Ottawa, August 26, 2011
2011-071

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for June 2011.

Highlights

June 2011: budgetary deficit of $2.2 billion

There was a budgetary deficit of $2.2 billion in June 2011, compared to a deficit of $2.8 billion in June 2010.

Revenues increased by $1.6 billion, or 8.7 per cent, reflecting increases in most revenue streams. Program expenses were up $0.9 billion, or 5.1 per cent. Public debt charges increased by $32 million.

April to June 2011: budgetary deficit of $5.5 billion

For the first three months of the 2011–12 fiscal year, the budgetary deficit stood at $5.5 billion, compared to a deficit of $7.2 billion reported in the same period of 2010–11.

Revenues were up $2.6 billion, or 4.8 per cent, primarily reflecting higher income tax revenues, which were partially offset by lower Goods and Services Tax revenues. Program expenses were up $0.2 billion, or 0.4 per cent. Public debt charges were up $0.7 billion.

High-frequency indicators suggest that economic growth has slowed recently. However, the financial results through the first three months of the 2011–12 fiscal year are broadly consistent with those projected for 2011–12 in Budget 2011. An update of the economic and fiscal outlook for this year and beyond will be provided in the Update of Economic and Fiscal Projections.

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance
613-996-7861

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

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