Tax revenues reach new highs, contributing to deficit reduction
The Canadian general government recorded a deficit of $17.0 billion in the first quarter of 2022. Tax revenues continued to grow (+8.3%) to reach $188.0 billion, linked to sustained growth in nominal gross domestic product (GDP), while retroactive salary adjustments tempered the improvement in the net operating balance. Compared with the first quarter of 2021, the deficit fell by $28.8 billion, mainly attributable to the federal government.
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