Federal government posts $13B deficit in first half of the fiscal year
Posted Nov 29, 2024 12:00:11 PM.
Last Updated Nov 29, 2024 12:01:14 PM.
OTTAWA — 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.
Nojoud Al Mallees, The Canadian Press
