Federal government posts $13B deficit in first half of the fiscal year
By Nojoud Al Mallees, The Canadian Press on November 29, 2024.
The Canadian flag flies atop the Peace Tower on Parliament Hill in Ottawa, Wednesday, Oct. 30, 2024. THE CANADIAN PRESS/Sean KilpatrickOTTAWA – The Finance Department says the federal deficit was $13 billion between April and September.
That compares to an $8.2 billion deficit over the same period last year.
According to the monthly fiscal monitor released today, revenues were up $20.3 billion, or 9.6 per cent, compared with the first half of the 2023-24 fiscal year.
Program expenses excluding net actuarial losses and gains increased $21.7 billion, or 11.2 per cent, due to higher direct program spending and transfers to people and other levels of government.
Public debt charges rose by $5.2 billion, or 22.5 per cent, largely reflecting higher interest rates.
Net actuarial losses and gains decreased by $1.8 billion, or 46.8 per cent.
This report by The Canadian Press was first published Nov. 29, 2024.
8-7
