OTTAWA (Reuters) - Canada’s federal budget deficit dropped in the first eight months of the fiscal year, falling to C$12.42 billion ($12.30 billion) in April to November from C$15.52 billion in the same period of the previous year, the Department of Finance said on Friday.
The monthly deficit in November grew to C$1.85 billion from C$1.63 billion in November 2011.
Revenues in the first eight months of the fiscal year were up by 3.1 percent compared with the same period in 2011, reflecting higher income tax revenues, excise taxes and duties, the finance department said.
Program expenses rose by 2.0 percent, mainly due to higher transfer payments.
November revenues fell by 0.3 percent from November 2011 while program expenses increased by 1.6 percent.
Reporting by David Ljunggren; Editing by Jeffrey Hodgson