In its monthly financial review, the Department of Finance reported the result for the period April 2021 to March 2022 compared to a deficit of $ 314 billion for the previous fiscal year.

Program costs, excluding net actuarial losses, reached $ 457.3 billion, down from $ 577.6 billion last year. The department considers the decline primarily in the reduction of transfer payments to businesses, individuals and other governments.

Public debt charges rose to $ 24.8 billion from $ 20.5 billion last year.

Revenue for the fiscal year totaled $ 396.8 billion, up 32.5% from $ 299.5 billion in fiscal 2020-21. Growth was driven by higher taxes and other revenues, the ministry said.

Net actuarial losses dropped 33% to $ 10.3 billion from $ 15.4 billion last year.