The federal government recorded a surplus of $1.7 billion for the first six months of its 2022-23 fiscal year.

The Department of Finance also said, in its monthly financial monitoring on Friday, that its surplus for the period from April to September contrasts with a deficit of $68.6 billion for the same period last year.

Government revenues also grew by $32.8 billion during those six months, representing an 18.6% increase compared to the same period last year, which the government attributed to the overall improvement in sources of income.

Additionally, program spending decreased by 17.9%, or $40.3 billion, largely due to the end of temporary COVID-19 relief measures.

Also, rising interest rates and inflation increased public debt charges, which rose by 47.8% year-over-year, or $5.6 billion, in the first half of the current fiscal year.

Net actuarial losses decreased by $2.8 billion or 36.1%.