Wednesday, August 17, 2022

Canada posts a budget deficit of $12.7 billion in June


Mehboob Ali Shaikh
Mehboob Ali Shaikh is the Bureau Chief of World News Observer. Based in Canada, working with Toronto 360 TV. Mehboob has accomplished Years of experience in print and broadcast media. He is an active participant in Social media strategies, including Facebook, Twitter and Skype.

The Canadian economy recorded a deficit of $12.7 billion in June, compared to a deficit of $33.6 billion in June 2020.

The Treasury explained that the decrease in the deficit came with lower spending compared to last year when Ottawa spent billions on emergency aid due to the pandemic and improved revenues.

“As expected, the government’s fiscal results from 2021-2022 show a marked improvement compared to the peak of the COVID-19 crisis,” the Ministry of Finance said. “However, it still reflects difficult economic conditions.”

Total program spending, excluding net actuarial losses, was $39.1 billion in June, down from $51.3 billion a year earlier.

Revenue increased to $29.6 billion in the month, compared to $19.9 billion in June of last year. Public debt fees increased to $1.9 billion from about $1.3 billion.

The federal deficit for the April-June 2021-22 fiscal year totalled $36.5 billion, compared to a deficit of $120.4 billion for the same period a year earlier.

- Advertisement -
Notify of
Inline Feedbacks
View all comments
- Advertisement -
- Advertisement -

Latest News

Would love your thoughts, please comment.x