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Archived - Fiscal Reference Tables
October 2009

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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 -5,916 -2,771 -5,567 -7,519 -3,900
1977 -9,505 -10,891 -7,318 -9,054 -11,668 -7,553
1978 -13,526 -15,310 -10,619 -11,686 -15,140 -9,716
1979 -11,162 -13,496 -7,140 -9,542 -14,085 -7,581
1980 -12,545 -13,602 -5,546 -12,787 -14,837 -6,911
1981 -10,001 -10,847 683 -10,195 -11,760 -758
1982 -21,341 -13,201 1,313 -26,693 -11,619 2,768
1983 -27,880 -19,707 -4,430 -33,613 -18,067 -1,996
1984 -33,677 -30,640 -11,750 -34,957 -29,090 -8,658
1985 -37,998 -38,884 -16,221 -41,711 -43,416 -18,606
1986 -28,933 -30,018 -5,804 -36,605 -38,709 -11,442
1987 -25,990 -30,635 -4,688 -30,307 -39,483 -9,356
1988 -26,292 -35,759 -5,836 -26,572 -45,648 -11,855
1989 -27,697 -37,124 -1,515 -30,235 -49,362 -9,792
1990 -33,309 -37,026 3,105 -39,633 -47,395 -2,435
1991 -37,214 -29,575 9,735 -57,257 -41,731 2,771
1992 -35,787 -24,810 12,988 -63,928 -41,885 3,535
1993 -39,696 -29,365 8,152 -63,354 -42,149 4,746
1994 -35,088 -30,455 8,051 -51,684 -41,840 8,153
1995 -31,700 -26,538 17,843 -43,181 -32,116 24,507
1996 -16,957 -8,013 35,674 -23,421 -4,282 51,823
1997 6,476 12,575 53,848 1,640 14,544 68,294
1998 7,676 12,246 54,210 765 10,413 65,677
1999 8,770 7,693 49,039 15,855 13,584 68,263
2000 20,028 13,755 56,145 31,705 18,506 72,400
2001 12,010 11,794 50,727 7,292 6,842 59,248
2002 9,396 9,247 43,609 -1,088 -1,397 46,050
2003 4,121 6,250 38,694 -1,024 3,375 47,890
2004 10,830 10,388 41,358 11,146 10,222 53,123
2005 1,019 -425 28,788 21,248 18,174 58,146
2006 11,150 8,785 37,714 22,744 17,647 55,084
2007 15,154 13,769 40,619 24,222 21,254 56,619
2008 2,668 13,801 37,637 2,013 26,107 58,996
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 0.6 5.3
2002 0.8 0.8 3.8 -0.1 -0.1 4.0
2003 0.3 0.5 3.2 -0.1 0.3 3.9
2004 0.8 0.8 3.2 0.9 0.8 4.1
2005 0.1 0.0 2.1 1.6 1.3 4.3
2006 0.8 0.6 2.6 1.6 1.2 3.8
2007 1.0 0.9 2.7 1.6 1.4 3.7
2008 0.2 0.8 2.3 0.1 1.6 3.6
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 -0.8 -0.8 -1.1 0.7 0.5 0.1
2006 0.7 0.6 0.5 0.0 -0.1 -0.4
2007 0.2 0.3 0.0 0.0 0.2 -0.1
2008 -0.8 -0.1 -0.4 -1.5 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 2008
  (millions of dollars)
Liabilities                  
  Currency and bank deposits 3,735 3,901 4,118 4,189 4,293 4,509 4,728 4,855 5,081
  Trade payables 721 486 573 854 583 811 750 294 470
  Loans 103 101 101 103 100 101 101 100 108
  Life insurance and pensions 136,115 119,903 129,075 130,355 132,141 134,180 136,758 140,140 142,439
  Government claims 8,991 7,717 8,974 8,870 6,604 1,980 819 691 529
  Other liabilities 35,006 51,986 33,866 34,784 39,997 56,796 58,425 61,878 66,440
  Sub-total 184,671 184,094 176,707 179,155 183,718 198,377 201,581 207,958 215,067
  Canada short-term paper 84,362 99,729 107,050 118,941 118,762 129,632 126,307 117,712 183,771
  Canada bonds 355,308 339,262 331,079 315,027 295,423 285,530 278,641 267,330 274,234
  Sub-total:  Unmatured debt 439,670 438,991 438,129 433,968 414,185 415,162 404,948 385,042 458,005
  Total liabilities 624,341 623,085 614,836 613,123 597,903 613,539 606,529 593,000 673,072
Financial assets
  Currency and deposits 7,766 8,929 5,325 4,291 3,770 3,785 4,528 4,491 28,604
  Trade receivables 18 20 20 256 211 207 207 284 265
  Loans 12,760 14,357 16,816 21,379 16,045 17,575 16,868 17,596 17,966
  Canada short-term paper 365 590 590 603 541 825 825 959 946
  Other short-term paper 83 0 0 0 1,460 1,430 1,430 1,330 1,278
  Mortgages 533 360 360 497 609 686 686 537 431
  Canada bonds 2,775 4,570 4,066 5,355 5,035 5,291 5,283 5,389 4,744
  Provincial bonds 297 378 378 354 329 258 258 278 277
  Municipal bonds 0 0 0 0 0 0 0 0 0
  Other bonds 659 782 782 692 859 769 769 576 469
  Government claims 66,708 76,338 80,011 71,531 64,983 66,499 72,022 73,110 137,010
  Shares 1,229 1,320 1,320 1,351 117 134 260 212 206
  Foreign investments 0 241 241 86 65 63 63 42 39
  Other financial assets 675 10,598 3,690 9,571 7,733 18,515 19,324 11,136 13,802
  Total financial assets 93,868 118,483 113,599 115,966 101,757 116,037 122,523 115,940 206,037
Net financial assets -530,473 -504,602 -501,237 -497,157 -496,146 -497,502 -484,006 -477,060 -467,035
Non-financial assets
  Non-residential structures 30,508 30,809 30,902 31,348 32,475 33,402 34,549 36,823 39,785
  Machinery and equipment 8,892 9,309 10,158 9,324 9,006 8,805 8,607 9,005 8,539
  Inventories 409 396 301 370 406 394 362 377 406
  Land 7,932 8,010 8,065 8,245 8,671 8,985 9,398 10,163 10,980
  Total non-financial assets 47,741 48,524 49,426 49,287 50,558 51,586 52,916 56,368 59,710
  Total assets 141,609 167,007 163,025 165,253 152,315 167,623 175,439 172,308 265,747
Net worth -482,732 -456,078 -451,811 -447,870 -445,588 -445,916 -431,090 -420,692 -407,325
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 2008
  (millions of dollars)
Liabilities                  
  Other deposits 2,592 2,620 2,606 0 0 0 0 0 0
  Trade payables 17,576 14,993 14,669 16,005 15,549 22,587 25,826 28,887 31,828
  Loans 14,759 14,115 14,885 15,685 18,842 20,613 21,390 21,741 22,850
  Other short-term paper 16,123 18,109 21,932 21,066 18,331 15,080 15,831 21,375 36,212
  Mortgages 2,773 2,144 2,095 2,048 2,018 1,925 1,855 1,839 1,839
  Bonds:
    Provincial 296,328 306,994 324,049 320,004 334,414 343,380 358,801 362,358 386,882
    Municipal 35,950 35,805 36,268 37,081 38,959 41,326 44,772 46,647 48,258
    Other 1,782 1,800 2,617 3,090 3,433 3,741 3,902 3,816 3,785
  Life insurance and
   pensions		 46,358 48,275 50,572 52,511 54,805 56,974 59,921 62,219 64,665
  Government claims 11,856 12,134 11,608 12,804 12,576 11,581 10,756 11,207 10,713
  Other liabilities 111,797 125,394 129,655 140,292 145,586 166,247 181,010 187,428 186,644
  Total liabilities 557,894 582,383 610,956 620,586 644,513 683,454 724,064 747,517 793,676
Financial assets
  Currency and deposits 16,276 16,162 17,273 18,381 19,819 23,105 25,374 27,527 27,957
  Trade receivables 5,865 5,938 6,078 5,980 5,932 6,872 7,144 7,332 7,397
  Loans 9,576 11,646 13,084 14,140 16,219 18,176 23,089 24,069 24,701
  Canada short-term
   paper		 4,517 6,310 6,525 6,828 7,070 7,429 6,810 9,174 12,701
  Other short-term paper 24,282 18,095 24,208 20,540 29,910 37,344 40,451 40,458 47,263
  Mortgages 6,168 5,511 5,533 6,761 7,170 9,298 11,059 11,403 11,408
  Canada bonds 18,028 20,561 18,890 22,911 18,940 21,474 26,561 29,051 32,125
  Provincial bonds 32,176 35,140 37,091 37,615 38,312 37,158 37,095 44,748 46,366
  Municipal bonds 8,172 7,991 7,817 7,682 7,986 9,116 13,110 15,454 17,030
  Other bonds 13,233 14,852 15,579 15,698 15,311 22,310 27,303 23,265 21,853
  Government claims 81,615 87,397 86,850 93,757 96,177 103,387 95,328 101,167 103,481
  Shares 46,697 49,162 49,661 51,491 51,048 57,548 60,963 61,058 60,865
  Foreign investments 4,395 5,926 7,488 8,870 10,802 12,627 16,213 17,450 17,672
  Other financial assets 57,464 62,993 56,823 56,574 65,514 74,594 91,256 95,884 103,501
  Total financial assets 328,464 347,684 352,900 367,228 390,210 440,438 481,756 508,040 534,320
Net financial assets -229,430 -234,699 -258,056 -253,358 -254,303 -243,016 -242,308 -239,477 -259,356
Non-financial assets
  Residential structures 7,714 7,853 8,098 8,303 8,348 8,530 11,307 12,928 13,530
  Non-residential
   structures		 267,723 272,651 282,116 294,719 313,786 328,785 350,237 380,780 424,262
  Machinery and
   equipment		 16,402 18,326 20,094 20,615 21,299 20,539 21,913 23,550 24,152
  Land 73,296 74,650 77,495 81,508 87,813 92,576 100,758 111,391 123,682
  Total non-financial
   assets		 365,135 373,480 387,803 405,145 431,246 450,430 484,215 528,649 585,626
  Total assets 693,599 721,164 740,703 772,373 821,456 890,868 965,971 1,036,689 1,119,946
Net worth 135,705 138,781 129,747 151,787 176,943 207,414 241,907 289,172 326,270
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 2008
(millions of dollars)
Liabilities
  Total liabilities 307 451 19 164 63 266 606 1,273 6,721
Financial assets
  Bonds:
    Government of Canada 3,401 3,387 3,365 3,349 3,281 3,072 1,934 1,809 994
    Provincial government 26,432 25,138 23,475 21,889 21,542 21,006 20,663 21,849 20,501
  Other short-term paper 0 0 446 2,959 8,729 11,837 15,788 18,663 16,151
  Foreign investments 0 0 6,737 8,144 11,488 21,617 37,273 38,222 42,305
  Government claims 5,693 4,350 5,501 5,503 4,396 141 110 348 23
  Shares 6,441 14,038 13,653 18,256 19,465 18,928 15,658 15,751 17,943
  Other financial assets 0 0 1,400 4,209 2,383 7,572 11,278 17,210 28,564
  Total financial assets 41,967 46,913 54,577 64,309 71,284 84,173 102,704 113,852 126,481
Net worth 41,660 46,462 54,558 64,145 71,221 83,907 102,098 112,579 119,760
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 2008
(millions of dollars)
Liabilities
  Total liabilities 0 0 0 0 0 0 0 0 0
Financial assets
  Government claims 18,350 16,452 18,125 18,754 22,421 22,782 32,680 33,026 26,172
  Other financial assets 0 0 0 0 0 0 0 0 0
  Total financial assets 18,350 16,452 18,125 18,754 22,421 22,782 32,680 33,026 26,172
Net worth 18,350 16,452 18,125 18,754 22,421 22,782 32,680 33,026 26,172
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 2008
(millions of dollars)
Liabilities
  Currency and
   bank deposits		 3,735 3,901 4,118 4,189 4,293 4,509 4,728 4,855 5,081
  Other deposits 2,592 2,620 2,606 0 0 0 0 0 0
  Trade payables 18,297 15,479 15,242 16,859 16,132 23,398 26,576 29,181 32,298
  Loans 14,862 14,216 14,986 15,788 18,942 20,714 21,491 21,841 22,958
  Canada short-
   term paper		 84,362 99,729 107,050 118,941 118,762 129,632 126,307 117,712 183,771
  Other short-term
   paper		 16,123 18,109 21,932 21,066 18,331 15,080 15,831 21,375 36,212
  Mortgages 2,773 2,144 2,095 2,048 2,018 1,925 1,855 1,839 1,839
  Canada bonds 355,308 339,262 331,079 315,027 295,423 285,530 278,641 267,330 274,234
  Provincial bonds 296,328 306,994 324,049 320,004 334,414 343,380 358,801 362,358 386,882
  Municipal bonds 35,950 35,805 36,268 37,081 38,959 41,326 44,772 46,647 48,258
  Other bonds 1,782 1,800 2,617 3,090 3,433 3,741 3,902 3,816 3,785
  Life insurance
   and pensions		 182,473 168,178 179,647 182,866 186,946 191,154 196,679 202,359 207,104
  Government
   claims		 20,847 19,851 20,582 21,674 19,180 13,561 11,575 11,898 11,242
  Other liabilities 147,110 177,831 163,540 175,240 185,646 223,309 240,041 250,579 259,805
  Total liabilities 1,182,542 1,205,919 1,225,811 1,233,873 1,242,479 1,297,259 1,331,199 1,341,790 1,473,469
Financial assets
  Currency and
   deposits		 24,042 25,091 22,598 22,672 23,589 26,890 29,902 32,018 56,561
  Trade
   receivables		 5,883 5,958 6,098 6,236 6,143 7,079 7,351 7,616 7,662
  Loans 22,336 26,003 29,900 35,519 32,264 35,751 39,957 41,665 42,667
  Canada short-
   term paper		 4,882 6,900 7,115 7,431 7,611 8,254 7,635 10,133 13,647
  Other short-
   term paper		 24,365 18,095 24,654 23,499 40,099 50,611 57,669 60,451 64,692
  Mortgages 6,701 5,871 5,893 7,258 7,779 9,984 11,745 11,940 11,839
  Canada bonds 24,204 28,518 26,321 31,615 27,256 29,837 33,778 36,249 37,863
  Provincial bonds 58,905 60,656 60,944 59,858 60,183 58,422 58,016 66,875 67,144
  Municipal bonds 8,172 7,991 7,817 7,682 7,986 9,116 13,110 15,454 17,030
  Other bonds 13,892 15,634 16,361 16,390 16,170 24,898 31,541 30,372 28,545
  Government
   claims		 172,366 184,537 190,487 189,545 187,977 192,809 200,140 207,651 266,686
  Shares 54,367 64,520 64,634 71,098 70,630 76,610 76,881 77,021 79,014
  Foreign
   investments		 4,395 6,167 14,466 17,100 22,355 34,307 53,549 55,714 60,016
  Other financial
   assets		 58,139 73,591 61,913 70,354 75,630 98,862 118,389 117,699 139,644
  Total financial
   assets		 482,649 529,532 539,201 566,257 585,672 663,430 739,663 770,858 893,010
Net financial
 assets		 -699,893 -676,387 -686,610 -667,616 -656,807 -633,829 -591,536 -570,932 -580,459
Non-financial assets
  Residential
   structures		 7,714 7,853 8,098 8,303 8,348 8,530 11,307 12,928 13,530
  Non-residential
   structures		 298,231 303,460 313,018 326,067 346,261 362,187 384,786 417,603 464,047
  Machinery and
   equipment		 25,294 27,635 30,252 29,939 30,305 29,344 30,520 32,555 32,691
  Inventories 409 396 301 370 406 394 362 377 406
  Land 81,228 82,660 85,560 89,753 96,484 101,561 110,156 121,554 134,662
  Total non-
   financial assets		 412,876 422,004 437,229 454,432 481,804 502,016 537,131 585,017 645,336
  Total assets 895,525 951,536 976,430 1,020,689 1,067,476 1,165,446 1,276,794 1,355,875 1,538,346
Net worth -287,017 -254,383 -249,381 -213,184 -175,003 -131,813 -54,405 14,085 64,877
Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0007).
Data in this table include Canada Pension Plan and Québec Pension Plan liabilities and assets.


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