Ottawa, December 23, 2011

Archived - Release of The Fiscal Monitor

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


October 2011: budgetary deficit of $2.2 billion

There was a budgetary deficit of $2.2 billion in October 2011, compared to a deficit of $4.1 billion in October 2010.

Revenues increased by $1.4 billion, or 8.1 per cent, reflecting higher personal income tax, corporate income tax and Goods and Services Tax (GST) revenues. Program expenses were down $0.6 billion, or 3.2 per cent, reflecting lower transfer payments and other program expenses. Public debt charges increased by $0.1 billion.

April to October 2011: budgetary deficit of $15.4 billion

For the first seven months of the 2011–12 fiscal year, the budgetary deficit stood at $15.4 billion, compared to a deficit of $21.5 billion reported in the same period of 2010–11.

Revenues were up $5.7 billion, or 4.5 per cent, primarily reflecting higher income tax revenues, which were partially offset by lower GST revenues. Program expenses were down $1.0 billion, or 0.8 per cent. Public debt charges were up $0.6 billion.

For further information, media may contact:

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

Jack Aubry
Media Relations
Department of Finance

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