(Ottawa) The federal government posted a surplus of $10.2 billion in the first quarter.
Posted at 2:28 p.m.
According to the monthly financial review of the Ministry of Finance, this surplus was recorded between the months of April and June 2022. By way of comparison, the government had recorded a deficit of 36.5 billion for the same period last year.
This report demonstrates that federal financial results for 2022-23 continue to improve after peaking in spending during the pandemic. The various temporary measures aimed at helping the economy get through the health crisis are disappearing one by one.
Revenue rose $18.7 billion, or nearly 21%, while program spending fell $29 billion, or 25%. This sharp decline is largely explained by a reduction in transfers to individuals and businesses.
The report reveals that public debt charges jumped by $2.3 billion or almost 39%, mainly due to inflation and rising interest rates.
Net actuarial losses fell by $1.3 billion or 33% compared to the same period last year.