2023-10-27 15:59:29
(Ottawa) The federal government posted a budget deficit of $4.3 billion on Friday for the first five months of its 2023-2024 fiscal year, from April to August.
In its monthly financial review, the Ministry of Finance indicated that this deficit compared to a surplus of 3.9 billion for the same period last year.
Government revenues increased by $2.4 billion, or 1.4%, mainly due to higher interest income and other non-tax revenue.
Program spending excluding net actuarial losses increased by $7.4 billion, or 4.8%.
Public debt charges increased by 4.1 billion, or 27.7%, mainly due to higher interest rates.
In addition, net actuarial losses decreased by $0.9 billion, or 22.7%, compared to the first five months of the previous fiscal year.
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