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Ottawa, October 26, 2012
2012-131

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for August 2012.

Highlights

August 2012: budgetary deficit of $3.2 billion

There was a budgetary deficit of $3.2 billion in August 2012, compared to a deficit of $3.1 billion in August 2011.

Revenues increased by $0.4 billion, or 2.0 per cent, largely reflecting increases in personal income tax revenues and Goods and Services Tax revenues, offset in part by lower corporate income tax revenues. Program expenses increased by $0.5 billion, or 2.6 per cent, reflecting increases in major transfers to persons and direct program expenses. Public debt charges decreased by $0.1 billion, or 3.1 per cent.

April to August 2012: budgetary deficit of $6.2 billion

For the first five months of the 201213 fiscal year, the budgetary deficit stood at $6.2 billion, compared to a deficit of $9.0 billion reported in the same period of 201112.

Revenues were up $3.4 billion, or 3.4 per cent, reflecting higher income tax revenues, excise taxes and duties, and Employment Insurance premium revenues. Program expenses were up $1.4 billion, or 1.5 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses. Public debt charges were down $0.9 billion, or 6.7 per cent.

For further information, media may contact:

Kathleen Perchaluk
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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