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MNI: Canada Apr-Jul Deficit Grows To CAD7.3B From CAD1.2B

Canada's budget deficit widened to CAD7.3 billion in the first four months of the fiscal year from CAD1.2 billion in the previous year, led by a 29% jump in interest charges, the finance department said Friday.

Interest costs climbed CAD4.2 billion from a year earlier according to the Fiscal Monitor report. Program expenses rose 13%, ahead of the 10% rise in total revenue. Interest costs may fade with the Bank of Canada having cut its benchmark rate three times since June and signaling more are coming.

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Canada's budget deficit widened to CAD7.3 billion in the first four months of the fiscal year from CAD1.2 billion in the previous year, led by a 29% jump in interest charges, the finance department said Friday.

Interest costs climbed CAD4.2 billion from a year earlier according to the Fiscal Monitor report. Program expenses rose 13%, ahead of the 10% rise in total revenue. Interest costs may fade with the Bank of Canada having cut its benchmark rate three times since June and signaling more are coming.

Keep reading...Show less