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MNI: Canada Has CAD2.9B Q1 Budget Deficit Vs Prior Surplus

OTTAWA (MNI)
Bank of CanadaCentral Bank NewsPolicy NewsHomepageCanadaFiscalGovernment sector Bank of Canada Market NewsBriefStoryRegionNorth America

Canada recorded a CAD2.9 billion budget deficit in the first three months of the fiscal year versus a surplus of CAD3.6 billion in the previous year on higher program expenses and interest charges, the finance department said Friday.

Program spending rose 15% from April to June from a year earlier led by higher transfer payments to households and provincial and municipal governments. Part of those increases are because some major transfers are indexed to inflation that remains above the central bank's 2% target. New and expanded programs such as those intended to blunt climate change also boosted expenditures.

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Canada recorded a CAD2.9 billion budget deficit in the first three months of the fiscal year versus a surplus of CAD3.6 billion in the previous year on higher program expenses and interest charges, the finance department said Friday.

Program spending rose 15% from April to June from a year earlier led by higher transfer payments to households and provincial and municipal governments. Part of those increases are because some major transfers are indexed to inflation that remains above the central bank's 2% target. New and expanded programs such as those intended to blunt climate change also boosted expenditures.

Keep reading...Show less