Home Economy News Canada budget deficit over first nine months of 2023/24 jumps to C$23.61 billion

Canada budget deficit over first nine months of 2023/24 jumps to C$23.61 billion


Canada budget deficit over first nine months of 2023/24 jumps to C$23.61 billion By Reuters

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Published Feb 23, 2024 11:09AM ET

© Reuters. Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland leaves a news conference about the fall economic statement in Ottawa, Ontario, Canada November 3, 2022. REUTERS/Blair Gable/File Photo

OTTAWA, Feb 23 (Reuters) – Canada recorded a sharply higher C$23.61 billion ($17.51 billion) budget deficit for the first nine months of the 2023/24 fiscal year as government expenditures grew faster than revenues, the finance ministry said on Friday.

By comparison, the deficit in the same period a year earlier had been just C$5.54 billion, it said in a statement.

Program expenses rose 6.6% on increases across all major categories of spending. Public debt charges jumped by 35.6% largely because of higher interest rates, the ministry said.

Year-to-date revenues grew by 2.6%, largely reflecting higher personal income tax revenue and revenue from other taxes and duties.

On a monthly basis, Canada posted a deficit of C$4.47 billion in December, compared to a C$1.98 billion deficit in December 2022.

($1 = 1.3484 Canadian dollars)

Canada budget deficit over first nine months of 2023/24 jumps to C$23.61 billion

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