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Canada records C$3.55 billion budget deficit over first eight months of 2022/23

Canada records C.55 billion budget deficit over first eight months of 2022/23
© Reuters. People shop at the Eaton Centre in Toronto, Ontario, Canada November 22, 2022. REUTERS/Carlos Osorio

OTTAWA, Jan 27 (Reuters) – Canada recorded a C$3.55 billion ($2.67 billion) budget deficit for the first eight months of the 2022/23 fiscal year, partly due to higher debt charges, the finance ministry said on Friday.

By comparison, Canada posted a C$73.70 billion deficit in the period from April to November 2021.

Year-to-date revenues were up 14.8% on a broad-based improvement in income streams. Program expenses were down 13.9%, largely reflecting lower transfers to individuals and businesses as COVID-19 support wound down, the finance ministry said in a statement.

Public debt charges increased 35.8% this fiscal year, primarily reflecting higher interest rates and higher inflation adjustments on real return bonds, which have a coupon that is linked to the level of the consumer price index.

On a monthly basis, Canada posted a deficit of C$3.38 billion in November, compared to the C$1.44 billion deficit recorded a year ago.

($1 = 1.3310 Canadian dollars)

Source: Investing.com

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