November 27, 2009 / 4:04 PM / in 8 years

Canada September budget deficit reaches $5 billion

OTTAWA (Reuters) - A weak economy and government stimulus measures pushed Canada’s federal budget deficit to C$4.96 billion ($4.68 billion) in September from a deficit of C$550 million a year earlier, the government said on Friday.

For the first six months of the fiscal year, the deficit totaled C$28.64 billion, compared with a surplus of C$535 million in the same period of 2008.

More than C$11 billion of that accumulated shortfall was caused by extraordinary spending under Ottawa’s economic stimulus plan, as well as tax cuts, the auto bailout and improved jobless benefits, the Department of Finance said in its release.

The government projects that the deficit for this fiscal year will reach C$55.9 billion.

($1=$1.06 Canadian)

Reporting by Louise Egan; editing by Peter Galloway

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