2024-09-27 15:06

OTTAWA, Sept 27 (Reuters) - Canada recorded a sharply higher C$7.29 billion ($5.41 billion) budget deficit for the first four months of the 2024/25 fiscal year as government expenditures grew faster than revenues, the finance ministry said on Friday. By comparison, the deficit in the same period a year earlier had been C$1.24 billion, it said in a statement. Program expenses rose 13.5% on increases across all major categories of spending. Public debt charges jumped by 28.8% largely because of higher interest rates, the ministry said. Year-to-date revenues grew by 10.2%, reflecting increases in all major categories of revenue. On a monthly basis, Canada posted a deficit of C$4.41 billion in July, compared with a C$4.86 billion deficit in July 2023. ($1 = 1.3479 Canadian dollars) ((Reuters Ottawa bureau; [email protected] , opens new tab)) Keywords: CANADA BUDGET/ Sign up here. https://www.reuters.com/markets/canada-budget-deficit-over-first-four-months-202425-jumps-c73-bln-2024-09-27/