Canada Post posts a budget surplus in December 2021, the first since the start of the pandemic | Investment News

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OTTAWA, Feb 25 (Reuters) – – Canada posted its first monthly surplus since the start of the COVID-19 pandemic in December, while its deficit in the first nine months of the 2021/22 fiscal year continued to shrink. decline from the year-ago period, data from the Ministry of Finance was released on Friday.

Canada posted a surplus of C$3.58 billion ($2.80 billion) in December, compared to a deficit of C$16.15 billion in December 2020. It posted a monthly surplus for the last times in February 2020.

For the April-December period, the deficit was C$70.11 billion, compared to a deficit of C$248.17 billion in the same nine months in 2020/21, the data showed.

“As expected, the government’s financial results for 2021-2022 show a marked improvement from the peak of the COVID-19 crisis,” the finance ministry said. “That said, they continue to reflect difficult economic conditions.”

December revenue rose 32.4%, reflecting an increase in tax and other revenue, while spending fell 23.6%, mainly due to lower emergency transfers to individuals and businesses. companies.

April-December revenues rose 34.0%, again driven by higher tax and other revenues, while program spending fell 24.9%.

($1 = 1.2764 Canadian dollars)

(Reporting by Julie Gordon; Editing by Ismail Shakil)(([email protected])))

Copyright 2022 Thomson Reuters.

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