2023-24 Canadian federal deficit estimated at $46.8B, exceeding the government's $40B cap.
The Parliamentary Budget Officer (PBO) of Canada estimates that the federal deficit for the 2023-24 fiscal year will reach $46.8 billion, exceeding the government's promised cap of $40 billion. The final deficit figure will be confirmed in the upcoming annual public accounts report. The PBO anticipates a slight decrease to $46.4 billion for 2024-25 and forecasts economic growth to improve in 2025 as interest rate cuts by the Bank of Canada stimulate spending.
October 17, 2024
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