OTTAWA, Feb 25 (Reuters) – – Canada in December recorded its first monthly surplus since the onset of the COVID-19 pandemic, while its deficit in the first nine months of fiscal 2021/22 continued to fall compared with the year ago period, finance ministry data showed on Friday.
Canada posted a surplus of C$3.58 billion ($2.80 billion) in December, compared to a C$16.15 billion deficit in December 2020. It last posted a monthly surplus in February 2020.
For the April to December period, the shortfall was C$70.11 billion compared with a C$248.17 billion deficit over the same nine months in 2020/21, the data showed.
“As expected, the government’s 2021–22 financial results show a marked improvement compared to the peak of the COVID-19 crisis,” the finance ministry said. “That said, they continue to reflect challenging economic conditions.”
December revenues rose 32.4%, reflecting an increase in tax revenues and other revenues, while expenses fell 23.6%, largely on lower emergency transfers to individuals and businesses.
April-December revenues grew by 34.0%, again led by higher tax revenues and other revenues, while program expenses fell 24.9%.
($1 = 1.2764 Canadian dollars)
(Reporting by Julie Gordon; Editing by Ismail Shakil)((julie.gordon@tr.com)))
