Canada’s finances deficit for first six months of 2024/25 expands to C$13.01 billion

OTTAWA, Nov 29 (Reuters) – Canada’s finances deficit for the primary six months of the 2024-25 fiscal 12 months jumped by greater than a half to C$13.01 billion ($9.28 billion) as program bills and debt fee prices rose quicker than the achieve in revenues, the finance ministry mentioned on Friday.

The deficit in the identical interval a 12 months earlier had been C$8.17 billion, it mentioned in an announcement.

Program bills rose 11.2% on will increase throughout all main classes of spending. Public debt costs jumped by 22.5% largely due to increased rates of interest, the ministry mentioned.

Yr-to-date revenues grew by 9.6%, largely reflecting increased private and company earnings tax income and income from different taxes and duties.

On a month-to-month foundation, Canada posted a deficit of C$3.17 billion in September, barely narrower than C$3.88 billion deficit seen in September 2023.

($1 = 1.4017 Canadian {dollars})