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Archived - Fiscal Reference Tables
October 2005 : 8

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Table 45
Actual, cyclically adjusted and primary-cyclically adjusted budget balances (millions of dollars)
 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 -5,595 -3,062 -6,143 -6,821 -4,033
1976 -4,835 -6,135 -2,990 -5,567 -7,913 -4,294
1977 -9,505 -10,887 -7,314 -9,054 -11,661 -7,546
1978 -13,526 -15,123 -10,432 -11,686 -14,774 -9,350
1979 -11,162 -13,261 -6,905 -9,542 -13,626 -7,122
1982 -12,545 -13,390 -5,334 -12,787 -14,425 -6,499
1981 -10,001 -10,479 1,051 -10,195 -11,080 -78
1982 -21,341 -12,802 1,712 -26,693 -10,885 3,502
1983 -27,880 -19,685 -4,408 -33,613 -18,020 -1,949
1984 -33,677 -30,933 -12,043 -34,957 -29,658 -9,226
1985 -37,998 -39,444 -16,781 -41,711 -44,493 -19,683
1986   -28,933 -30,843 -6,629   -36,605  -40,308 -13,041
1987 -25,990 -31,661 -5,714 -30,307 -41,501 -11,374
1988 -26,292 -36,953 -7,030 -26,572 -48,030 -14,237
1989 -27,697 -38,496 -2,887 -30,235 -52,120 -12,550
1990 -33,309 -38,447 1,684 -39,633 -50,359 -5,399
1991 -37,214 -31,166 8,144 -57,257 -44,974 -472
1992 -35,787 -26,582 11,216 -63,928 -45,451 -31
1993 -39,696 -31,007 6,510 -63,354 -45,523 1,372
1994 -35,088 -32,010 6,496 -51,684 -45,146 4,847
1995 -31,700 -27,946 16,435 -43,181 -35,140 21,483
1996 -16,957 -9,109 34,578 -23,421 -6,634 49,471
1997 6,476 11,956 53,229 1,640 13,231 66,981
1998 7,676 11,782 53,746 765 9,432 64,696
1999 8,770 7,492 48,838 15,855 13,160 67,839
2000 20,028 14,029 56,419 31,705 19,086 72,980
2001 12,010 12,704 51,637 7,292 8,735 61,141
2000 20,028 14,029 56,419 31,705 19,086 72,980
2001 12,010 12,704 51,637 7,292 8,735 61,141
2002 9,154 10,199 44,698 -1,112 1,061 48,748
2003 1,000 4,855 37,319 60 8,089 53,103
2004 8,083 11,731 41,762 8,734 16,366 58,989
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 -3.2 -1.8 -3.5 -4.0 -2.3
1976 -2.4 -3.1 -1.5 -2.8 -4.0 -2.2
1977 -4.3 -5.0 -3.4 -4.1 -5.4 -3.5
1978 -5.5 -6.3 -4.3 -4.8 -6.1 -3.9
1979 -4.0 -4.8 -2.5 -3.4 -5.0 -2.6
1980 -4.0 -4.3 -1.7 -4.1 -4.6 -2.1
1981 -2.8 -2.9 0.3 -2.8 -3.1 0.0
1982 -5.6 -3.2 0.4 -7.0 -2.7 0.9
1983 -6.8 -4.6 -1.0 -8.2 -4.2 -0.5
1984 -7.5 -6.8 -2.6 -7.8 -6.5 -2.0
1985 -7.8 -8.2 -3.5 -8.6 -9.2 -4.1
1986 -5.6 -6.1 -1.3 -7.1 -7.9 -2.6
1987 -4.6 -5.8 -1.1 -5.4 -7.6 -2.1
1988 -4.3 -6.3 -1.2 -4.3 -8.2 -2.4
1989 -4.2 -6.1 -0.5 -4.6 -8.3 -2.0
1990 -4.9 -5.8 0.3 -5.8 -7.6 -0.8
1991 -5.4 -4.4 1.2 -8.4 -6.4 -0.1
1992 -5.1 -3.7 1.5 -9.1 -6.3 0.0
1993 -5.5 -4.1 0.9 -8.7 -6.1 0.2
1994 -4.6 -4.1 0.8 -6.7 -5.8 0.6
1995 -3.9 -3.4 2.0 -5.3 -4.3 2.6
1996 -2.0 -1.1 4.0 -2.8 -0.8 5.8
1997 0.7 1.3 5.9 0.2 1.5 7.5
1998 0.8 1.3 5.8 0.1 1.0 7.0
1999 0.9 0.8 5.0 1.6 1.3 6.9
2000 1.9 1.3 5.3 2.9 1.8 6.9
2001 1.1 1.1 4.7 0.7 0.8 5.5
2002 0.8 0.9 3.9 -0.1 0.1 4.2
2003 0.1 0.4 3.0 0.0 0.7 4.3
2004 0.6 0.9 3.2 0.7 1.3 4.5
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.
(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 0.1 0.3 0.8 -0.1 0.2
1977 -1.9 -1.9 -1.8 -1.3 -1.3 -1.3
1978 -1.2 -1.3 -1.0 -0.7 -0.8 -0.4
1979 1.5 1.4 1.8 1.4 1.2 1.3
1980 0.0 0.6 0.8 -0.7 0.4 0.5
1981 1.2 1.4 2.0 1.2 1.5 2.1
1982 -2.8 -0.3 0.1 -4.2 0.4 0.9
1983 -1.2 -1.4 -1.4 -1.1 -1.5 -1.3
1984 -0.7 -2.2 -1.6 0.4 -2.3 -1.6
1985 -0.3 -1.4 -0.8 -0.8 -2.7 -2.1
1986 2.2 2.1 2.2 1.4 1.3 1.5
1987 1.0 0.2 0.3 1.7 0.3 0.5
1988 0.4 -0.5 -0.2 1.1 -0.6 -0.4
1989 0.1 0.2 0.7 -0.3 -0.1 0.4
1990 -0.7 0.4 0.7 -1.2 0.7 1.2
1991 -0.5 1.3 0.9 -2.5 1.2 0.7
1992 0.3 0.8 0.4 -0.8 0.1 0.1
1993 -0.3 -0.5 -0.7 0.4 0.2 0.2
1994 0.9 0.0 0.0 2.0 0.3 0.4
1995 0.6 0.7 1.2 1.4 1.5 2.0
1996 1.9 2.3 2.0 2.5 3.5 3.1
1997 2.8 2.4 1.9 3.0 2.2 1.7
1998 0.1 -0.1 -0.1 -0.1 -0.5 -0.5
1999 0.1 -0.5 -0.8 1.5 0.3 0.0
2000 1.0 0.6 0.3 1.3 0.5 0.0
2001 -0.8 -0.2 -0.7 -2.3 -1.0 -1.4
2002 -0.3 -0.3 -0.8 -0.8 -0.7 -1.3
2003 -0.7 -0.5 -0.8 0.1 0.6 0.1
2004 0.5 0.5 0.2 0.7 0.6 0.2
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 -0.2 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 0.3 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 -0.1 0.1
1989 0.2 0.0 0.2 0.0
1990 0.6 0.0 0.5 0.0
1991 1.5 0.6 0.8 0.1
1992 0.6 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 0.1
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 0.8 0.3 0.7 -0.2
2002 0.5 0.4 0.2 -0.1
2003 -0.2 0.1 -0.2 -0.1
2004 -0.1 0.1 -0.2 0.0
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
  1997 1998 1999 2000 2001 2002 2003 2004
Liabilities
  Currency and bank deposits 3,342 3,426 3,583 3,735 3,901 4,118 4,189 4,293
  Trade payables 292 297 641 721 486 573 854 833
  Loans 104 71 103 103 101 101 103 100
  Life insurance and pensions 122,537 126,778 132,317 136,115 125,903 129,075 128,211 132,141
  Government claims 7,588 7,433 8,725 8,992 7,717 8,974 8,839 7,576
  Other liabilities 40,179 38,111 41,900 35,006 52,486 33,866 34,420 36,078
  Canada short-term paper 116,782 97,253 98,203 84,362 99,729 107,050 118,941 118,787
  Canada bonds 348,389 360,273 359,966 355,308 339,262 331,079 314,716 295,056
  Unmatured debt 465,171 457,526 458,169 439,670 438,991 438,129 433,657 413,843
  Total liabilities 639,213 633,642 645,438 624,342 629,585 614,836 610,273 594,864
Financial assets
  Currency and deposits 9,074 8,461 14,698 7,766 8,929 5,325 4,291 4,270
  Trade receivables 24 40 21 18 20 20 256 256
  Loans 11,116 12,234 11,403 12,760 14,357 16,816 21,379 24,069
  Canada short-term paper 0 27 60 365 590 590 819 819
  Other short-term paper 36 2 249 83 0 0 1,704 1,704
  Mortgages 274 394 381 533 360 360 284 497
  Canada bonds 83 3,241 2,829 2,775 4,570 4,066 4,272 4,231
  Provincial bonds 5 171 223 297 378 378 378 378
  Municipal bonds 0 0 0 0 0 0 0 0
  Other bonds 0 249 409 659 782 782 692 692
  Government claims 39,141 49,072 54,549 66,708 76,338 80,016 71,393 67,766
  Shares 1,466 1,280 1,238 1,229 1,320 1,320 1,320 94
  Foreign investments 0 0 0 0 241 241 241 241
  Other financial assets 10,287 3,475 6,003 675 15,098 3,690 8,651 4,610
  Total financial assets 71,506 78,646 92,063 93,868 122,983 113,604 115,680 109,627
Net financial assets -567,707 -554,996 -553,375 -530,474 -506,602 -501,232 -494,593 -485,237
Non-financial assets
  Non-residential structures 28,376 28,222 28,646 29,445 29,852 30,115 30,780 31,359
  Machinery and equipment 8,820 8,708 8,636 8,567 9,271 9,250 9,181 9,187
  Inventories 373 347 408 409 396 301 305 406
  Land 7,307 7,281 7,419 7,656 7,762 7,860 8,095 8,373
  Total non-financial assets 44,876 44,558 45,109 46,077 47,281 47,526 48,361 49,325
  Total assets 116,382 123,204 137,172 139,945 170,264 161,130 164,041 158,952
Net worth   -522,831   -510,438   -508,266   -484,397   -459,321   -453,706   -446,232   -435,912
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
   1997  1998 1999 2000 2001 2002 2003 2004
Liabilities
  Other deposits 2,149 2,444 2,665 2,592 2,620 2,606 0 0
  Trade payables 17,302 16,307 16,720 17,576 14,993 14,669 16,005 15,556
  Loans 12,010 12,934 14,746 14,759 14,115 14,885 15,737 16,713
  Other short-term paper 14,762 12,790 17,307 16,123 18,109 21,932 21,066 18,398
  Mortgages 3,734 3,997 4,000 2,773 2,144 2,095 2,054 2,045
  Bonds:
    Provincial 271,493 284,093 290,756 297,778 306,781 323,960 322,781 344,766
    Municipal 39,239 36,108 33,265 35,950 35,805 36,268 37,081 38,959
    Other 1,435 1,739 1,754 1,782 1,800 1,818 1,841 1,865
  Life insurance and pensions 28,771 42,484 44,255 46,358 48,275 50,572 52,511 54,780
  Government claims 2,103 1,983 18,952 18,702 18,384 17,365 15,986 15,795
  Other liabilities 102,336 94,951 101,175 109,859 122,038 124,976 126,896 133,874
  Total liabilities 495,334 509,830 545,595 564,252 585,064 611,146 611,958 642,751
Financial assets
  Currency and deposits 12,268 12,958 14,477 16,276 16,162 17,273 18,381 19,605
  Trade receivables 5,300 5,410 5,752 5,865 5,938 6,078 5,980 5,785
  Loans 8,774 6,993 8,054 9,576 11,646 13,084 14,140 16,614
  Canada short-term paper 3,763 3,511 3,382 4,517 6,310 6,525 6,828 6,999
  Other short-term paper 16,825 18,573 21,137 24,282 18,095 24,208 20,540 23,195
  Mortgages 4,485 5,007 5,604 6,168 5,511 5,533 6,761 7,175
  Canada bonds 18,120 15,996 17,989 18,028 20,561 18,890 22,911 21,144
  Provincial bonds 29,197 29,055 31,594 32,176 35,140 37,091 37,615 38,467
  Municipal bonds 13,190 9,870 8,656 8,172 7,991 7,817 7,682 7,879
  Other bonds 5,974 8,181 10,144 13,233 14,852 15,579 15,698 16,252
  Government claims 64,707 54,693 65,433 62,602 69,765 70,469 67,266 72,566
  Shares 30,923 33,797 42,679 46,697 49,162 49,661 51,676 50,511
  Foreign investments 3,389 4,132 3,709 4,395 5,926 7,488 7,871 7,275
  Other financial assets 49,455 36,120 61,188 71,851 79,238 70,441 86,221 96,821
  Total financial assets 266,370 244,296 299,798 323,838 346,297 350,137 369,570 390,288
Net financial assets -228,964 -265,534 -245,797 -240,414 -238,767 -261,009 -242,388 -252,463
Non-financial assets
  Residential structures 7,960 7,775 7,964 7,714 7,853 8,073 8,217 8,398
  Non-residential structures 245,945 250,431 256,241 268,070 274,124 284,482 297,375 310,838
  Machinery and equipment 12,894 13,790 15,169 16,847 19,257 21,139 22,117 23,499
  Land 67,013 68,230 70,118 73,386 75,034 78,109 82,172 87,089
  Total non-financial assets 333,812 340,226 349,492 366,017 376,268 391,803 409,881 429,824
  Total assets 600,182 584,522 649,290 689,855 722,565 741,940 779,451 820,112
Net worth 104,848 74,692 103,695 125,603 137,501 130,794 167,493 177,361
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).

 

Table 51
Canada Pension Plan liabilities and assets (millions of dollars)
 National Accounts Basis
  1997 1998 1999 2000 2001 2002 2003 2004
Liabilities
  Total liabilities 0 0 86 98 32 19 164 303
Financial assets
  Bonds:
    Government of Canada 3,453 3,441 3,423 3,401 3,387 3,365 3,349 3,331
    Provincial government 29,189 27,584 26,925 26,432 25,138 23,475 21,889 21,247
  Other short-term paper 446 2,959 8,699
  Government claims 3,515 4,146 5,439 5,694 4,350 5,501 5,503 4,006
  Shares 0 0 3,076 6,441 14,038 20,170 25,679 30,681
  Other financial assets 1,397 1,982 3,293 7,169 15,384 22,984 33,357 45,454
  Total financial assets 37,554 37,153 42,156 49,137 62,297 75,941 92,736 113,418
Net worth   37,554   37,153   42,070   49,039   62,265   75,922   92,572   113,115
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).

 

Table 52
Quebec Pension Plan liabilities and assets (millions of dollars)
 National Accounts Basis
  1997 1998 1999 2000 2001 2002 2003 2004
Liabilities
  Total liabilities 0 0 0 0 0 0 0 0
Financial assets
  Government claims 14,113 16,011 15,725 18,350 16,452 18,125 19,177 21,079
  Other financial assets 175 193 275 0 0 0 0 0
  Total financial assets 14,288 16,204 16,000 18,350 16,452 18,125 19,177 21,079
Net worth   14,288   16,204   16,000   18,350   16,452   18,125   19,177   21,079
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).

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