National News
The Canadian flag flies atop the Peace Tower on Parliament Hill in Ottawa, Wednesday, Oct. 30, 2024.
THE CANADIAN PRESS/Sean Kilpatrick
Federal government posts $13B deficit in first half of the fiscal year
Published 10:46 PST, Fri November 29, 2024
—
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.
– Nojoud Al Mallees, The Canadian Press
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