Federal government posts $3.1B surplus for first 11 months of 2022-23 fiscal year

OTTAWA – The federal government posted a budgetary surplus of $3.1 billion between April 2022 and February 2023.

In its monthly fiscal monitor, the Finance Department says the result compared to a deficit of $69.8 billion during the same period during the previous fiscal year.

Government revenues were up $36 billion, or 10.1 per cent, amid stronger economic growth and the fading effect of the pandemic.

Program expenses excluding net actuarial losses decreased $45.6 billion, or 11.5 per cent, as the federal government wound down COVID-19 supports.

Higher inflation and interest rates pushed up public debt charges by $9.1 billion, or 40.7 per cent.

Meanwhile, net actuarial losses fell by $0.4 billion, or 4.7 per cent.

This report by The Canadian Press was first published April, 28, 2023.