Ottawa Posts $3.6 Billion Budget Deficit

Canada’s federal government in Ottawa has posted a budget deficit of $3.6 billion for the April through November 2022 period.

The federal government said its budget deficit in the first eight months of its current 2022-23 fiscal year was much smaller than the deficit of $73.7 billion recorded during the same period a year earlier when Ottawa was still spending heavily on pandemic relief measures.

Government revenues through the end of November rose $35.5 billion, or 14.8%, compared to a year ago due to improved economic growth in Canada.

At the same time, program expenses declined $40.4 billion, or 13.9%, as a series of COVID-19 relief measures expired across the country.

Public debt charges rose $6.1 billion, or 36.8%, which the federal Finance Department said was due to rising interest rates aimed at cooling inflation.

The federal government reports its budget figures through a publication known as the “Fiscal Monitor.”