(OTTAWA) The federal government posted a budget surplus of $5.3 billion for the first two months of its 2022-2023 fiscal year.
Posted yesterday at 12:41 p.m.
In its Fiscal Monitor, the Department of Finance reported that this result compares to a $23.8 billion deficit for the same period in 2021-22. A surplus of 2.7 billion was recorded for each of the months of April and May of the current financial year.
Ottawa said results for the 2022-23 fiscal year continue to improve from the peak of the COVID-19 pandemic.
Program expenses, excluding net actuarial losses, decreased $17.9 billion, or 23.3%, mainly due to lower transfer payments to individuals, businesses and other governments.
Public debt charges increased by $1.7 billion, or 44.2%, mainly due to high inflation and rising interest rates.
Revenue for the period climbed $12.1 billion, or 20.3%, to $71.7 billion. Net actuarial losses were $1.7 billion for the two months, compared to nearly $2.6 billion in the same period a year earlier.