FEDERAL DEFICIT $9.1B FOR FIRST 8 MONTHS OF FISCAL YEAR

The federal government’s deficit for the first eight months of the current fiscal year was smaller than a year earlier as revenue growth outpaced increases in spending. According to the latest fiscal monitor, Ottawa rang up a deficit of $ 9.1 billion for the period from April to November, compared with a shortfall of $ 12.7 billion in the same months of the previous fiscal year. The monthly report says revenues were up $ 8.8 billion, or 4.8 per cent, as an increase in tax revenues was partially offset by a decrease in employment insurance premium revenues. Program spending increased up $5.8 billion, or 3.2 per cent. Public debt charges were down $ 500 million, or 3.0 per cent, largely due to a lower average effective interest rate.