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MNI: Canada July Budget Deficit CAD3.9B Vs CAD10.9B Yr Earlier

(MNI) Ottawa
OTTAWA (MNI)

Canada's budget deficit narrowed to CAD3.9 billion in July from CAD10.9 billion a year earlier as a major Covid income support program ended, continuing the surprisingly strong run of finances amid one of the fastest growth rebounds among developed economies.

Revenues jumped 20% the finance department said Friday while program spending fell 4.8%. Spending on the "Canada Recovery Benefit" dropped CAD2.5 billion and employment insurance payouts fell 59% or by CAD2.2 billion as the job market rebounded. The government also has CAD107 billion of cash on the books, though some of that could be used for legal claims or increased military or health costs.

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Canada's budget deficit narrowed to CAD3.9 billion in July from CAD10.9 billion a year earlier as a major Covid income support program ended, continuing the surprisingly strong run of finances amid one of the fastest growth rebounds among developed economies.

Revenues jumped 20% the finance department said Friday while program spending fell 4.8%. Spending on the "Canada Recovery Benefit" dropped CAD2.5 billion and employment insurance payouts fell 59% or by CAD2.2 billion as the job market rebounded. The government also has CAD107 billion of cash on the books, though some of that could be used for legal claims or increased military or health costs.

Keep reading...Show less