Ottawa, January 25, 2013
The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for November 2012.
There was a budgetary deficit of $1.9 billion in November 2012, compared to a deficit of $1.6 billion in November 2011.
Revenues decreased by $0.1 billion, or 0.3 per cent, reflecting decreases in excise taxes and duties and other revenues, offset by increases in income tax revenues. Program expenses increased by $0.3 billion, or 1.6 per cent, reflecting increases in major transfers to persons and direct program expenses. Public debt charges decreased by $0.1 billion, or 5.4 per cent.
For the first eight months of the 2012–13 fiscal year, the budgetary deficit stood at $12.4 billion, compared to a deficit of $15.5 billion reported in the same period of 2011–12.
Revenues were up $4.8 billion, or 3.1 per cent, reflecting higher income tax revenues, excise taxes and duties, and Employment Insurance premium revenues. Program expenses were up $3.0 billion, or 2.0 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses. Public debt charges were down $1.3 billion, or 6.0 per cent.
Office of the Minister of Finance
Department of Finance