01/30/2015 11:01 EST | Updated 04/01/2015 05:59 EDT

Ottawa Reports $3.3 Billion Deficit For First Eight Months Of 2014-15 Fiscal Year


OTTAWA - The Canadian government says it posted a budgetary deficit of $3.3 billion over the first eight months of the 2014-15 fiscal year — a considerable change from the $13.4 billion shortfall over the same period in 2013-14.

The Finance Department's latest fiscal monitor shows the federal books received a boost from a $6.5-billion drop in the government's direct program spending between April and November 2014, compared to the same period the year before.

The report says the government also saw a $6.3-billion increase in revenues over the first eight months of 2014.

For the month of November, the document says the government posted a $600-million surplus.

That compares with the government's deficit of $600 million in November 2013.

In its fall fiscal update, the Harper government projected a $2.9-billion deficit by the end of the 2014-15 fiscal year.

Also on HuffPost:

Photo gallery Biggest Risks To Canada's Economy In 2015 And Beyond See Gallery