(OTTAWA) The federal government ended its 2022-2023 fiscal year with a deficit of $41.3 billion, slightly lower than it had projected in its budget released in March.

This result compared with a deficit of 95.6 billion for the previous financial year, said Friday the Ministry of Finance in its Monthly Financial Review.

Compared to fiscal 2021-22, revenue increased by $34.2 billion, or 8.6%, due to improved economic growth and the dampening effect of the COVID-19 pandemic .

Program spending fell $29.9 billion, or 6.5%, as the federal government ended temporary COVID-19 support programs.

Rising interest rates pushed up public debt charges by $10.4 billion, or 42.0% from a year earlier.

In addition, net actuarial losses decreased by 0.5 billion, or 5.0%.