Skip to content

Federal government posts $41.3 billion deficit for 2022-23 fiscal year

Compared to 2021-22, revenues were up $34.2 billion
32836905_web1_20230526100548-6470c76188a1a971b049177bjpeg
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 Canada flag flies atop the Peace Tower on Parliament Hill in Ottawa on Friday, May 5, 2023. THE CANADIAN PRESS/Sean Kilpatrick

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.

Higher interest rates have pushed up public debt charges by $10.4 billion, or 42.0 per cent since the previous year.

Meanwhile, net actuarial losses decreased by $0.5 billion, or 5.0 per cent.

The Canadian Press

Like us on Facebook and follow us on Twitter.