Canada is reporting a finance deficit of 5 billion Canadian dollars (about 4.5 billion U. S. dollars) in June, as a result of lower tax revenues and high spending on employment insurance (EI) and the auto bailout.
In the same month last year, the government had a 1.6 billion
Canadian dollars surplus.
The deficit for the first three months of the fiscal year, April to June, widened to 12.5 billion Canadian dollars, compared with a surplus of 800 million Canadian dollars in the same period in 2008, the Finance Department said in its monthly Fiscal Monitor Friday.
In June, revenues fell 13.1 percent, due to a lower taking from income tax and the goods and service tax (GST).
Total spending hit 20.7 billion Canadian dollars, up 25.2 percent, because of higher E costs and support payments for the auto industry.
The government is projecting a
deficit of 50.2 billion Canadian dollars this fiscal year. (1 U.S. dollar = 1.1111 Canadian dollars)(PNA/Xinhua)
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