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The federal government posted a budgetary surplus of $3.1-billion between April 2022 and February 2023.

In its monthly fiscal monitor, the Finance Department says the result compared to a deficit of $69.8-billion during the same period during the previous fiscal year.

Government revenues were up $36-billion, or 10.1 per cent, amid stronger economic growth and the fading effect of the pandemic.

Program expenses excluding net actuarial losses decreased $45.6-billion, or 11.5 per cent, as the federal government wound down COVID-19 supports.

Higher inflation and interest rates pushed up public debt charges by $9.1-billion, or 40.7 per cent.

Meanwhile, net actuarial losses fell by $0.4-billion, or 4.7 per cent.

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