The Finance Department has reported that the federal deficit for the period between April and September was $13 billion.
This marks an increase from the $8.2 billion deficit recorded during the same period last year.
According to the latest monthly fiscal monitor, revenues saw a significant rise of $20.3 billion, a 9.6 percent increase compared to the first half of the 2023-24 fiscal year.
Program expenses, excluding net actuarial losses and gains, also surged by $21.7 billion, representing an 11.2 percent increase. This was primarily due to higher direct program spending and transfers to individuals and other levels of government.
Public debt charges climbed by $5.2 billion, a 22.5 percent increase, largely driven by higher interest rates.
Meanwhile, net actuarial losses and gains decreased by $1.8 billion, a 46.8 percent drop.
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