OTTAWA, Dec 20 (Reuters) – Canada recorded a slightly lower C$14.50 billion ($10.09 billion) budget deficit for the first seven months of the 2024/25 fiscal year compared to the previous year as revenues grew faster than expenditures, the finance ministry said on Friday.

By comparison, the deficit in the same period a year earlier had been C$15.13 billion, it said in a statement.

Program expenses rose 9.8% on increases across all major categories of spending. Public debt charges increased by 19.4% primarily reflecting higher effective rates on bonds and treasury bills, the ministry said.

Year-to-date revenues grew by 10.7%, largely reflecting higher personal income tax revenue and income from other taxes and duties.

On a monthly basis, Canada posted a deficit of C$1.49 billion in October, compared to a C$6.96 billion deficit in October 2023.

($1 = 1.4369 Canadian dollars)

(Reporting by Promit Mukherjee, editing by David Ljunggren)

((Reuters Ottawa bureau; david.ljunggren@tr.com))

Keywords: CANADA BUDGET/