit of $95.6 billion in the previous fiscal year.

Revenues rose 8.6% to $34.2 billion as economic growth accelerated coming out of the Covid-19 pandemic, while program expenses declined 6.5% to $29.9 billion.

However, higher interest rates pushed up Ottawa’s debt charges by 42% to $10.4 billion during the 2022-23 fiscal year.

At the same time, net actuarial losses declined by $500 million during the fiscal year, according to the Finance Department.