Canada posts $1.9B budget deficit in October

By Ovunc Kutlu

ISTANBUL (AA) - Canada posted a budget deficit of $1.9 billion in October, the country's Finance Department announced Friday.

The figure is an improvement compared to the same month of last year, when the government had a deficit of $3.7 billion.

"The government’s 2022-23 financial results continue to improve compared to 2021-22 as the fiscal impact of the COVID-19 crisis and the unprecedented level of temporary COVID-19 response measures wane," the department said in a statement.

On an annual basis, revenues grew $3.8 billion, or 12%, in October this year.

"The government posted a budgetary deficit of $0.2 billion for the April to October period of the 2022-23 fiscal year, compared to a deficit of $72.3 billion reported for the same period of 2021-22," it added.

During that period, revenues were up $36.6 billion, or 17.6%, year-on-year.