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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
Year	Actual	Cyclically adjusted⁽¹⁾	Primary-cyclically adjusted⁽¹⁾	Actual	Cyclically adjusted⁽¹⁾	Primary-cyclically adjusted⁽¹⁾
	Federal government			Total government

	(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
Year	Actual	Cyclically adjusted⁽¹⁾	Primary-cyclically adjusted⁽¹⁾	Actual	Cyclically adjusted⁽¹⁾	Primary-cyclically adjusted⁽¹⁾
	Federal government			Total government

	(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
Year	Actual	Cyclically adjusted⁽¹⁾	Primary-cyclically adjusted⁽¹⁾	Actual	Cyclically adjusted⁽¹⁾	Primary-cyclically adjusted⁽¹⁾
	Federal government			Total government

	(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.

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