Archived - Fiscal Reference Tables – 2011: Part 9 of 10

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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(1) Primary-cyclically adjusted(1) Actual Cyclically adjusted(1) Primary-cyclically adjusted(1)
(millions of dollars)
1975 -5,215 -5,553 -3,020 -6,143 -6,570 -3,782
1976 -4,835 -5,840 -2,695 -5,567 -7,127 -3,508
1977 -9,505 -10,822 -7,249 -9,054 -11,199 -7,084
1978 -13,526 -15,186 -10,495 -11,686 -14,542 -9,118
1979 -11,162 -13,897 -7,541 -9,542 -13,931 -7,427
1980 -12,545 -14,446 -6,390 -12,787 -15,532 -7,606
1981 -10,001 -11,361 169 -10,195 -12,254 -1,252
1982 -21,341 -14,673 -159 -26,693 -15,175 -788
1983 -27,880 -19,009 -3,732 -33,613 -19,643 -3,572
1984 -33,677 -29,698 -10,808 -34,957 -29,090 -8,658
1985 -37,998 -38,214 -15,551 -41,711 -42,625 -17,815
1986 -28,933 -30,134 -5,920 -36,605 -38,628 -11,361
1987 -25,990 -29,972 -4,025 -30,307 -37,435 -7,308
1988 -26,292 -37,005 -7,082 -26,572 -43,978 -10,185
1989 -27,697 -39,497 -3,888 -30,235 -48,797 -9,227
1990 -33,309 -39,305 826 -39,633 -48,392 -3,432
1991 -37,214 -31,010 8,300 -57,257 -42,844 1,658
1992 -35,787 -25,531 12,267 -63,928 -41,256 4,164
1993 -39,696 -28,786 8,731 -63,354 -39,581 7,314
1994 -35,088 -28,603 9,903 -51,684 -37,907 12,086
1995 -31,700 -26,559 17,822 -43,181 -31,733 24,890
1996 -16,957 -7,767 35,920 -23,421 -3,891 52,214
1997 6,476 13,526 54,799 1,640 16,193 69,943
1998 7,676 14,558 56,522 765 16,111 71,375
1999 8,770 10,568 51,914 15,855 19,440 74,119
2000 20,028 14,852 57,242 31,705 19,763 73,657
2001 12,010 12,715 51,648 7,292 10,001 62,407
2002 9,396 13,463 47,825 -1,088 8,761 56,208
2003 4,121 8,138 40,582 -1,024 8,633 53,148
2004 10,830 12,051 43,021 11,146 12,824 55,725
2005 1,019 -1,677 27,536 21,248 14,286 54,320
2006 12,478 7,915 36,961 23,780 13,878 51,332
2007 15,375 12,503 39,083 21,551 14,357 48,946
2008 -2,021 298 23,299 -6,317 -1,385 30,621
2009 -32,957 9,383 31,252 -74,724 15,563 46,623
2010 -42,585 203 22,395 -90,244 -4,179 27,736
Sources: Statistics Canada, Sector Accounts (Table 380-0007); Government of Canada Budgetary Revenues and Expenditures (Table 183-0014); Department of Finance.
Estimates are based on an update of the methodology developed in 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. In particular, this update incorporates the effects from terms of trade in the calculation of the cyclical component.
(1) For 2009 and 2010, temporary counter-cyclical fiscal measures are included in the cyclical component of the balance andtherefore excluded from the cyclically-adjusted budgetary balance.

 

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(1) Primary-cyclically adjusted(1) Actual Cyclically adjusted(1) Primary-cyclically adjusted(1)
  (per cent of potential GDP)
1975 -3.0 -3.2 -1.7 -3.5 -3.8 -2.2
1976 -2.4 -2.9 -1.4 -2.8 -3.6 -1.8
1977 -4.4 -5.0 -3.3 -4.1 -5.1 -3.2
1978 -5.6 -6.4 -4.4 -4.9 -6.1 -3.8
1979 -4.1 -5.1 -2.8 -3.5 -5.1 -2.7
1980 -4.0 -4.7 -2.1 -4.1 -5.0 -2.5
1981 -2.8 -3.2 0.0 -2.9 -3.4 -0.4
1982 -5.3 -3.7 0.0 -6.6 -3.8 -0.2
1983 -6.5 -4.4 -0.9 -7.8 -4.5 -0.8
1984 -7.4 -6.5 -2.4 -7.6 -6.4 -1.9
1985 -7.9 -7.9 -3.2 -8.7 -8.8 -3.7
1986 -5.7 -5.9 -1.2 -7.2 -7.6 -2.2
1987 -4.8 -5.5 -0.7 -5.6 -6.9 -1.3
1988 -4.5 -6.3 -1.2 -4.5 -7.5 -1.7
1989 -4.4 -6.3 -0.6 -4.8 -7.7 -1.5
1990 -5.0 -5.9 0.1 -5.9 -7.2 -0.5
1991 -5.3 -4.4 1.2 -8.1 -6.1 0.2
1992 -4.9 -3.5 1.7 -8.7 -5.6 0.6
1993 -5.2 -3.8 1.2 -8.4 -5.2 1.0
1994 -4.5 -3.6 1.3 -6.6 -4.8 1.5
1995 -3.8 -3.2 2.1 -5.2 -3.8 3.0
1996 -2.0 -0.9 4.1 -2.7 -0.5 6.0
1997 0.7 1.5 6.1 0.2 1.8 7.7
1998 0.8 1.6 6.1 0.1 1.7 7.7
1999 0.9 1.1 5.3 1.6 2.0 7.5
2000 1.9 1.4 5.4 3.0 1.9 6.9
2001 1.1 1.1 4.6 0.7 0.9 5.6
2002 0.8 1.2 4.1 -0.1 0.8 4.9
2003 0.3 0.7 3.3 -0.1 0.7 4.3
2004 0.8 0.9 3.3 0.9 1.0 4.3
2005 0.1 -0.1 2.0 1.5 1.0 4.0
2006 0.9 0.5 2.6 1.6 1.0 3.6
2007 1.0 0.8 2.6 1.4 0.9 3.2
2008 -0.1 0.0 1.4 -0.4 -0.1 1.9
2009 -2.0 0.6 1.9 -4.6 1.0 2.9
2010 -2.5 0.0 1.3 -5.3 -0.2 1.6
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 are based on an update of the methodology developed in 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. In particular, this update incorporates the effects from terms of trade in the calculation of the cyclical component.
(1)For 2009 and 2010, temporary counter-cyclical fiscal measures are included in the cyclical component of the balance andtherefore excluded from the cyclically-adjusted budgetary balance.
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(1) Primary-cyclically adjusted(1) Actual Cyclically adjusted(1) Primary-cyclically adjusted(1)
  (per cent of potential GDP)
1976 0.6 0.2 0.4 0.7 0.2 0.4
1977 -1.9 -2.0 -2.0 -1.3 -1.5 -1.5
1978 -1.3 -1.4 -1.1 -0.8 -1.0 -0.6
1979 1.5 1.3 1.6 1.4 1.0 1.1
1980 0.1 0.4 0.7 -0.6 0.1 0.3
1981 1.2 1.5 2.1 1.3 1.6 2.1
1982 -2.5 -0.5 -0.1 -3.8 -0.3 0.2
1983 -1.1 -0.7 -0.8 -1.1 -0.8 -0.6
1984 -0.9 -2.1 -1.5 0.1 -1.8 -1.1
1985 -0.5 -1.4 -0.9 -1.0 -2.5 -1.8
1986 2.2 2.0 2.1 1.5 1.2 1.5
1987 0.9 0.4 0.4 1.6 0.7 0.9
1988 0.3 -0.8 -0.5 1.0 -0.6 -0.4
1989 0.1 0.1 0.6 -0.3 -0.2 0.3
1990 -0.6 0.4 0.7 -1.1 0.5 1.0
1991 -0.3 1.5 1.0 -2.2 1.2 0.7
1992 0.4 0.9 0.5 -0.6 0.4 0.3
1993 -0.4 -0.3 -0.5 0.4 0.4 0.4
1994 0.8 0.2 0.1 1.8 0.4 0.6
1995 0.6 0.4 0.9 1.4 1.0 1.5
1996 1.9 2.3 2.0 2.5 3.4 3.0
1997 2.7 2.4 1.9 2.9 2.3 1.7
1998 0.1 0.1 0.0 -0.1 -0.1 -0.1
1999 0.1 -0.5 -0.8 1.5 0.2 -0.1
2000 1.0 0.3 0.1 1.4 -0.1 -0.6
2001 -0.8 -0.3 -0.7 -2.3 -1.0 -1.3
2002 -0.3 0.0 -0.5 -0.8 -0.1 -0.8
2003 -0.5 -0.5 -0.8 0.0 -0.1 -0.5
2004 0.5 0.3 0.0 0.9 0.3 0.0
2005 -0.8 -1.1 -1.3 0.7 0.1 -0.3
2006 0.8 0.7 0.6 0.1 -0.1 -0.4
2007 0.1 0.3 0.0 -0.2 0.0 -0.3
2008 -1.1 -0.8 -1.1 -1.8 -1.0 -1.3
2009 -1.9 0.6 0.5 -4.2 1.0 1.0
2010 -0.5 -0.6 -0.6 -0.7 -1.2 -1.2
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 are based on an update of the methodology developed in 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. In particular, this update incorporates the effects from terms of trade in the calculation of the cyclical component.
(1)For 2009 and 2010, temporary counter-cyclical fiscal measures are included in the cyclical component of the balance and therefore excluded from the cyclically-adjusted budgetary balance.
Table 48
Federal government liabilities and assets
National Accounts basis
  2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
  (millions of dollars)
Liabilities                    
  Currency
   and
   bank
   deposits
3,901 4,118 4,189 4,293 4,509 4,728 4,900 5,081 5,190 5,320
  Trade
   payables
486 573 854 583 811 750 359 359 879 1,590
  Loans 101 101 103 100 101 101 154 55 164 206
  Life
   insurance
   and
   pensions
119,903 129,075 130,355 132,141 134,180 136,758 140,541 142,978 145,238 147,942
  Government
   claims
7,717 8,974 8,870 6,604 1,980 819 691 529 228 821
  Other
   liabilities
51,986 33,866 34,784 39,997 56,796 58,425 57,882 61,999 73,978 75,551
  Sub-total 184,094 176,707 179,155 183,718 198,377 201,581 204,527 211,001 225,677 231,430
  Canada
   short-term
   paper
99,729 107,050 118,941 118,762 129,632 126,307 117,712 183,771 186,313 174,891
  Canada
   bonds
339,262 331,079 315,027 295,423 285,530 278,641 267,330 274,235 358,993 409,538
  Sub-total:
   Unmatured
   debt
438,991 438,129 433,968 414,185 415,162 404,948 385,042 458,006 545,306 584,429
  Total
   liabilities
623,085 614,836 613,123 597,903 613,539 606,529 589,569 669,007 770,983 815,859
Financial
   assets
  Currency
   and
   deposits
8,929 5,325 4,291 3,770 3,785 4,528 4,441 28,554 14,279 4,176
  Trade
   receivables
20 20 256 211 207 207 263 265 551 551
  Loans 14,357 16,816 21,379 16,045 17,575 16,868 18,207 18,294 14,326 19,411
  Short-term
   paper
590 590 603 2,001 2,255 2,255 2,289 2,224 1,771 1,771
  Mortgages 360 360 497 609 686 686 499 431 533 533
  Bonds 5,730 5,226 6,401 6,223 6,318 6,310 5,939 5,480 5,069 4,900
  Government
   claims
76,338 80,011 71,531 64,983 66,499 72,022 73,110 132,958 190,063 196,634
  Shares 1,320 1,320 1,351 117 134 260 211 205 123 123
  Foreign
   investments
241 241 86 65 63 63 42 39 27 27
  Other
   financial
   assets
10,598 3,690 9,571 7,733 18,515 19,324 6,946 13,051 25,062 29,652
  Total
   financial
   assets
118,483 113,599 115,966 101,757 116,037 122,523 111,947 201,501 251,804 257,778
Net financial
 assets
-504,602 -501,237 -497,157 -496,146 -497,502 -484,006 -477,622 -467,506 -519,179 -558,081
Non-financial
 assets
  Non-
   residential
   structures
30,809 30,902 31,348 32,475 33,402 34,936 36,896 38,906 37,956 38,188
  Machinery
   and
   equipment
9,309 10,158 9,324 9,006 8,805 8,709 9,149 9,684 10,556 10,527
  Inventories 396 301 370 406 394 362 377 406 403 372
  Land 8,010 8,065 8,245 8,671 8,985 9,502 10,183 10,894 10,742 10,922
  Total non-
   financial
   assets
48,524 49,426 49,287 50,558 51,586 53,509 56,605 59,890 59,657 60,009
  Total assets 167,007 163,025 165,253 152,315 167,623 176,032 168,552 261,391 311,461 317,787
Net worth -456,078 -451,811 -447,870 -445,588 -445,916 -430,497 -421,017 -407,616 -459,522 -498,072
Source: Statistics Canada, National Balance Sheet Accounts.
Table 49
Provincial and local governments' liabilities and assets
National Accounts basis
  2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
  (millions of dollars)
Liabilities                    
  Other
   deposits
2,620 2,606 0 0 0 0 0 0 0 0
  Trade
   payables
14,993 14,669 16,005 15,549 22,587 26,334 30,287 31,921 33,548 43,748
  Loans 14,115 14,885 15,685 18,842 20,613 19,526 20,364 20,810 21,785 24,082
  Short-term
   paper
18,109 21,932 21,066 18,331 15,080 16,475 22,875 36,288 40,801 40,478
  Mortgages 2,144 2,095 2,048 2,018 1,925 1,855 1,773 1,745 1,740 1,740
  Bonds 344,599 362,934 360,175 376,806 388,447 407,628 410,067 434,363 462,241 501,406
  Life
   insurance
   and
   pensions
48,275 50,572 52,511 54,805 56,974 59,921 62,486 65,354 68,171 72,740
  Government
   claims
12,134 11,608 12,804 12,576 11,581 10,756 10,553 11,442 11,561 14,163
  Other
   liabilities
125,394 129,655 140,292 145,586 166,247 194,984 211,941 221,106 233,536 243,976
  Total
   liabilities
582,383 610,956 620,586 644,513 683,454 737,479 770,346 823,029 873,383 942,333
Financial
 assets
  Currency
   and
   deposits
16,162 17,273 18,381 19,819 23,105 25,259 28,102 29,132 29,846 30,329
  Trade
   receivables
5,938 6,078 5,980 5,932 6,872 7,096 7,438 7,928 8,236 8,301
  Loans 11,646 13,084 14,140 16,219 18,176 23,090 25,467 28,641 33,147 32,508
  Short-term
   paper
24,405 30,733 27,368 36,980 44,773 47,213 50,909 61,000 62,174 72,370
  Mortgages 5,511 5,533 6,761 7,170 9,298 11,264 10,435 10,791 10,568 10,604
  Bonds 78,544 79,377 83,906 80,549 90,058 103,623 115,669 121,048 122,103 117,035
  Government
   claims
87,397 86,850 93,757 96,177 103,387 99,306 104,549 121,394 122,113 125,187
  Shares 49,162 49,661 51,491 51,048 57,548 67,337 69,968 56,545 65,013 71,525
  Foreign
   investments
5,926 7,488 8,870 10,802 12,627 15,291 19,689 20,529 18,988 19,719
  Other
   financial
   assets
62,993 56,823 56,574 65,514 74,594 93,874 100,897 102,967 100,938 105,708
  Total
   financial
   assets
347,684 352,900 367,228 390,210 440,438 493,353 533,123 559,975 573,126 593,286
Net
 financial
 assets
-234,699 -258,056 -253,358 -254,303 -243,016 -244,126 -237,223 -263,054 -300,257 -349,047
Non-financial
 assets
  Residential
   structures
7,853 8,098 8,303 8,348 8,530 11,312 12,961 13,575 13,811 14,651
  Non-
   residential
   structures
272,651 282,116 294,719 313,786 328,785 357,142 388,341 433,687 451,645 470,144
  Machinery
   and
   equipment
18,326 20,094 20,615 21,299 20,539 22,466 24,328 27,187 30,830 30,514
  Land 74,650 77,495 81,508 87,813 92,576 102,641 113,492 128,041 134,538 141,592
  Total non
   financial
   assets
373,480 387,803 405,145 431,246 450,430 493,561 539,122 602,490 630,824 656,901
  Total assets 721,164 740,703 772,373 821,456 890,868 986,914 1,072,245 1,162,465 1,203,950 1,250,187
Net worth 138,781 129,747 151,787 176,943 207,414 249,435 301,899 339,436 330,567 307,854
Source: Statistics Canada, National Balance Sheet Accounts.
Table 50
Social security funds
National Accounts basis
  2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
  (millions of dollars)
Liabilities
  Total liabilities 451 19 164 63 266 606 1,273 6,721 3,111 2,540
Financial assets
  Bonds: 28,525 26,840 25,238 24,823 25,897 26,066 28,851 26,145 28,430 30,609
  Short-term paper 0 446 2,959 8,729 11,837 15,788 18,663 16,151 14,286 16,552
  Foreign investments 0 6,737 8,144 11,488 21,617 36,379 34,640 39,937 50,820 51,733
  Government claims 20,802 23,626 24,257 26,817 22,923 32,206 35,730 25,772 28,669 33,447
  Corporate claims 0 0 0 0 2,821 6,298 10,141 12,880 15,145 22,166
  Shares 14,038 13,653 18,256 19,465 18,928 14,553 13,678 13,642 9,954 9,830
  Other financial assets 0 1,400 4,209 2,383 2,932 3,973 5,937 14,585 12,468 13,200
  Total financial assets 63,365 72,702 83,063 93,705 106,955 135,263 147,640 149,112 159,772 177,537
Net worth 62,914 72,683 82,899 93,642 106,689 134,657 146,367 142,391 156,661 174,997
Source: Statistics Canada, National Balance Sheet Accounts.
Table 51
Total government liabilities and assets
National Accounts basis
  2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
  (millions of dollars)
Liabilities
  Currency
   and
   deposits
6,521 6,724 4,189 4,293 4,509 4,728 4,900 5,081 5,190 5,320
  Trade
   payables
15,479 15,242 16,859 16,132 23,398 27,084 30,646 32,280 34,427 45,338
  Loans 14,216 14,986 15,788 18,942 20,714 19,627 20,518 20,865 21,949 24,288
  Short-
   term
   paper
117,838 128,982 140,007 137,093 144,712 142,782 140,587 220,059 228,417 216,671
  Mortgages 2,144 2,095 2,048 2,018 1,925 1,855 1,773 1,745 1,740 1,740
  Bonds 683,861 694,013 675,202 672,229 673,977 686,269 677,397 708,598 821,234 910,944
  Life
   insu-
   rance
   and
   pensions
168,178 179,647 182,866 186,946 191,154 196,679 203,027 208,332 213,409 220,682
  Govern-
   ment
   claims
19,851 20,582 21,674 19,180 13,561 11,575 11,244 11,971 11,789 14,984
  Other
   liabilities
177,831 163,540 175,240 185,646 223,309 254,015 271,096 289,826 309,322 320,765
  Total
   liabilities
1,205,919 1,225,811 1,233,873 1,242,479 1,297,259 1,344,614 1,361,188 1,498,757 1,647,477 1,760,732
Financial
 assets
  Currency
   and
   deposits
25,091 22,598 22,672 23,589 26,890 29,787 32,543 57,686 44,125 34,505
  Trade
   recei-
   vables
5,958 6,098 6,236 6,143 7,079 7,303 7,701 8,193 8,787 8,852
  Loans 26,003 29,900 35,519 32,264 35,751 39,958 43,674 46,935 47,473 51,919
  Short-
   term
   paper
24,995 31,769 30,930 47,710 58,865 65,256 71,861 79,375 78,231 90,693
  Mortgages 5,871 5,893 7,258 7,779 9,984 11,950 10,934 11,222 11,101 11,137
  Bonds 112,799 111,443 115,545 111,595 122,273 135,999 150,459 152,673 155,602 152,544
  Govern-
   ment
   claims
184,537 190,487 189,545 187,977 192,809 203,534 213,389 280,124 340,845 355,268
Corporate
 claims
0 0 0 0 2,821 6,298 10,141 12,880 15,145 22,166
  Shares 64,520 64,634 71,098 70,630 76,610 82,150 83,857 70,392 75,090 81,478
  Foreign
   invest-
   ments
6,167 14,466 17,100 22,355 34,307 51,733 54,371 60,505 69,835 71,479
  Other
   financial
   assets
73,591 61,913 70,354 75,630 96,041 117,171 113,780 130,603 138,468 148,560
  Total
   financial
   assets
529,532 539,201 566,257 585,672 663,430 751,139 792,710 910,588 984,702 1,028,601
Net
 financial
 assets
-676,387 -686,610 -667,616 -656,807 -633,829 -593,475 -568,478 -588,169 -662,775 -732,131
Non-
 financial
 assets
  Residential
   structures
7,853 8,098 8,303 8,348 8,530 11,312 12,961 13,575 13,811 14,651
  Non-
   residential
   structures
303,460 313,018 326,067 346,261 362,187 392,078 425,237 472,593 489,601 508,332
  Machinery
   and
   equipment
27,635 30,252 29,939 30,305 29,344 31,175 33,477 36,871 41,386 41,041
  Inventories 396 301 370 406 394 362 377 406 403 372
  Land 82,660 85,560 89,753 96,484 101,561 112,143 123,675 138,935 145,280 152,514
  Total
   non-
   financial
   assets
422,004 437,229 454,432 481,804 502,016 547,070 595,727 662,380 690,481 716,910
  Total
   assets
951,536 976,430 1,020,689 1,067,476 1,165,446 1,298,209 1,388,437 1,572,968 1,675,183 1,745,511
Net
 worth
-254,383 -249,381 -213,184 -175,003 -131,813 -46,405 27,249 74,211 27,706 -15,221
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.