Federal government posts $41.3 billion deficit for 2022-23 fiscal year
BNN Bloomberg
The federal government ended the 2022-23 fiscal year with a $41.3 billion deficit, slightly lower than it had forecast in its budget released in March.
The Finance Department says the result compares to a $95.6 billion deficit the previous fiscal year.
Compared to 2021-22, revenues were up $34.2 billion, or 8.6 per cent, due to improved economic growth and the fading effect of the COVID-19 pandemic.
Program expenses were down $29.9 billion, or 6.5 per cent, as the federal government wound down COVID-19 support programs.
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