OTTAWA-
The federal government posted a surplus of $5.3 billion for the first two months of the 2022-23 fiscal year.
In its monthly budget monitoring report, the Department of Finance shows the tally against a deficit of $23.8 billion for the same period of 2021-22. There were surpluses of $2.7 billion for April and May.
The federal government says its 2022-23 financial results continue to improve from the peak of the COVID-19 pandemic.
Program spending, excluding net actuarial losses, decreased by $17.9 billion, or 23.3%, mainly due to lower transfers to individuals, businesses and other levels of government.
Public debt charges increased by $1.7 billion, or 44.2%, mainly due to runaway inflation and higher interest rates.
Revenue for the period increased $12.1 billion, or 20.3%. Net actuarial losses amounted to $1.7 billion for the period, compared to nearly $2.6 billion a year earlier.
This report from The Canadian Press was first published on July 29, 2022
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