Niagara Falls Review e-edition

Ottawa sees $41.3B deficit for fiscal year

OTTAWA The federal government ended the 2022-23 fiscal year with a $41.3-billion deficit, slightly lower than it had forecast in its budget released in March.

The Finance Department says the result compares to a $95.6-billion deficit the previous fiscal year.

Compared to 2021-22, revenues were up $34.2 billion, or 8.6 per cent, due to improved economic growth and the fading effect of the COVID-19 pandemic. Program expenses were down $29.9 billion, or 6.5 per cent, as the federal government wound down COVID-19 support programs.

Higher interest rates have pushed up public debt charges by $10.4 billion, or 42.0 per cent since the previous year.

BUSINESS

en-ca

2023-05-27T07:00:00.0000000Z

2023-05-27T07:00:00.0000000Z

https://niagarafallsreview.pressreader.com/article/281951727192337

Toronto Star Newspapers Limited