Ottawa, February 22, 2013
2013-027

Archived - Release of The Fiscal Monitor

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

Highlights

December 2012: budgetary deficit of $0.6 billion

There was a budgetary deficit of $0.6 billion in December 2012, compared to a deficit of $0.5 billion in December 2011.

Revenues increased by $0.6 billion, or 2.8 per cent, reflecting increases in income tax revenues and excise taxes and duties, offset in part by a decrease in other revenues. Program expenses increased by $0.7 billion, or 3.8 per cent, reflecting increases in major transfers to persons and other levels of government. Public debt charges decreased by $0.1 billion, or 4.2 per cent.

April to December 2012: budgetary deficit of $13.0 billion

For the first nine months of the 2012–13 fiscal year, the budgetary deficit stood at $13.0 billion, compared to a deficit of $16.1 billion reported in the same period of 2011–12.

Revenues were up $5.4 billion, or 3.0 per cent, reflecting higher income tax revenues, excise taxes and duties, and Employment Insurance premium revenues. Program expenses were up $3.7 billion, or 2.2 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses. Public debt charges were down $1.4 billion, or 5.8 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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