Ottawa, January 22, 2010
2010-007

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for November 2009.

Highlights

November 2009: budgetary deficit of $4.4 billion

There was a budgetary deficit of $4.4 billion in November 2009, compared to a surplus of $0.1 billion in November 2008. The November 2009 deficit reflects the impact of the weaker economy on the Government's finances, as well as measures introduced under Canada's Economic Action Plan. Revenues were down $2.2 billion from November 2008, reflecting declines in income tax revenues and other revenues. Program expenses increased by $2.5 billion compared to November 2008, largely reflecting higher Employment Insurance (EI) benefit payments, increased gas tax transfers to other levels of government, and higher operating expenses of departments and agencies. Public debt charges decreased by $0.2 billion compared to November 2008 due to lower average effective interest rates.

April to November 2009: budgetary deficit of $36.3 billion

For the first eight months of the 2009–10 fiscal year, the budgetary deficit was $36.3 billion, compared to a surplus of $39 million reported in the same period of 2008–09. Close to $13 billion of the $36.3-billion deficit was attributable to actions taken under Canada's Economic Action Plan, including tax reductions, enhanced EI benefits and support for the automotive industry. Revenues were down $18.3 billion, or 11.9 per cent, reflecting declines across most revenue streams. Program expenses were up $19.8 billion, or 15.0 per cent, mainly reflecting higher EI benefit payments, higher transfers to other levels of government and support for the automotive industry. Public debt charges were down $1.7 billion on a year-over-year basis, reflecting lower interest rates.

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