The federal deficit stood at $3.6-billion as of November with just four months left in the 2022-23 fiscal year, suggesting federal finances are outperforming official projections.
The report said the federal government ran a $3.4-billion deficit in the month of November alone, compared with a $1.4-billion deficit in November, 2021. Finance Minister Chrystia Freeland’s Nov. 3 fall economic statement projected a $36.4-billion deficit for the current 2022-23 fiscal year. The document also provided a “downside scenario” in which the deficit could be $49.1-billion if various economic risks materialized.
The fall economic statement was based on an average of private sector forecasts. Specifically, it used a forecast of 3.2 per cent GDP growth in 2022 and 0.7 per cent in 2023.its GDP forecast upward for this year and next. The bank now expects 3.6 per cent growth in 2022 and 1 per cent growth in 2023.
Source: News Formal (newsformal.com)
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