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Canada budget deficit over first nine months of 2023/24 jumps to C$23.61 billion

Published 2024-02-23, 11:36 a/m
Updated 2024-02-23, 11:36 a/m
© Reuters. Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland leaves a news conference about the fall economic statement in Ottawa, Ontario, Canada November 3, 2022. REUTERS/Blair Gable/File Photo

OTTAWA, Feb 23 (Reuters) - Canada recorded a sharply higher C$23.61 billion ($17.51 billion) budget deficit for the first nine months of the 2023/24 fiscal year as government expenditures grew faster than revenues, the finance ministry said on Friday.

By comparison, the deficit in the same period a year earlier had been just C$5.54 billion, it said in a statement.

Program expenses rose 6.6% on increases across all major categories of spending. Public debt charges jumped by 35.6% largely because of higher interest rates, the ministry said.

Year-to-date revenues grew by 2.6%, largely reflecting higher personal income tax revenue and revenue from other taxes and duties.

© Reuters. Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland leaves a news conference about the fall economic statement in Ottawa, Ontario, Canada November 3, 2022. REUTERS/Blair Gable/File Photo

On a monthly basis, Canada posted a deficit of C$4.47 billion in December, compared to a C$1.98 billion deficit in December 2022.

($1 = 1.3484 Canadian dollars)

 

 

Latest comments

Talk about amateur hour. Liberals have destroyed Canada’s finances.
there very liberal with our money
Thank you Trudeau for inflation crimes and shortage of shelters and scarcity of healthcare and infrastructure of last century and so on !
Worst fiscal government in Canadian History.
And they wonder why the inflation isn’t coming down….money out the window!
Stop sending money to Ukraine and the WEF!
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