Canada's budget deficit rises to $4B in November 2023

ISTANBUL

Canada's budgetary deficit rose to $4 billion in November 2023, according to the Department of Finance figures released Friday.

This figure is almost an 18% annual increase from $3.4 billion budget deficit posted in November 2022.

Compared to November 2022, revenues increased by $4.1 billion, or 13.3%, largely reflecting higher revenue from other taxes and duties and personal income tax revenue, according to the agency.

Public debt charges were up $1 billion, or 35.1%, mostly reflecting higher interest rates, it added.

"The government posted a budgetary deficit of $19.1 billion for the April to November period of the 2023-24 fiscal year, compared to a deficit of $3.6 billion reported for the same period of 2022-23," the agency said in a statement.