Ottawa, February 26, 2010
2010-015

Archived - Release of The Fiscal Monitor

Archived information

Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.

Related document


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

Highlights

December 2009: budgetary deficit of $3.1 billion

There was a budgetary deficit of $3.1 billion in December 2009, compared to a surplus of $0.3 billion in December 2008. The December 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 $1.1 billion from December 2008, reflecting declines in personal and non-resident income tax revenues, Employment Insurance (EI) premium revenues and other revenues. Program expenses increased by $2.2 billion compared to December 2008, reflecting increased transfer payments and higher operating expenses of Crown corporations, departments and agencies. Public debt charges increased by $0.1 billion compared to December 2008.

April to December 2009: budgetary deficit of $39.4 billion

For the first nine months of the 2009–10 fiscal year, the budgetary deficit was $39.4 billion, compared to a surplus of $0.4 billion reported in the same period of 2008–09. Over $16 billion of the $39.4-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 $19.4 billion, or 11.2 per cent, reflecting declines across most revenue streams. Program expenses were up $22.0 billion, or 14.8 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.

__________________________________
For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

To receive e-mail notification of all news releases, please register at www.fin.gc.ca/scripts/register-eng.asp