Federal government posts $5.5B deficit for April to December 2022

OTTAWA –

The federal government posted a $5.5-billion deficit during the first nine months of its 2022-23 fiscal year.

In its monthly fiscal monitor, the Finance Department says the result compared with a deficit of $70.1 billion during the same period a year earlier.

Government revenue totalled $310.0 billion for the nine-month period, up from $278.3 billion in the same period a year earlier, due to stronger economic growth and the fading effect of the COVID-19 pandemic.

Meanwhile, program expenses excluding net actuarial losses amounted to $282.4 billion for the period, down from $322.0 billion a year earlier, due to the expiration of COVID-19 measures.

Public debt charges totalled $25.8 billion for the period, up from $18.7 billion, as a result of higher interest rates and inflation.

Net actuarial losses were $7.4 billion, down from $7.7 billion.

This report by The Canadian Press was first published Feb. 24, 2023.