July 27, 2018 / 3:05 PM / a year ago

Canada budget surplus jumps in first two months of 2018/19 year

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. REUTERS/Mark Blinch

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.

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