Federal Government Records $7.3 Billion Deficit for April-July Period

The federal government’s deficit has grown to $7.3 billion so far this fiscal year.

The Finance Department’s latest fiscal monitor says the deficit between April and July compares with a $1.2 billion deficit over the same period last year.

Revenues during the four-month period increased by $14.9 billion, or 10.2 percent, from April to July 2023.

Program expenses excluding net actuarial losses were up $17.5 billion, or 13.5 percent, as the federal government spent more on programs and transfers to provinces and territories.

Public debt charges rose by $4.2 billion, or 28.8 percent, due to higher interest rates.

Net actuarial losses fell by $0.8 billion, or 23.2 percent.

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