OTTAWA, March 28 (Reuters) – Canada recorded a marginally higher C$26.85 billion ($18.77 billion) budget deficit for the first ten months of the 2024/25 fiscal year as government expenditures grew slightly faster than revenues, the finance ministry said on Friday.
By comparison, the deficit in the same period a year earlier was C$25.67 billion, it said in a statement.
Program expenses rose 10.9% on increases across all major categories of spending except elderly and child benefits, employment insurance and COVID-19 support. Public debt charges increased by 16.2% largely because of an increase in the stock of marketable bonds.
Year-to-date revenues grew by 10.9%, largely reflecting higher personal income tax revenue and revenue from other taxes and duties.
On a monthly basis, Canada posted a deficit of C$5.13 billion in January, compared to a C$2.06 billion deficit in January 2024.
($1 = 1.4307 Canadian dollars)
(Reporting by Promit Mukherjee, editing by David Ljunggren)
((Reuters Ottawa bureau; david.ljunggren@tr.com))
Keywords: CANADA BUDGET/
