Canada’s federal government in Ottawa posted a budget deficit of $13 billion in the first half of the current fiscal year, up 59% from a deficit of $8.2 billion during the same period of fiscal 2023.
Between April and September of this year, the federal deficit swelled to $13 billion, according to the latest data released by the Finance Department.
Revenues rose by $20.3 billion, or 9.6%, during the period compared with the first half of the 2023-24 fiscal year.
However, program expenses increased $21.7 billion, or 11.2%, due to higher transfers to people and other levels of government.
Public debt charges rose by $5.2 billion, or 22.5%, reflecting elevated interest rates.
Net actuarial losses and gains decreased by $1.8 billion, or 46.8%, between April and September of this year.
The federal government’s fiscal year runs from April 1 to March 31.