OTTAWA (Reuters) - Canada’s budget surplus in the first two months of the 2018/19 fiscal year jumped compared to 2017/18 as revenues grew much faster than expenses, the finance ministry said on Friday.
The surplus for April and May combined was C$3.18 billion ($2.43 billion) compared to just C$68 million in the same year-ago period.
Revenues grew by 8.6 percent, largely reflecting a higher take from taxes and employment insurance premiums. Expenses edged up by 1.6 percent.
In its March budget, the federal Liberal government forecast a C$27.4 billion deficit for the 2018/19 fiscal year.
The surplus for May was C$641 million compared to C$377 million in May 2017. Data for April - also released on Friday - showed a surplus of C$2.54 billion compared to a deficit of C$309 million in April 2017.
Reporting by David Ljunggren; editing by Andrea Hopkins; Reuters Ottawa bureau.