Ottawa has accumulated a deficit of $5.5 billion for the period from April to December 2022
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The government posted revenue of $310 billion for the period between April and December 2022, up from $278.3 billion recorded in the same period a year earlier.
The federal government ran up a deficit of $5.5 billion in the first nine months of its 2022-2023 fiscal year.
In its fiscal review, the Ministry of Finance said on Friday that this result compared to a deficit of 70.1 billion for the same period in the previous financial year.
Government revenue totaled $310 billion from April to December, up from $278.3 billion in the same period a year earlier. Ottawa attributed the increase to economic growth and the diminishing impact of the COVID-19 pandemic.
Meanwhile, program spending excluding net actuarial losses increased reached 282.4 billion for the same nine-month period, down from 322.0 billion, previously, mainly due to the end of the temporary measures relating to COVID-19.
Public debt charges totaled $25.8 billion for the period, up from a cumulative $18.7 billion a year earlier, due to higher interest rates and inflation.
Net actuarial losses amounted to 7.4 billion, down from 7.7 billion in the first nine months of the previous year.