Canada records C$19.1 billion budget deficit over first eight months of 2023/24

Canada recorded a C$19.14 billion ($14.23 billion) budget deficit for the first eight months of the 2023/24 fiscal year as government expenditures grew faster than revenues, the finance ministry said on Friday.

By comparison, Canada posted a narrower deficit of C$3.55 billion in the period from April to November 2022.

Year-to-date revenues were up 2.6%, largely reflecting higher personal income tax revenue, revenue from other taxes and duties, and other non-tax revenues, the finance ministry said in a statement.

Program expenses were up 6.3% due to increases across all major categories of spending, while public debt charges went up by 37.7% largely because of higher interest rates, the ministry said.

On a monthly basis, Canada posted a deficit of C$4.01 billion in November, compared to a C$3.38 billion deficit in November 2022.

($1 = 1.3449 Canadian dollars)

(Reporting by Promit Mukherjee, Editing by Ismail Shakil [e-mail])

Keywords: CANADA BUDGET/