OTTAWA, Dec 20 (Reuters) – Canada recorded a slightly lower C$14.50 billion ($10.09 billion) budget deficit for the first seven months of the 2024/25 fiscal year compared to the previous year as revenues grew faster than expenditures, the finance ministry said on Friday.
By comparison, the deficit in the same period a year earlier had been C$15.13 billion, it said in a statement.
Program expenses rose 9.8% on increases across all major categories of spending. Public debt charges increased by 19.4% primarily reflecting higher effective rates on bonds and treasury bills, the ministry said.
Year-to-date revenues grew by 10.7%, largely reflecting higher personal income tax revenue and income from other taxes and duties.
On a monthly basis, Canada posted a deficit of C$1.49 billion in October, compared to a C$6.96 billion deficit in October 2023.
($1 = 1.4369 Canadian dollars)
(Reporting by Promit Mukherjee, editing by David Ljunggren)
((Reuters Ottawa bureau; [email protected]))
Keywords: CANADA BUDGET/
Canada budget deficit over first seven months of 2024/25 falls to C$14.5 billion Canadian News Today.
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