The Finance Department's regular fiscal monitor says the budgetary deficit over April and May was $23.8 billion, down from the $86.8 billion recorded over the same months in 2020.
The fiscal monitor says the deficit now reflects ongoing economic challenges, including the effect of third-wave lockdowns and ongoing spending on emergency aid that is scheduled to wrap up this fall. Revenues reached over $59.5 billion over April and May, which was a $27.1-billion, or 83.6 per cent, year-over-year increase from the $32.4 billion in the previous fiscal year.