Federal government posts $13B deficit in first half of the fiscal year

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.