(OTTAWA) The federal government on Friday posted a budget surplus for the 11-month period from April 2022 to February 2023.

In its monthly financial review, the Ministry of Finance pointed out that this result compared to a deficit of 69.8 billion for the same period of the previous financial year.

Government revenue grew by $36 billion, or 10.1%, on the back of better economic growth and less fiscal and economic impact from the pandemic.

Program spending, excluding net actuarial losses, decreased by $45.6 billion, or 11.5%, mainly due to the end of the temporary measures relating to COVID-19.

Higher inflation and higher interest rates pushed up public debt charges by $9.1 billion, or 40.7%.

In addition, net actuarial losses decreased by 0.4 billion, or 4.7%.