The federal government in Ottawa has posted a budget surplus of $1.7 billion for the first six months of its 2022-23 fiscal year.
The latest fiscal monitor from the federal Finance Department shows a budget surplus between April and September compared to a deficit of $68.6 billion reported for the same period of 2021 when Ottawa was still spending heavily on COVID-19 relief measures.
Government revenues were up $32.8 billion, or 18.6%, in the first six months of the current fiscal year as revenue streams also continue to improve coming out of the pandemic.
Program expenses fell $40.3 billion, or 17.9%, due to the expiration of most of Ottawa’s COVID-19 assistance.
However, higher interest rates and inflation have increased the cost of public debt charges by $5.6 billion, or 47.8%, compared to the same period of 2021.
The federal government’s fiscal year runs from April 1 through March 31.
