Canada's budget deficit decreased slightly to C$21.72 billion ($15.05 billion) for the first nine months of the 2024/25 fiscal year, with government revenues outpacing expenditures, the finance ministry announced on Friday. This marks an improvement compared to the C$23.61 billion deficit recorded in the same period a year earlier.
Program expenses saw a 10.7% increase across all major spending categories during the nine months, while public debt charges rose by 17.3%, primarily due to higher interest rates. Revenues for the year-to-date period grew by 11.8%, driven by higher tax revenues and other taxes and duties.
In December, Canada's monthly budget balance shifted from a deficit of C$4.47 billion to a surplus of $1 billion.
($1 = 1.4432 Canadian dollars)
Reporting by Promit Mukherjee; Editing by Fergal Smith