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Archived - Fiscal Reference Tables
October 2004 : 8

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Table 45
Actual, cyclically adjusted and primary-cyclically adjusted budget balances
 National Economic and Financial Accounts
  Federal government Total government
 
Year Actual Cyclically adjusted Primary-cyclically adjusted Actual Cyclically adjusted Primary-cyclically adjusted
1975 -5,215 -5,724 -3,191 -6,143 -7,052 -4,264
1976 -4,835 -6,465 -3,320 -5,567 -8,508 -4,889
1977 -9,505 -11,196 -7,623 -9,054 -12,242 -8,127
1978 -13,526 -15,299 -10,608 -11,686 -15,115 -9,691
1979 -11,162 -13,324 -6,968 -9,542 -13,748 -7,244
1980 -12,545 -13,329 -5,273 -12,787 -14,307 -6,381
1981 -10,001 -10,350 1,180 -10,195 -10,841 161
1982 -21,341 -12,661 1,853 -26,693 -10,623 3,764
1983 -27,880 -19,726 -4,449 -33,613 -18,099 -2,028
1984 -33,677 -31,334 -12,444 -34,957 -30,431 -9,999
1985 -37,998 -40,164 -17,501 -41,711 -45,878 -21,068
1986 -28,933 -31,788 -7,574 -36,605 -42,141 -14,874
1987 -25,990 -32,729 -6,782 -30,307 -43,608 -13,481
1988 -26,292 -37,985 -8,062 -26,572 -50,108 -16,315
1989 -27,697 -39,480 -3,871 -30,235 -54,113 -14,543
1990 -33,309 -39,218 913 -39,633 -51,969 -7,009
1991 -37,214 -31,815 7,495 -57,257 -46,293 -1,791
1992 -35,787 -26,930 10,868 -63,928 -46,149 -729
1993 -39,696 -30,782 6,735 -63,354 -45,061 1,834
1994 -35,088 -31,753 6,753 -51,684 -44,601 5,392
1995 -31,700 -27,443 16,938 -43,181 -34,062 22,561
1996 -16,957 -8,377 35,310 -23,421 -5,069 51,036
1997 6,476 13,375 54,648 1,640 16,234 69,984
1998 7,676 13,598 55,562 765 13,263 68,527
1999 8,770 9,604 50,950 15,855 17,614 72,293
2000 20,028 16,248 58,638 31,705 23,753 77,647
2001 14,240 17,624 56,557 12,337 19,387 71,294
2002 8,970 11,461 45,983 3,252 8,524 55,184
2003 4,662 11,427 43,801 7,627 21,750 65,444
Source: Statistics Canada, Sector Accounts (Table 380-0007), Government of Canada Budgetary Revenues and Expenditures (Table 183-0014); Department of Finance.
Estimates based on the Department of Finance working paper "Fiscal Policy and the Business Cycle: A New Approach to Identifying the Interaction" (2003), written by Stephen Murchison and Janine Robbins.
Table 46
Actual, cyclically adjusted and primary-cyclically adjusted budget balances as a percentage of gross domestic product at market prices (per cent of GDP)
 National Economic and Financial Accounts
  Federal government Total government
 
Year Actual Cyclically adjusted(1) Primary-cyclically adjusted(1) Actual Cyclically adjusted(1) Primary-cyclically adjusted(1)
1975 -3.0 -3.3 -1.9 -3.5 -4.1 -2.5
1976 -2.4 -3.3 -1.7 -2.8 -4.3 -2.5
1977 -4.3 -5.2 -3.5 -4.1 -5.7 -3.8
1978 -5.5 -6.4 -4.4 -4.8 -6.3 -4.0
1979 -4.0 -4.9 -2.5 -3.4 -5.0 -2.6
1980 -4.0 -4.3 -1.7 -4.1 -4.6 -2.0
1981 -2.8 -2.9 0.3 -2.8 -3.0 0.0
1982 -5.6 -3.2 0.5 -7.0 -2.6 0.9
1983 -6.8 -4.6 -1.0 -8.2 -4.2 -0.5
1984 -7.5 -6.9 -2.7 -7.8 -6.7 -2.2
1985 -7.8 -8.4 -3.6 -8.6 -9.6 -4.4
1986 -5.6 -6.3 -1.5 -7.1 -8.3 -2.9
1987 -4.6 -6.1 -1.3 -5.4 -8.1 -2.5
1988 -4.3 -6.6 -1.4 -4.3 -8.7 -2.8
1989 -4.2 -6.3 -0.6 -4.6 -8.7 -2.3
1990 -4.9 -5.9 0.1 -5.8 -7.8 -1.1
1991 -5.4 -4.5 1.1 -8.4 -6.6 -0.3
1992 -5.1 -3.7 1.5 -9.1 -6.4 -0.1
1993 -5.5 -4.1 0.9 -8.7 -6.0 0.2
1994 -4.6 -4.1 0.9 -6.7 -5.7 0.7
1995 -3.9 -3.3 2.1 -5.3 -4.1 2.7
1996 -2.0 -1.0 4.1 -2.8 -0.6 5.9
1997 0.7 1.5 6.1 0.2 1.8 7.8
1998 0.8 1.5 6.0 0.1 1.4 7.4
1999 0.9 1.0 5.2 1.6 1.8 7.3
2000 1.9 1.5 5.5 2.9 2.2 7.3
2001 1.3 1.6 5.1 1.1 1.7 6.4
2002 0.8 1.0 3.9 0.3 0.7 4.7
2003 0.4 0.9 3.5 0.6 1.8 5.3
Source: Statistics Canada, Sector Accounts (Table 380-0007), Government of Canada Budgetary Revenues and Expenditures (Table 183-0014); Gross Domestic Product, Income-Based (Table 380-0001); Department of Finance.
Estimates based on the Department of Finance working paper "Fiscal Policy and the Business Cycle: A New Approach to Identifying the Interaction" (2003), written by Stephen Murchison and Janine Robbins.
(1)Per cent of potential GDP.
Table 47
Change in actual, cyclically adjusted and primary-cyclically adjusted budget balances as a percentage of gross domestic product at market prices (per cent of GDP)
 National Economic and Financial Accounts
  Federal government Total government
 
Year Actual Cyclically adjusted(1) Primary-cyclically adjusted(1) Actual Cyclically adjusted(1) Primary-cyclically adjusted(1)
1976 0.6 0.0 0.2 0.8 -0.3 0.0
1977 -1.9 -1.9 -1.8 -1.3 -1.3 -1.3
1978 -1.2 -1.2 -0.9 -0.7 -0.6 -0.3
1979 1.5 1.5 1.9 1.4 1.3 1.4
1980 0.0 0.6 0.9 -0.7 0.4 0.6
1981 1.2 1.4 2.0 1.2 1.6 2.1
1982 -2.8 -0.3 0.1 -4.2 0.4 0.9
1983 -1.2 -1.4 -1.5 -1.1 -1.5 -1.4
1984 -0.7 -2.3 -1.7 0.4 -2.5 -1.7
1985 -0.3 -1.5 -0.9 -0.8 -2.9 -2.2
1986 2.2 2.1 2.1 1.4 1.2 1.4
1987 1.0 0.2 0.2 1.7 0.3 0.4
1988 0.4 -0.5 -0.1 1.1 -0.6 -0.3
1989 0.1 0.2 0.8 -0.3 0.0 0.5
1990 -0.7 0.4 0.8 -1.2 0.8 1.3
1991 -0.5 1.4 0.9 -2.5 1.2 0.8
1992 0.3 0.8 0.4 -0.8 0.2 0.2
1993 -0.3 -0.4 -0.6 0.4 0.4 0.3
1994 0.9 0.0 0.0 2.0 0.3 0.4
1995 0.6 0.7 1.2 1.4 1.6 2.1
1996 1.9 2.4 2.0 2.5 3.5 3.2
1997 2.8 2.5 2.0 3.0 2.4 1.8
1998 0.1 0.0 -0.1 -0.1 -0.4 -0.4
1999 0.1 -0.5 -0.8 1.5 0.4 0.0
2000 1.0 0.5 0.3 1.3 0.4 -0.1
2001 -0.6 0.1 -0.4 -1.8 -0.5 -0.9
2002 -0.5 -0.6 -1.1 -0.8 -1.0 -1.6
2003 -0.4 -0.1 -0.4 0.3 1.0 0.5
Source: Statistics Canada, Sector Accounts (Table 380-0007), Government of Canada Budgetary Revenues and Expenditures (Table 183-0014); Gross Domestic Product, Income-Based (Table 380-0001); Department of Finance.
Estimates based on the Department of Finance working paper "Fiscal Policy and the Business Cycle: A New Approach to Identifying the Interaction" (2003), written by Stephen Murchison and Janine Robbins.
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.
(1)Per cent of potential GDP.
Table 48
Indicator of fiscal policy stance(1) (per cent of potential GDP)
Year Total government Federal government Provincial-local CPP/QPP
1975 1.8 0.8 0.9 0.1
1976 -0.9 -0.6 -0.4 0.1
1977 0.5 0.6 -0.2 0.1
1978 -0.3 0.2 -0.5 0.1
1979 -0.9 -0.9 0.0 0.1
1980 0.3 -0.2 0.4 0.1
1981 -0.6 -0.7 0.0 0.1
1982 1.7 1.1 0.6 0.0
1983 0.4 0.3 -0.2 0.2
1984 -0.1 0.1 -0.3 0.1
1985 0.5 0.0 0.4 0.1
1986 -0.3 -0.7 0.3 0.1
1987 -0.5 -0.4 -0.3 0.2
1988 -0.6 -0.5 -0.2 0.1
1989 0.2 0.0 0.2 0.0
1990 0.5 0.0 0.5 0.0
1991 1.5 0.6 0.8 0.1
1992 0.5 0.1 0.3 0.1
1993 0.0 0.4 -0.5 0.1
1994 -1.1 -0.5 -0.6 0.1
1995 -1.1 -0.7 -0.3 -0.1
1996 -1.1 -0.5 -0.7 0.0
1997 -0.8 -0.5 -0.3 0.0
1998 0.1 0.0 0.2 -0.2
1999 -0.6 0.0 -0.4 -0.2
2000 -0.5 -0.2 -0.1 -0.3
2001 0.6 0.3 0.5 -0.2
2002 0.6 0.5 0.3 -0.1
2003 -0.2 0.1 -0.2 -0.1
Estimates based on the Department of Finance working paper "Fiscal Policy and the Business Cycle: A New Approach to Identifying the Interaction" (2003), written by Stephen Murchison and Janine Robbins.
(1)The fiscal policy stance estimates the amount, in percentage points, that changes in various budgetary components add to or subtract from nominal GDP growth. This measure includes the economic impact of cyclical factors (e.g. automatic stabilizers) and non-cyclical factors (e.g. discretionary fiscal measures).
Table 49
Federal government liabilities and assets (millions of dollars)
 National Accounts Basis
  1996 1997 1998 1999 2000 2001 2002 2003
Liabilities
  Currency and bank deposits 3,237 3,342 3,426 3,583 3,735 3,901 4,118 4,189
  Trade payables 461 292 297 641 721 486 573 854
  Loans 0 104 71 103 103 101 101 103
  Life insurance and pensions 116,696 122,537 126,778 132,317 136,115 125,903 129,075 128,211
  Government claims 7,502 7,588 7,433 8,725 8,992 7,829 9,053 8,944
  Other liabilities 42,486 40,179 38,111 41,900 35,006 50,986 32,866 34,420
  Canada short-term paper 142,128 116,782 97,253 98,203 84,362 99,729 107,050 118,941
  Canada bonds 330,359 348,389 360,273 359,966 355,308 339,262 331,079 314,716
  Unmatured debt 472,487 465,171 457,526 458,169 439,670 438,991 438,129 433,657
  Total liabilities 642,869 639,213 633,642 645,438 624,342 628,197 613,915 610,378
Financial assets
  Currency and deposits 5,780 9,074 8,461 14,698 7,766 8,929 5,325 4,291
  Trade receivables 26 24 40 21 18 20 20 256
  Loans 10,721 11,116 12,234 11,403 12,760 14,357 16,816 21,379
  Canada short-term paper 1 0 27 60 365 590 590 819
  Other short-term paper 24 36 2 249 83 0 0 1,704
  Mortgages 884 274 394 381 533 360 360 284
  Canada bonds 103 83 3,241 2,829 2,775 4,570 4,066 4,272
  Provincial bonds 5 5 171 223 297 378 378 378
  Municipal bonds 0 0 0 0 0 0 0 0
  Other bonds 5 0 249 409 659 782 782 692
  Government claims 39,964 39,141 49,072 54,549 66,708 76,281 79,254 70,046
  Shares 1,418 1,466 1,280 1,238 1,229 1,320 1,320 1,320
  Foreign investments 26 0 0 0 0 241 241 241
  Other financial assets 9,932 10,287 3,475 6,003 675 15,098 2,690 8,651
  Total financial assets 68,889 71,506 78,646 92,063 93,868 122,926 111,842 114,333
Net financial assets -573,980 -567,707 -554,996 -553,375 -530,474 -505,271 -502,073 -496,045
Non-financial assets
  Non-residential structures 28,519 28,376 28,222 28,646 29,445 29,878 30,232 30,868
  Machinery and equipment 8,626 8,820 8,708 8,636 8,567 9,102 9,638 9,799
  Inventories 362 373 347 408 409 396 301 305
  Land 7,329 7,307 7,281 7,419 7,656 7,768 7,891 8,118
  Total non-financial assets 44,836 44,876 44,558 45,109 46,077 47,144 48,062 49,090
  Total assets 113,725 116,382 123,204 137,172 139,945 170,070 159,904 163,423
Net worth -529,144 -522,831 -510,438 -508,266 -484,397 -458,127 -454,011 -446,955
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).
Table 50
Provincial and local governments' liabilities and assets (millions of dollars)
 National Accounts Basis
  1996 1997 1998 1999 2000 2001 2002 2003
Liabilities
  Other deposits 2,170 2,149 2,444 2,665 2,592 2,620 2,606 0
  Trade payables 15,669 17,302 16,307 16,720 17,576 14,993 14,540 15,918
  Loans 11,168 12,010 12,934 14,746 14,759 14,352 15,011 16,145
  Other short-term paper 16,946 14,762 12,790 17,307 16,123 17,432 15,132 14,797
  Mortgages 3,426 3,734 3,997 4,000 2,773 2,374 2,367 2,304
  Bonds:
    Provincial 266,144 271,493 284,093 290,756 297,778 306,576 318,629 324,827
    Municipal 39,640 39,239 36,108 33,265 35,950 35,845 36,353 35,018
    Other 1,389 1,435 1,739 1,754 1,782 1,800 1,818 1,841
  Life insurance and pensions 26,256 28,771 42,484 44,255 46,358 48,290 50,366 52,203
  Government claims 1,628 2,103 1,983 18,952 18,702 18,117 17,064 15,725
  Other liabilities 91,734 102,336 94,951 101,175 109,859 111,483 118,368 123,288
  Total liabilities 476,170 495,334 509,830 545,595 564,252 573,882 592,254 602,066
Financial assets
  Currency and deposits 12,678 12,268 12,958 14,477 16,276 16,159 17,114 16,622
  Trade receivables 5,203 5,300 5,410 5,752 5,865 6,001 6,142 6,182
  Loans 8,958 8,774 6,993 8,054 9,576 11,543 11,345 11,378
  Canada short-term paper 6,223 3,763 3,511 3,382 4,517 6,310 6,525 6,828
  Other short-term paper 14,860 16,825 18,573 21,137 24,282 18,095 24,208 20,540
  Mortgages 4,336 4,485 5,007 5,604 6,168 6,276 6,274 6,277
  Canada bonds 14,947 18,120 15,996 17,989 18,028 20,561 18,890 22,911
  Provincial bonds 32,505 29,197 29,055 31,594 32,176 35,140 37,091 37,615
  Municipal bonds 13,218 13,190 9,870 8,656 8,172 7,991 7,817 7,682
  Other bonds 3,841 5,974 8,181 10,144 13,233 14,852 15,579 15,698
  Government claims 65,485 64,707 54,693 65,433 62,602 66,573 68,116 70,909
  Shares 23,508 30,923 33,797 42,679 46,697 49,162 49,661 51,676
  Foreign investments 1,966 3,389 4,132 3,709 4,395 5,926 7,488 7,871
  Other financial assets 43,293 49,455 36,120 61,188 71,851 76,568 69,624 81,954
  Total financial assets 251,021 266,370 244,296 299,798 323,838 341,157 345,874 364,143
Net financial assets -225,149 -228,964 -265,534 -245,797 -240,414 -232,725 -246,380 -237,923
Non-financial assets
  Residential structures 7,969 7,960 7,775 7,964 7,714 7,913 8,043 8,237
  Non-residential structures 238,558 245,945 250,431 256,241 268,070 274,158 284,230 296,520
  Machinery and equipment 12,662 12,894 13,790 15,169 16,847 18,823 20,633 22,085
  Land 65,004 67,013 68,230 70,118 73,386 75,086 78,023 81,961
  Total non-financial assets 324,193 333,812 340,226 349,492 366,017 375,980 390,929 408,803
  Total assets 575,214 600,182 584,522 649,290 689,855 717,137 736,803 772,946
Net worth 99,044 104,848 74,692 103,695 125,603 143,255 144,549 170,880
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).
Table 51
Canada Pension Plan liabilities and assets (millions of dollars)
 National Accounts Basis
  1996 1997 1998 1999 2000 2001 2002 2003
Liabilities
  Total liabilities 0 0 0 86 98 32 19 164
Financial assets
  Bonds:
    Government of Canada 3,464 3,453 3,441 3,423 3,401 3,387 3,365 3,349
    Provincial government 30,748 29,189 27,584 26,925 26,432 25,138 23,475 21,889
  Other short-term paper 446 2,959
  Government claims 3,224 3,515 4,146 5,439 5,694 4,350 5,502 5,499
  Shares 0 0 0 3,076 6,441 14,038 20,170 25,679
  Other financial assets 1,900 1,397 1,982 3,293 7,169 15,559 23,248 25,750
  Total financial assets 39,336 37,554 37,153 42,156 49,137 62,472 76,206 85,125
Net worth 39,336 37,554 37,153 42,070 49,039 62,440 76,187 84,961
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).
Table 52
Quebec Pension Plan liabilities and assets (millions of dollars)
 National Accounts Basis
  1996 1997 1998 1999 2000 2001 2002 2003
Liabilities
  Total liabilities 0 0 0 0 0 0 0 0
Financial assets
  Government claims 13,738 14,113 16,011 15,725 18,350 16,452 18,125 16,249
  Other financial assets 132 175 193 275 0 0 0 0
  Total financial assets 13,870 14,288 16,204 16,000 18,350 16,452 18,125 16,249
Net worth 13,870 14,288 16,204 16,000 18,350 16,452 18,125 16,249
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).

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