(Ottawa) The federal government’s deficit has reached $7.3 billion since the start of the fiscal year.
The deficit for the same period from April to July was 1.2 billion during the previous financial year.
The latest financial monitoring report from the Ministry of Finance indicates that revenues during the four-month period increased by 14.9 billion, or 10.2%, compared to April to July 2023.
Program spending, excluding net actuarial losses, increased by $17.5 billion, or 13.5%, as the federal government spent more on programs and transfers to provinces and territories.
Public debt charges increased by $4.2 billion, or 28.8%, due to higher interest rates.
Net actuarial losses decreased by $800 million, or 23.2%.