The federal government ran a deficit of more than $57 billion over the first five months of its fiscal year, about $114 billion less than the treasury pumped out during the same stretch one year earlier.

The Finance Department’s regular fiscal monitor says the budgetary deficit between April and August was $57.2 billion, down from the $170.5 billion recorded over the same months in 2020 when COVID-19 first struck.

Friday’s report says the deficit now reflects current economic challenges caused by COVID-19, including ongoing public health restrictions.

Program spending, excluding net actuarial losses, between April and August was $190 billion, a decline of about $64.1 billion, or 25.2 per cent drop, from the $254.1 billion in the same period one year earlier.

The fiscal monitor says the decline largely reflects lower amounts paid in emergency benefits to individuals and businesses…read more.