(Ottawa) The federal government said on Friday that its primary deficit for the last fiscal year was $ 314 billion, an unprecedented amount due to the unprecedented financial shock.
The primary deficit for the 12-month period from April 2020 to March 2021 was $ 21.8 billion for the previous fiscal year.
The government explained in its economic review that the unexpected outburst in response to the pandemic was a testament to the economic slowdown and emergency relief spending.
A few months before the first wave of COVID-19 in Canada, the government indicated in its April budget that last year’s deficit was $ 354.2 billion, far more than the $ 28.1 billion that liberals ix had estimated at the end of 2019.
In the fall, the government will release final deficit data for the 2020-2021 financial year, which will include year-end adjustments, especially for tax revenues.
The finance ministry said it could include accounting for more than $ 7 billion announced in the April budget.