Canada’s federal government in Ottawa has posted a budget surplus of $3.1 billion for the first 11 months of its 2022-23 fiscal year.
In its monthly update, the Finance Department said the surplus compares to a deficit of $69.8 billion recorded during the same period of its previous fiscal year.
Government revenues rose $36 billion, or 10.1%, amid stronger economic growth, which has been accelerating coming out of the pandemic.
Program expenses decreased $45.6 billion, or 11.5%, as the federal government wound down its Covid-19 supports to individual Canadians and businesses.
Higher inflation and interest rates led to an increase in public debt charges by $9.1 billion, or 40.7%, through 11 months of the fiscal year. However, net actuarial losses declined by $400 million, or 4.7%.
Ottawa’s fiscal year runs from April 1 to March 31.
