May 31, 2019 / 3:10 PM / in a year

Canada 2018-2019 budget deficit narrows, preliminary data show

OTTAWA (Reuters) - Preliminary data showed Canada’s budget deficit in the 2018-19 fiscal year narrowed compared to the previous year, the federal finance ministry said on Friday.

Canada posted a deficit of C$11.80 billion ($8.74 billion) in the fiscal year that ended in March, down from a shortfall of C$16.69 billion in the previous fiscal year.

The finance ministry said the data “are not the final results for the fiscal year as a whole”, adding these would be published later once additional information such as accrual of tax revenues became available.

In its March budget, the federal government forecast a 2018-19 deficit of C$14.90 billion.

The finance department said revenues in the 2018-19 fiscal year increased by 8.1% while expenses rose by 6.2%. In March, the budget deficit was C$14.90 billion compared to a deficit of C$10.67 billion in March 2018.

Reporting by David Ljunggren and Kelsey Johnson, Reuters Ottawa bureau

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