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October 2000 : 8

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Table 46
Actual, cyclically adjusted and primary-cyclically adjusted budget balances as a percentage of gross domestic product at factor cost
National Economic and Financial Accounts
Year Federal government Total government
Actual Cyclically
adjusted		 Primary-cyclically
adjusted		 Actual Cyclically
adjusted		 Primary-cyclically
adjusted
(per cent of GDP)
1970 -0.5 -0.7 1.0 -0.4 -0.7 1.6
1971 -1.1 -1.1 0.4 -1.2 -1.2 0.8
1972 -1.3 -1.7 -0.1 -1.1 -1.7 0.4
1973 -0.1 -1.3 0.2 0.7 -1.0 1.0
1974 0.0 -0.9 0.6 1.2 0.0 1.6
1975 -3.3 -3.4 -1.7 -3.9 -4.0 -2.2
1976 -2.7 -3.3 -1.5 -3.1 -3.9 -1.9
1977 -4.8 -5.3 -3.5 -4.6 -5.3 -3.2
1978 -6.2 -6.6 -4.4 -5.3 -5.9 -3.4
1979 -4.4 -5.0 -2.5 -3.8 -4.6 -2.0
1980 -4.4 -4.6 -1.8 -4.5 -4.8 -2.0
1981 -3.1 -3.2 0.4 -3.2 -3.3 0.2
1982 -6.3 -4.8 -0.5 -7.9 -5.6 -1.4
1983 -7.6 -6.2 -2.0 -9.1 -7.0 -2.6
1984 -8.4 -7.8 -3.1 -8.7 -7.9 -2.8
1985 -8.7 -9.0 -3.8 -9.6 -9.9 -4.2
1986 -6.4 -6.7 -1.4 -8.1 -8.6 -2.6
1987 -5.3 -6.1 -0.8 -6.1 -7.3 -1.2
1988 -4.9 -6.2 -0.7 -4.9 -6.9 -0.7
1989 -4.8 -5.9 0.3 -5.3 -6.9 0.0
1990 -5.6 -6.0 0.8 -6.7 -7.2 0.4
1991 -6.3 -5.3 1.3 -9.6 -8.2 -0.7
1992 -5.9 -4.5 1.7 -10.6 -8.5 -0.9
1993 -6.3 -5.1 0.9 -10.1 -8.2 -0.7
1994 -5.3 -4.8 1.0 -7.8 -7.0 0.6
1995 -4.5 -4.1 2.3 -6.2 -5.4 2.7
1996 -2.3 -1.6 4.5 -3.2 -2.0 5.8
1997 0.6 0.9 6.4 0.3 0.8 7.9
1998 0.6 0.9 6.3 0.2 0.8 7.9
1999 0.7 0.8 5.7 2.5 2.6 9.0
Sources: Statistics Canada, National Economic and Financial Accounts (13-001); Department of Finance.
Table 47
Change in actual, cyclically adjusted and primary-cyclically adjusted budget balances as a percentage of gross domestic product at factor cost
National Economic and Financial Accounts

Year

Federal government

Total government
Actual Cyclically
adjusted		 Primary-
cyclically
adjusted		 Actual Cyclically
adjusted		 Primary-
cyclically
adjusted
(per cent of GDP)
1971 -0.55 -0.38 -0.64 -0.75 -0.55 -0.72
1972 -0.26 -0.60 -0.54 0.05 -0.42 -0.39
1973 1.21 0.43 0.32 1.80 0.69 0.58
1974 0.14 0.42 0.40 0.56 0.94 0.62
1975 -3.36 -2.48 -2.31 -5.18 -3.93 -3.80
1976 0.63 0.07 0.21 0.81 0.02 0.26
1977 -2.11 -2.04 -1.99 -1.47 -1.40 -1.34
1978 -1.34 -1.24 -0.91 -0.73 -0.59 -0.20
1979 1.75 1.60 1.97 1.55 1.32 1.42
1980 0.03 0.38 0.68 -0.69 -0.17 0.02
1981 1.27 1.41 2.19 1.29 1.52 2.17
1982 -3.20 -1.64 -0.93 -4.73 -2.37 -1.54
1983 -1.27 -1.35 -1.49 -1.24 -1.38 -1.26
1984 -0.78 -1.67 -1.14 0.46 -0.88 -0.18
1985 -0.38 -1.14 -0.62 -0.92 -2.06 -1.42
1986 2.37 2.26 2.38 1.53 1.38 1.67
1987 1.10 0.64 0.57 1.91 1.23 1.34
1988 0.39 -0.15 0.14 1.21 0.40 0.57
1989 0.05 0.30 0.95 -0.34 0.02 0.64
1990 -0.80 -0.04 0.54 -1.43 -0.30 0.40
1991 -0.64 0.67 0.51 -2.95 -0.95 -1.05
1992 0.35 0.77 0.40 -0.93 -0.30 -0.28
1993 -0.42 -0.60 -0.86 0.45 0.22 0.20
1994 1.06 0.35 0.15 2.35 1.27 1.30
1995 0.75 0.71 1.26 1.61 1.56 2.13
1996 2.18 2.49 2.18 2.93 3.44 3.10
1997 2.92 2.48 1.96 3.52 2.79 2.16
1998 0.02 0.03 -0.12 -0.04 -0.03 -0.08
1999 0.12 -0.18 -0.58 2.24 1.76 1.16
Sources: Statistics Canada, National Economic and Financial Accounts (13-001); Department of Finance.
Note: A positive sign indicates a move towards smaller deficits or larger surpluses; a negative sign indicates a move towards larger deficits or smaller surpluses.
Table 48
Federal government liabilities and assets
National Accounts Basis
1992 1993 1994 1995 1996 1997 1998 1999
(millions of dollars)
Liabilities
  Currency and bank deposits 2,369 2,578 2,555 2,627 3,237 3,342 3,426 3,583
  Trade payables 530 497 636 850 461 290 274 328
  Loans 92 17 0 0 0 21 71 103
  Life insurance and pensions 83,829 95,049 102,074 109,461 116,696 122,537 126,778 132,317
  Claims by associated enterprises 6,520 5,647 7,888 7,809 7,604 7,691 7,701 8,827
  Other liabilities 32,307 36,074 34,590 41,156 41,859 45,121 45,158 47,897
   Canada short-term paper 160,396 172,479 165,199 164,230 142,128 116,782 97,253 98,203
   Canada bonds 214,358 236,552 271,078 297,160 330,359 348,389 360,273 359,966
   Unmatured debt 374,754 409,031 436,277 461,390 472,487 465,171 457,526 458,169
Total liabilities 500,401 548,893 584,020 623,293 642,344 644,173 640,934 651,224
Financial assets
  Currency and deposits 3,034 4,059 4,175 8,240 5,780 9,074 8,240 13,869
  Trade receivables 59 21 26 17 26 24 24 46
  Loans 5,738 6,800 7,918 9,390 10,721 11,960 12,779 12,254
  Canada short-term paper 79 70 0 2 1 0 0 1
  Other short-term paper 17 20 14 4 24 36 2 0
  Mortgages 3,055 2,787 1,959 812 884 274 260 203
  Bonds
    Canada bonds 101 87 104 105 103 83 587 2,739
    Provincial bonds 10 14 6 8 5 5 5 111
    Municipal bonds 3 2 2 0 0 0 0 0
    Other bonds 27 26 38 29 5 0 0 248
  Claims on associated enterprises 32,114 31,186 32,648 28,425 39,964 39,141 48,749 54,807
  Stocks 595 283 219 1,405 1,418 1,466 1,403 1,225
  Foreign investments 18 25 29 28 26 0 0 0
  Other financial assets 9,346 13,632 11,103 11,654 9,707 12,671 7,142 8,537
  Total financial assets 54,196 59,012 58,241 60,119 68,664 74,734 79,191 94,040
Net financial assets -446,205 -489,881 -525,779 -563,174 -573,680 -569,439 -561,743 -557,184
Non-financial assets
    Non-residential structures 25,770 26,155 27,021 27,703 28,271 28,760 28,903 29,207
  Machinery and equipment 7,003 7,794 8,117 8,059 7,443 7,250 6,911 6,600
  Inventories 371 366 337 361 362 373 347 408
  Land 6,480 6,604 6,863 7,106 7,266 7,406 7,457 7,565
  Total non-financial assets 39,624 40,919 42,338 43,229 43,342 43,789 43,618 43,780
Total assets 93,820 99,931 100,579 103,348 112,006 118,523 122,809 137,820
Net worth -406,581 -448,962 -483,441 -519,945 -530,338 -525,650 -518,125 -513,404
Source: Statistics Canada, National Balance Sheet Accounts (13-214).
Table 49
Provincial and local governments' and hospitals' liabilities and assets

National Accounts Basis
1992 1993 1994 1995 1996 1997 1998 1999
(millions of dollars)
Liabilities   
  Other deposits 2,144 2,066 2,101 2,213 2,170 2,149 2,444 2,499
  Trade payables 12,479 13,708 12,838 15,280 15,509 17,310 17,486 17,794
  Loans 11,008 11,328 11,608 12,516 11,548 12,207 12,549 12,740
  Other short-term paper 19,649 20,632 19,766 18,172 16,946 14,762 15,590 18,437
  Mortgages 2,998 2,973 2,815 3,090 3,418 3,726 3,956 3,949
  Bonds
   Provincial 192,647 222,949 247,091 260,468 265,528 271,618 280,816 286,320
   Municipal 35,227 37,250 38,619 38,383 39,640 39,240 34,148 32,286
   Other 1,406 1,505 1,526 1,440 1,329 1,374 1,678 1,693
  Life insurance and pensions 19,489 21,185 22,768 24,421 26,256 41,229 42,484 43,940
  Claims of associated enterprises 2,397 1,709 1,376 1,494 1,564 2,067 2,171 10,670
  Other liabilities 63,079 52,616 56,650 72,996 82,611 77,857 78,703 71,392
Total liabilities 362,523 387,921 417,158 450,473 466,519 483,539 492,025 501,720
Financial assets
  Currency and deposits 10,359 11,099 10,927 11,024 13,052 12,666 13,037 13,994
  Trade receivables 5,108 5,457 5,440 5,499 5,202 5,410 5,484 5,538
  Loans 6,631 7,513 9,200 8,257 8,965 9,047 8,519 9,016
  Canada short-term paper 8,647 5,081 10,631 10,601 6,263 4,354 1,654 2,969
  Other short-term paper 10,472 11,698 11,646 12,880 14,875 17,473 18,494 22,379
  Mortgages 6,576 5,369 4,797 4,608 4,388 4,351 4,369 4,509
  Bonds and Treasury bills
   Federal government 7,894 7,665 10,747 12,141 14,997 17,539 17,371 18,857
   Provincial government 24,310 25,895 28,382 29,082 32,582 29,474 27,175 26,125
   Municipal bonds 12,535 12,455 12,848 12,883 13,411 13,041 7,611 3,259
   Other 4,095 3,388 3,850 3,884 3,882 4,771 5,095 7,115
  Claims on associated enterprises 63,659 62,059 62,918 65,155 65,485 60,372 61,873 77,218
  Stocks 10,338 9,587 12,591 16,704 22,528 24,879 25,450 27,641
  Foreign investments 1,458 1,208 1,267 1,632 1,795 1,576 1,682 1,708
  Other financial assets 28,821 41,211 36,145 50,056 44,919 63,918 71,176 65,811
  Total financial assets 200,903 209,685 221,389 244,406 252,344 268,871 268,990 286,139
Net financial assets -161,620 -178,236 -195,769 -206,067 -214,175 -214,668 -223,035 -215,581
Non-financial assets
  Residential structures 6,925 7,242 7,481 7,756 7,985 8,230 8,619 8,977
    Non-residential structures 218,404 222,192 230,312 241,592 249,270 255,684 257,669 262,284
  Machinery and equipment 10,824 11,552 11,994 11,888 11,191 11,435 11,439 11,246
  Land 58,052 59,428 62,001 65,528 67,751 69,651 70,480 72,143
  Total non-financial assets 294,205 300,414 311,788 326,764 336,197 345,000 348,207 354,650
Total assets 495,108 510,099 533,177 571,170 588,541 613,871 617,197 640,789
Net worth 132,585 122,178 116,019 120,697 122,022 130,332 125,172 139,069
Source: Statistics Canada, National Balance Sheet Accounts (13-214).
Table 50
Canada Pension Plan liabilities and assets

National Accounts Basis
1992 1993 1994 1995 1996 1997 1998 1999
(millions of dollars)
Liabilities   
Total liabilities 0 0 0 0 0 0 0 0
Financial assets
  Bonds
   Government of Canada 3,501 3,494 3,485 3,475 3,464 3,453 3,441 3,424
   Provincial government 35,561 34,595 33,523 32,207 30,748 29,189 27,584 26,892
  Claims on associated enterprises 2,824 3,220 3,114 3,348 3,326 3,618 4,248 5,541
  Other financial assets 580 836 974 1,683 1,900 1,372 2,049 2,555
  Total financial assets 42,466 42,145 41,096 40,713 39,438 37,632 37,322 38,412
Net financial assets 42,466 42,145 41,096 40,713 39,438 37,632 37,322 38,412
Total assets 42,466 42,145 41,096 40,713 39,438 37,632 37,322 38,412
Net worth 42,466 42,145 41,096 40,713 39,438 37,632 37,322 38,412
Source: Statistics Canada, National Balance Sheet Accounts (13-214).
Table 51
Quebec Pension Plan liabilities and assets
National Accounts Basis
1992 1993 1994 1995 1996 1997 1998 1999
(millions of dollars)
Liabilities
Total liabilities 0 0 0 0 0 0 0 0
Financial assets
  Claims on associated enterprises 14,451 14,561 14,016 13,803 13,738 14,112 12,890 13,128
  Other financial assets 37 35 19 77 132 249 278 309
  Total financial assets 14,488 14,596 14,035 13,880 13,870 14,361 13,168 13,437
Net financial assets 14,488 14,596 14,035 13,880 13,870 14,361 13,168 13,437
Total assets 14,488 14,596 14,035 13,880 13,870 14,361 13,168 13,437
Net worth 14,488 14,596 14,035 13,880 13,870 14,361 13,168 13,437

Source: Statistics Canada, National Balance Sheet Accounts (13-214).
Table 52
Total government liabilities and assets
National Accounts Basis
1992 1993 1994 1995 1996 1997 1998 1999
(millions of dollars)
Liabilities
  Currency and bank deposits 2,369 2,578 2,555 2,627 3,237 3,342 3,426 3,583
  Other deposits 2,144 2,066 2,101 2,213 2,170 2,149 2,444 2,499
  Trade payables 13,009 14,205 13,474 16,130 15,970 17,600 17,760 18,122
Loans 11,100 11,345 11,608 12,516 11,548 12,228 12,620 12,843
Canada short-term paper 160,396 172,479 165,199 164,230 142,128 116,782 97,253 98,203
Other short-term paper 19,649 20,632 19,766 18,172 16,946 14,762 15,590 18,437
Mortgages 2,998 2,973 2,815 3,090 3,418 3,726 3,956 3,949
Canada bonds 214,358 236,552 271,078 297,160 330,359 348,389 360,273 359,966
Provincial bonds 192,647 222,949 247,091 260,468 265,528 271,618 280,816 286,320
Municipal bonds 35,227 37,250 38,619 38,383 39,640 39,240 34,148 32,286
Other bonds 1,406 1,505 1,526 1,440 1,329 1,374 1,678 1,693
Life insurance and pensions 103,318 116,234 124,842 133,882 142,952 163,766 169,262 176,257
Claims by associated enterprises 8,917 7,356 9,264 9,303 9,168 9,758 9,872 19,497
Other liabilities 95,386 88,690 91,240 114,152 124,470 122,978 123,861 119,289
Total liabilities 862,924 936,814 1,001,178 1,073,766 1,108,863 1,127,712 1,132,959 1,152,944
Financial assets
  Currency and deposits 13,393 15,158 15,102 19,264 18,832 21,740 21,277 27,863
  Trade receivables 5,167 5,478 5,466 5,516 5,228 5,434 5,508 5,584
    Loans 12,369 14,313 17,118 17,647 19,686 21,007 21,298 21,270
  Canada short-term paper     8,726 5,151 10,631 10,603 6,264 4,354 1,654 2,970
  Other short-term paper 10,489 11,718 11,660 12,884 14,899 17,509 18,496 22,379
  Mortgages 9,631 8,156 6,756 5,420 5,272 4,625 4,629 4,712
  Canada bonds 11,496 11,246 14,336 15,721 18,564 21,075 21,399 25,020
  Provincial bonds 59,881 60,504 61,911 61,297 63,335 58,668 54,764 53,128
  Municipal bonds 12,538 12,457 12,850 12,883 13,411 13,041 7,611 3,259
  Other bonds 4,122 3,414 3,888 3,913 3,887 4,771 5,095 7,363
  Claims on associated enterprises 113,048 111,026 112,696 110,731 122,513 117,243 127,760 150,694
  Stocks 10,933 9,870 12,810 18,109 23,946 26,345 26,853 28,866
  Foreign investments 1,476 1,233 1,296 1,660 1,821 1,576 1,682 1,708
  Other financial assets 38,784 55,714 48,241 63,470 56,658 78,210 80,645 77,212
  Total financial assets 312,053 325,438 334,761 359,118 374,316 395,598 398,671 432,028
Net financial assets -550,871 -611,376 -666,417 -714,648 -734,547 -732,114 -734,288 -720,916
Non-financial assets
  Residential structures 6,925 7,242 7,481 7,756 7,985 8,230 8,619 8,977
    Non-residential structures 244,174 248,347 257,333 269,295 277,541 284,444 286,572 291,491
  Machinery and equipment 17,827 19,346 20,111 19,947 18,634 18,685 18,350 17,846
  Inventories 371 366 337 361 362 373 347 408
  Land 64,532 66,032 68,864 72,634 75,017 77,057 77,937 79,708
  Total non-financial assets 333,829 341,333 354,126 369,993 379,539 388,789 391,825 398,430
Total assets 645,882 666,771 688,887 729,111 753,855 784,387 790,496 830,458
Net worth -217,042 -270,043 -312,291 -344,655 -355,008 -343,325 -342,463 -322,486
Source: Statistics Canada, National Balance Sheet Accounts (13-214).
Note: Data in this table include Canada and Quebec Pension Plan liabilities and assets.

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Date Modified: 2000-01-01

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