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October 2008 : 8

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Fiscal Reference Tables : 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 
  (millions of dollars)
1975 -5,215 -5,586 -3,053 -6,143 -6,805 -4,017
1976 -4,835 -5,917 -2,772 -5,567 -7,519 -3,900
1977 -9,505 -10,891 -7,318 -9,054 -11,668 -7,553
1978 -13,526 -15,312 -10,621 -11,686 -15,140 -9,716
1979 -11,162 -13,498 -7,142 -9,542 -14,087 -7,583
1980 -12,545 -13,603 -5,547 -12,787 -14,837 -6,911
1981 -10,001 -10,847 683 -10,195 -11,760 -758
1982 -21,341 -13,198 1,316 -26,693 -11,617 2,770
1983 -27,880 -19,709 -4,432 -33,613 -18,066 -1,995
1984 -33,677 -30,640 -11,750 -34,957 -29,091 -8,659
1985 -37,998 -38,885 -16,222 -41,711 -43,418 -18,608
1986 -28,933 -30,020 -5,806 -36,605 -38,712 -11,445
1987 -25,990 -30,642 -4,695 -30,307 -39,488 -9,361
1988 -26,292 -35,773 -5,850 -26,572 -45,654 -11,861
1989 -27,697 -37,139 -1,530 -30,235 -49,369 -9,799
1990 -33,309 -37,029 3,102 -39,633 -47,399 -2,439
1991 -37,214 -29,568 9,742 -57,257 -41,729 2,773
1992 -35,787 -24,800 12,998 -63,928 -41,874 3,546
1993 -39,696 -29,351 8,166 -63,354 -42,123 4,772
1994 -35,088 -30,430 8,076 -51,684 -41,792 8,201
1995 -31,700 -26,496 17,885 -43,181 -32,034 24,589
1996 -16,957 -7,952 35,735 -23,421 -4,160 51,945
1997 6,476 12,654 53,927 1,640 14,709 68,459
1998 7,676 12,349 54,313 765 10,627 65,891
1999 8,770 7,828 49,174 15,855 13,868 68,547
2000 20,028 13,949 56,339 31,705 18,918 72,812
2001 12,010 12,100 51,033 7,292 7,479 59,885
2002 9,396 9,714 44,076 -1,088 -429 47,018
2003 4,121 6,950 39,394 -1,024 4,820 49,335
2004 10,830 11,319 42,289 11,146 12,168 55,069
2005 2,052 1,789 31,001 21,186 20,630 60,601
2006 10,241 9,147 38,071 19,449 17,099 54,531
2007 15,387 15,397 42,621 21,299 21,320 57,059
Sources: 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), Stephen Murchison and Janine Robbins.

 

Table 46
Actual, cyclically adjusted and primary-cyclically adjusted budget balances as a percentage of GDP at market prices
National Economic and Financial Accounts
  Federal government Total government
 
Year Actual Cyclically adjusted  Primary- cyclically
adjusted 		 Actual Cyclically adjusted  Primary- cyclically adjusted 
  (per cent of potential GDP)
1975 -3.0 -3.2 -1.8 -3.6 -3.9 -2.3
1976 -2.5 -3.0 -1.4 -2.8 -3.8 -2.0
1977 -4.4 -5.0 -3.4 -4.2 -5.4 -3.5
1978 -5.6 -6.4 -4.4 -4.9 -6.3 -4.0
1979 -4.1 -4.9 -2.6 -3.5 -5.2 -2.8
1980 -4.0 -4.4 -1.8 -4.1 -4.8 -2.2
1981 -2.8 -3.0 0.2 -2.8 -3.3 -0.2
1982 -5.3 -3.3 0.3 -6.7 -2.9 0.7
1983 -6.4 -4.6 -1.0 -7.8 -4.2 -0.5
1984 -7.4 -6.7 -2.6 -7.6 -6.4 -1.9
1985 -7.9 -8.0 -3.4 -8.6 -9.0 -3.9
1986 -5.7 -5.9 -1.1 -7.2 -7.6 -2.2
1987 -4.8 -5.6 -0.9 -5.6 -7.2 -1.7
1988 -4.5 -6.1 -1.0 -4.5 -7.8 -2.0
1989 -4.4 -5.9 -0.2 -4.8 -7.8 -1.6
1990 -5.0 -5.5 0.5 -5.9 -7.1 -0.4
1991 -5.3 -4.2 1.4 -8.1 -5.9 0.4
1992 -4.9 -3.4 1.8 -8.7 -5.7 0.5
1993 -5.2 -3.9 1.1 -8.4 -5.6 0.6
1994 -4.5 -3.9 1.0 -6.6 -5.3 1.0
1995 -3.8 -3.2 2.2 -5.2 -3.9 3.0
1996 -2.0 -0.9 4.1 -2.7 -0.5 6.0
1997 0.7 1.4 6.0 0.2 1.6 7.6
1998 0.8 1.3 5.8 0.1 1.1 7.1
1999 0.9 0.8 5.0 1.6 1.4 7.0
2000 1.9 1.3 5.3 3.0 1.8 6.9
2001 1.1 1.1 4.6 0.7 0.7 5.4
2002 0.8 0.8 3.8 -0.1 0.0 4.1
2003 0.3 0.6 3.2 -0.1 0.4 4.0
2004 0.8 0.9 3.3 0.9 0.9 4.3
2005 0.1 0.1 2.3 1.5 1.5 4.4
2006 0.7 0.6 2.6 1.3 1.2 3.8
2007 1.0 1.0 2.8 1.4 1.4 3.7
Sources: 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), Stephen Murchison and Janine Robbins.

 

Table 47
Change in actual, cyclically adjusted and primary-cyclically adjusted budget balances as a percentage of GDP at market prices
National Economic and Financial Accounts
  Federal government Total government
 
Year Actual Cyclically adjusted  Primary- cyclically
adjusted 		 Actual Cyclically adjusted  Primary- cyclically adjusted 
  (per cent of potential GDP)
1976 0.6 0.2 0.4 0.7 0.1 0.3
1977 -1.9 -2.0 -2.0 -1.3 -1.6 -1.5
1978 -1.3 -1.4 -1.1 -0.7 -0.9 -0.6
1979 1.5 1.4 1.8 1.4 1.2 1.3
1980 0.1 0.6 0.8 -0.6 0.4 0.6
1981 1.2 1.3 2.0 1.3 1.5 2.0
1982 -2.5 -0.3 0.1 -3.8 0.4 0.9
1983 -1.1 -1.3 -1.4 -1.1 -1.3 -1.2
1984 -0.9 -2.1 -1.5 0.1 -2.2 -1.4
1985 -0.5 -1.4 -0.8 -1.0 -2.6 -2.0
1986 2.2 2.2 2.2 1.4 1.4 1.6
1987 0.9 0.3 0.3 1.6 0.4 0.5
1988 0.3 -0.5 -0.1 1.0 -0.6 -0.3
1989 0.1 0.2 0.8 -0.3 0.0 0.5
1990 -0.6 0.4 0.7 -1.1 0.7 1.2
1991 -0.3 1.4 0.9 -2.2 1.2 0.8
1992 0.4 0.8 0.4 -0.6 0.2 0.1
1993 -0.4 -0.5 -0.7 0.4 0.2 0.1
1994 0.8 0.0 -0.1 1.8 0.2 0.4
1995 0.6 0.7 1.1 1.4 1.4 1.9
1996 1.9 2.3 2.0 2.5 3.4 3.0
1997 2.7 2.3 1.8 2.9 2.1 1.6
1998 0.1 -0.1 -0.1 -0.1 -0.5 -0.5
1999 0.1 -0.5 -0.8 1.5 0.3 -0.1
2000 1.0 0.5 0.3 1.4 0.4 -0.1
2001 -0.8 -0.2 -0.7 -2.3 -1.1 -1.5
2002 -0.3 -0.2 -0.8 -0.8 -0.7 -1.3
2003 -0.5 -0.3 -0.6 0.0 0.4 0.0
2004 0.5 0.3 0.0 0.9 0.5 0.2
2005 -0.7 -0.7 -1.0 0.7 0.6 0.2
2006 0.6 0.5 0.4 -0.2 -0.3 -0.6
2007 0.3 0.4 0.1 0.0 0.2 -0.1
Sources: 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), Stephen Murchison and Janine Robbins.
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
      2000         2001         2002         2003         2004         2005         2006         2007    
  (millions of dollars)
Liabilities                
  Currency and bank deposits 3,735 3,901 4,118 4,189 4,293 4,509 4,600 4,855
  Trade payables 721 486 573 854 583 811 811 486
  Loans 103 101 101 103 100 101 101 100
  Life insurance and pensions 136,115 119,903 129,075 130,355 132,141 134,180 136,758 139,766
  Government claims 8,991 7,717 8,974 8,870 6,604 1,884 766 621
  Other liabilities 35,006 51,986 33,866 34,784 39,997 56,796 58,425 62,838
  Sub-total 184,671 184,094 176,707 179,155 183,718 198,281 201,461 208,666
  Canada short-term paper 84,362 99,729 107,050 118,941 118,762 129,632 126,307 117,712
  Canada bonds 355,308 339,262 331,079 315,027 295,423 285,530 278,641 267,391
  Sub-total:  Unmatured debt 439,670 438,991 438,129 433,968 414,185 415,162 404,948 385,103
  Total liabilities 624,341 623,085 614,836 613,123 597,903 613,443 606,409 593,769
Financial assets                
  Currency and deposits 7,766 8,929 5,325 4,291 3,770 3,785 4,528 4,475
  Trade receivables 18 20 20 256 211 207 207 284
  Loans 12,760 14,357 16,816 21,379 16,045 17,575 16,868 18,310
  Canada short-term paper 365 590 590 603 541 825 825 959
  Other short-term paper 83 0 0 0 1,460 1,430 1,430 1,332
  Mortgages 533 360 360 497 609 686 686 537
  Canada bonds 2,775 4,570 4,066 5,355 5,035 5,291 5,283 5,389
  Provincial bonds 297 378 378 354 329 258 258 253
  Municipal bonds 0 0 0 0 0 0 0 0
  Other bonds 659 782 782 692 859 769 769 576
  Government claims 66,708 76,338 80,011 71,531 64,983 66,306 72,021 71,823
  Shares 1,229 1,320 1,320 1,351 117 134 260 212
  Foreign investments 0 241 241 86 65 63 63 42
  Other financial assets 675 10,598 3,690 9,571 7,733 18,515 19,324 12,387
  Total financial assets 93,868 118,483 113,599 115,966 101,757 115,844 122,522 116,579
Net financial assets -530,473 -504,602 -501,237 -497,157 -496,146 -497,599 -483,887 -477,190
Non-financial assets                
  Non-residential structures 30,508 30,809 30,902 31,348 32,475 33,511 34,648 37,276
  Machinery and equipment 8,892 9,309 10,158 9,324 9,006 8,914 8,863 8,315
  Inventories 409 396 301 370 406 394 362 377
  Land 7,932 8,010 8,065 8,245 8,671 9,014 9,424 10,289
  Total non-financial assets 47,741 48,524 49,426 49,287 50,558 51,833 53,297 56,257
  Total assets 141,609 167,007 163,025 165,253 152,315 167,677 175,819 172,836
Net worth -482,732 -456,078 -451,811 -447,870 -445,588 -445,766 -430,590 -420,933
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).

 

Table 49
Provincial and local governments’ liabilities and assets
National Accounts basis
      2000         2001         2002         2003         2004         2005         2006         2007    
  (millions of dollars)
Liabilities                
  Other deposits 2,592 2,620 2,606 0 0 0 0 0
  Trade payables 17,576 14,993 14,669 16,005 15,549 20,793 22,709 24,530
  Loans 14,759 14,115 14,885 15,685 18,842 20,746 21,029 22,059
  Other short-term paper 16,123 18,109 21,932 21,066 18,331 13,737 15,526 21,792
  Mortgages 2,773 2,144 2,095 2,048 2,018 1,925 1,900 1,899
  Bonds:                
    Provincial 296,328 306,994 324,049 320,004 334,414 344,764 345,375 349,905
    Municipal 35,950 35,805 36,268 37,081 38,959 41,326 43,772 46,601
    Other 1,782 1,800 2,617 3,090 3,433 3,741 3,902 3,816
  Life insurance and pensions 46,358 48,275 50,572 52,511 54,805 56,974 59,921 62,378
  Government claims 11,856 12,134 11,608 12,804 12,576 11,124 10,399 9,958
  Other liabilities 111,797 125,394 129,655 140,292 145,586 163,956 179,530 184,451
  Total liabilities 557,894 582,383 610,956 620,586 644,513 679,086 704,063 727,389
Financial assets                
  Currency and deposits 16,276 16,162 17,273 18,381 19,819 23,245 22,601 25,126
  Trade receivables 5,865 5,938 6,078 5,980 5,932 6,848 6,784 6,994
  Loans 9,576 11,646 13,084 14,140 16,219 17,056 18,939 18,928
  Canada short-term paper 4,517 6,310 6,525 6,828 7,070 8,265 7,569 9,365
  Other short-term paper 24,282 18,095 24,208 20,540 29,910 35,845 40,369 39,373
  Mortgages 6,168 5,511 5,533 6,761 7,170 7,075 7,092 7,118
  Canada bonds 18,028 20,561 18,890 22,911 18,940 22,053 26,144 28,383
  Provincial bonds 32,176 35,140 37,091 37,615 38,312 40,104 41,650 44,219
  Municipal bonds 8,172 7,991 7,817 7,682 7,986 8,256 9,216 10,625
  Other bonds 13,233 14,852 15,579 15,698 15,311 20,373 24,804 27,109
  Government claims 81,615 87,397 86,850 93,757 96,177 98,364 97,747 99,186
  Shares 46,697 49,162 49,661 51,491 51,048 53,483 54,322 54,582
  Foreign investments 4,395 5,926 7,488 8,870 10,802 12,508 13,545 15,320
  Other financial assets 57,464 62,993 56,823 56,574 65,514 83,646 86,724 95,529
  Total financial assets 328,464 347,684 352,900 367,228 390,210 437,121 457,506 481,857
Net financial assets -229,430 -234,699 -258,056 -253,358 -254,303 -241,965 -246,557 -245,532
Non-financial assets                
  Residential structures 7,714 7,853 8,098 8,303 8,348 8,513 11,293 12,927
  Non-residential structures 267,723 272,651 282,116 294,719 313,786 334,901 355,902 389,878
  Machinery and equipment 16,402 18,326 20,094 20,615 21,299 22,743 24,311 25,474
  Land 73,296 74,650 77,495 81,508 87,813 94,212 102,292 113,901
  Total non-financial assets 365,135 373,480 387,803 405,145 431,246 460,369 493,798 542,180
  Total assets 693,599 721,164 740,703 772,373 821,456 897,490 951,304 1,024,037
Net worth 135,705 138,781 129,747 151,787 176,943 218,404 247,241 296,648
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).

 

Table 50
Canada Pension Plan liabilities and assets
National Accounts basis
      2000         2001         2002         2003         2004         2005         2006         2007    
  (millions of dollars)
Liabilities                
  Total liabilities 307 451 19 164 63 266 606 1,273
Financial assets                
  Bonds:                
    Government of Canada 3,401 3,387 3,365 3,349 3,281 3,072 1,934 1,809
    Provincial government 26,432 25,138 23,475 21,889 21,542 21,006 20,663 21,849
    Other Canadian bonds 0 0 0 0 0 1,819 3,469 6,531
  Other short-term paper 0 0 446 2,959 8,729 11,837 15,788 18,663
  Foreign investments 0 0 6,737 8,144 11,488 21,617 37,273 38,222
  Government claims 5,693 4,350 5,501 5,503 4,396 141 110 348
  Shares 6,441 14,038 13,653 18,256 19,465 21,749 19,307 21,715
  Other financial assets 0 0 1,400 4,209 2,383 2,932 4,160 4,715
  Total financial assets 41,967 46,913 54,577 64,309 71,284 84,173 102,704 113,852
Net worth 41,660 46,462 54,558 64,145 71,221 83,907 102,098 112,579
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).

 

Table 51
Québec Pension Plan liabilities and assets
National Accounts basis
     2000       2001       2002       2003       2004       2005       2006       2007   
  (millions of dollars)
Liabilities                 
  Total liabilities 0 0 0 0 0 0 0 0
Financial assets                
  Government claims 18,350 16,452 18,125 18,754 22,421 26,973 32,239 34,703
  Other financial assets 0 0 0 0 0 0 0 0
  Total financial assets 18,350 16,452 18,125 18,754 22,421 26,973 32,239 34,703
Net worth 18,350 16,452 18,125 18,754 22,421 26,973 32,239 34,703
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).

 

Table 52
Total government liabilities and assets
National Accounts basis
      2000         2001         2002         2003         2004         2005         2006         2007    
  (millions of dollars)
Liabilities                
  Currency and bank deposits 3,735 3,901 4,118 4,189 4,293 4,509 4,600 4,855
  Other deposits 2,592 2,620 2,606 0 0 0 0 0
  Trade payables 18,297 15,479 15,242 16,859 16,132 21,604 23,520 25,016
  Loans 14,862 14,216 14,986 15,788 18,942 20,847 21,130 22,159
  Canada short-term paper 84,362 99,729 107,050 118,941 118,762 129,632 126,307 117,712
  Other short-term paper 16,123 18,109 21,932 21,066 18,331 13,737 15,526 21,792
  Mortgages 2,773 2,144 2,095 2,048 2,018 1,925 1,900 1,899
  Canada bonds 355,308 339,262 331,079 315,027 295,423 285,530 278,641 267,391
  Provincial bonds 296,328 306,994 324,049 320,004 334,414 344,764 345,375 349,905
  Municipal bonds 35,950 35,805 36,268 37,081 38,959 41,326 43,772 46,601
  Other bonds 1,782 1,800 2,617 3,090 3,433 3,741 3,902 3,816
  Life insurance and pensions 182,473 168,178 179,647 182,866 186,946 191,154 196,679 202,144
  Government claims 20,847 19,851 20,582 21,674 19,180 13,008 11,165 10,579
  Other liabilities 147,110 177,831 163,540 175,240 185,646 221,018 238,561 248,562
  Total liabilities 1,182,542 1,205,919 1,225,811 1,233,873 1,242,479 1,292,795 1,311,078 1,322,431
Financial assets                
  Currency and deposits 24,042 25,091 22,598 22,672 23,589 27,030 27,129 29,601
  Trade receivables 5,883 5,958 6,098 6,236 6,143 7,055 6,991 7,278
  Loans 22,336 26,003 29,900 35,519 32,264 34,631 35,807 37,238
  Canada short-term paper 4,882 6,900 7,115 7,431 7,611 9,090 8,394 10,324
  Other short-term paper 24,365 18,095 24,654 23,499 40,099 49,112 57,587 59,368
  Mortgages 6,701 5,871 5,893 7,258 7,779 7,761 7,778 7,655
  Canada bonds 24,204 28,518 26,321 31,615 27,256 30,416 33,361 35,581
  Provincial bonds 58,905 60,656 60,944 59,858 60,183 61,368 62,571 66,321
  Municipal bonds 8,172 7,991 7,817 7,682 7,986 8,256 9,216 10,625
  Other bonds 13,892 15,634 16,361 16,390 16,170 22,961 29,042 34,216
  Government claims 172,366 184,537 190,487 189,545 187,977 191,784 202,117 206,060
  Shares 54,367 64,520 64,634 71,098 70,630 75,366 73,889 76,509
  Foreign investments 4,395 6,167 14,466 17,100 22,355 34,188 50,881 53,584
  Other financial assets 58,139 73,591 61,913 70,354 75,630 105,093 110,208 112,631
  Total financial assets 482,649 529,532 539,201 566,257 585,672 664,111 714,971 746,991
Net financial assets -699,893 -676,387 -686,610 -667,616 -656,807 -628,684 -596,107 -575,440
Non-financial assets                 
  Residential structures 7,714 7,853 8,098 8,303 8,348 8,513 11,293 12,927
  Non-residential structures 298,231 303,460 313,018 326,067 346,261 368,412 390,550 427,154
  Machinery and equipment 25,294 27,635 30,252 29,939 30,305 31,657 33,174 33,789
  Inventories 409 396 301 370 406 394 362 377
  Land 81,228 82,660 85,560 89,753 96,484 103,226 111,716 124,190
  Total non-financial assets 412,876 422,004 437,229 454,432 481,804 512,202 547,095 598,437
  Total assets 895,525 951,536 976,430 1,020,689 1,067,476 1,176,313 1,262,066 1,345,428
Net worth -287,017 -254,383 -249,381 -213,184 -175,003 -116,482 -49,012 22,997
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).
Data in this table include Canada Pension Plan and Quebec Pension Plan liabilities and assets.

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