OTTAWA — The federal government recorded a budgetary deficit of $25.7 billion as of the end of January for the current fiscal year.

The Finance Department says in its monthly fiscal monitor that the deficit between April and January compared with a $6.4-billion deficit during the same period a year earlier.

Government revenues increased by $10.5 billion, or three per cent, largely due to higher personal income tax revenues, other tax revenues and non-tax revenues.

Meanwhile, program expenses excluding net actuarial losses increased by $21.2 billion, or 6.7 per cent as spending increased across all major categories.

Public debt charges rose by $10.3 billion, or 35.9 per cent, largely due to higher interest rates.

Net actuarial losses fell by $1.9 billion, or 23.2 per cent, compared with the same period a year earlier.

This report by The Canadian Press was first published March 22, 2024.

The Canadian Press