Canada posts C$174 million deficit over first seven months of 2022/23
Reuters
Published Dec 23, 2022 01:09PM ET
OTTAWA, Dec 23 (Reuters) - Canada recorded a C$174 million ($127.91 million) budget deficit for the first seven months of the 2022/23 fiscal year, partly due to higher debt charges, the finance ministry said on Friday.
By comparison, Canada posted a C$72.25 billion deficit in the period from April to October 2021.
Year-to-date revenues were up 17.6% on a broad-based improvement in income streams. Program expenses were down 15.6%, largely reflecting lower transfers to individuals and businesses as COVID-19 support wound down, the finance ministry said.
"The government's 2022-23 financial results continue to improve compared to 2021-22 as the fiscal impact of the COVID-19 crisis and the unprecedented level of temporary COVID-19 response measures wane," the ministry said in a statement.
Public debt charges increased 35.7% this fiscal year, primarily driven by higher interest rates and higher inflation adjustments on real return bonds, which have a coupon that is linked to the level of the consumer price index.
On a monthly basis, Canada posted a deficit of C$1.90 billion in October, compared to the C$3.68 billion deficit recorded a year ago.
($1 = 1.3603 Canadian dollars)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.