Fiscal Reference Tables

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Fiscal Reference Tables : 8
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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	Primary-cyclically adjusted	Actual	Cyclically adjusted	Primary-cyclically adjusted

	(millions of dollars)
1975	-5,215	-5,724	-3,191	-6,143	-7,052	-4,264
1976	-4,835	-6,465	-3,320	-5,567	-8,508	-4,889
1977	-9,505	-11,196	-7,623	-9,054	-12,242	-8,127
1978	-13,526	-15,299	-10,608	-11,686	-15,115	-9,691
1979	-11,162	-13,324	-6,968	-9,542	-13,748	-7,244
1980	-12,545	-13,329	-5,273	-12,787	-14,307	-6,381
1981	-10,001	-10,350	1,180	-10,195	-10,841	161
1982	-21,341	-12,661	1,853	-26,693	-10,623	3,764
1983	-27,880	-19,726	-4,449	-33,613	-18,099	-2,028
1984	-33,677	-31,334	-12,444	-34,957	-30,431	-9,999
1985	-37,998	-40,164	-17,501	-41,711	-45,878	-21,068
1986	-28,933	-31,788	-7,574	-36,605	-42,141	-14,874
1987	-25,990	-32,729	-6,782	-30,307	-43,608	-13,481
1988	-26,292	-37,985	-8,062	-26,572	-50,108	-16,315
1989	-27,697	-39,480	-3,871	-30,235	-54,113	-14,543
1990	-33,309	-39,218	913	-39,633	-51,969	-7,009
1991	-37,214	-31,815	7,495	-57,257	-46,293	-1,791
1992	-35,787	-26,930	10,868	-63,928	-46,149	-729
1993	-39,696	-30,782	6,735	-63,354	-45,061	1,834
1994	-35,088	-31,753	6,753	-51,684	-44,601	5,392
1995	-31,700	-27,443	16,938	-43,181	-34,062	22,561
1996	-16,957	-8,377	35,310	-23,421	-5,069	51,036
1997	6,476	13,375	54,648	1,640	16,234	69,984
1998	7,676	13,598	55,562	765	13,263	68,527
1999	8,770	9,604	50,950	15,855	17,614	72,293
2000	20,028	16,248	58,638	31,705	23,753	77,647
2001	14,240	17,624	56,557	12,337	19,387	71,294
2002	8,970	11,461	45,983	3,252	8,524	55,184
2003	4,662	11,427	43,801	7,627	21,750	65,444

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
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 GDP)
1975	-3.0	-3.3	-1.9	-3.5	-4.1	-2.5
1976	-2.4	-3.3	-1.7	-2.8	-4.3	-2.5
1977	-4.3	-5.2	-3.5	-4.1	-5.7	-3.8
1978	-5.5	-6.4	-4.4	-4.8	-6.3	-4.0
1979	-4.0	-4.9	-2.5	-3.4	-5.0	-2.6
1980	-4.0	-4.3	-1.7	-4.1	-4.6	-2.0
1981	-2.8	-2.9	0.3	-2.8	-3.0	0.0
1982	-5.6	-3.2	0.5	-7.0	-2.6	0.9
1983	-6.8	-4.6	-1.0	-8.2	-4.2	-0.5
1984	-7.5	-6.9	-2.7	-7.8	-6.7	-2.2
1985	-7.8	-8.4	-3.6	-8.6	-9.6	-4.4
1986	-5.6	-6.3	-1.5	-7.1	-8.3	-2.9
1987	-4.6	-6.1	-1.3	-5.4	-8.1	-2.5
1988	-4.3	-6.6	-1.4	-4.3	-8.7	-2.8
1989	-4.2	-6.3	-0.6	-4.6	-8.7	-2.3
1990	-4.9	-5.9	0.1	-5.8	-7.8	-1.1
1991	-5.4	-4.5	1.1	-8.4	-6.6	-0.3
1992	-5.1	-3.7	1.5	-9.1	-6.4	-0.1
1993	-5.5	-4.1	0.9	-8.7	-6.0	0.2
1994	-4.6	-4.1	0.9	-6.7	-5.7	0.7
1995	-3.9	-3.3	2.1	-5.3	-4.1	2.7
1996	-2.0	-1.0	4.1	-2.8	-0.6	5.9
1997	0.7	1.5	6.1	0.2	1.8	7.8
1998	0.8	1.5	6.0	0.1	1.4	7.4
1999	0.9	1.0	5.2	1.6	1.8	7.3
2000	1.9	1.5	5.5	2.9	2.2	7.3
2001	1.3	1.6	5.1	1.1	1.7	6.4
2002	0.8	1.0	3.9	0.3	0.7	4.7
2003	0.4	0.9	3.5	0.6	1.8	5.3

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
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 GDP)
1976	0.6	0.0	0.2	0.8	-0.3	0.0
1977	-1.9	-1.9	-1.8	-1.3	-1.3	-1.3
1978	-1.2	-1.2	-0.9	-0.7	-0.6	-0.3
1979	1.5	1.5	1.9	1.4	1.3	1.4
1980	0.0	0.6	0.9	-0.7	0.4	0.6
1981	1.2	1.4	2.0	1.2	1.6	2.1
1982	-2.8	-0.3	0.1	-4.2	0.4	0.9
1983	-1.2	-1.4	-1.5	-1.1	-1.5	-1.4
1984	-0.7	-2.3	-1.7	0.4	-2.5	-1.7
1985	-0.3	-1.5	-0.9	-0.8	-2.9	-2.2
1986	2.2	2.1	2.1	1.4	1.2	1.4
1987	1.0	0.2	0.2	1.7	0.3	0.4
1988	0.4	-0.5	-0.1	1.1	-0.6	-0.3
1989	0.1	0.2	0.8	-0.3	0.0	0.5
1990	-0.7	0.4	0.8	-1.2	0.8	1.3
1991	-0.5	1.4	0.9	-2.5	1.2	0.8
1992	0.3	0.8	0.4	-0.8	0.2	0.2
1993	-0.3	-0.4	-0.6	0.4	0.4	0.3
1994	0.9	0.0	0.0	2.0	0.3	0.4
1995	0.6	0.7	1.2	1.4	1.6	2.1
1996	1.9	2.4	2.0	2.5	3.5	3.2
1997	2.8	2.5	2.0	3.0	2.4	1.8
1998	0.1	0.0	-0.1	-0.1	-0.4	-0.4
1999	0.1	-0.5	-0.8	1.5	0.4	0.0
2000	1.0	0.5	0.3	1.3	0.4	-0.1
2001	-0.6	0.1	-0.4	-1.8	-0.5	-0.9
2002	-0.5	-0.6	-1.1	-0.8	-1.0	-1.6
2003	-0.4	-0.1	-0.4	0.3	1.0	0.5

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.
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⁾

Year	Total government	Federal government	Provincial-local	CPP/QPP


	(per cent of potential GDP)
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	-0.3	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	0.4	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	-0.2	0.1
1989	0.2	0.0	0.2	0.0
1990	0.5	0.0	0.5	0.0
1991	1.5	0.6	0.8	0.1
1992	0.5	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	0.0
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	0.6	0.3	0.5	-0.2
2002	0.6	0.5	0.3	-0.1
2003	-0.2	0.1	-0.2	-0.1

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
National Accounts Basis

	1996	1997	1998	1999	2000	2001	2002	2003


	(millions of dollars)
Liabilities
Currency and bank deposits	3,237	3,342	3,426	3,583	3,735	3,901	4,118	4,189
Trade payables	461	292	297	641	721	486	573	854
Loans	0	104	71	103	103	101	101	103
Life insurance and pensions	116,696	122,537	126,778	132,317	136,115	125,903	129,075	128,211
Government claims	7,502	7,588	7,433	8,725	8,992	7,829	9,053	8,944
Other liabilities	42,486	40,179	38,111	41,900	35,006	50,986	32,866	34,420
Canada short-term paper	142,128	116,782	97,253	98,203	84,362	99,729	107,050	118,941
Canada bonds	330,359	348,389	360,273	359,966	355,308	339,262	331,079	314,716
Unmatured debt	472,487	465,171	457,526	458,169	439,670	438,991	438,129	433,657
Total liabilities	642,869	639,213	633,642	645,438	624,342	628,197	613,915	610,378
Financial assets
Currency and deposits	5,780	9,074	8,461	14,698	7,766	8,929	5,325	4,291
Trade receivables	26	24	40	21	18	20	20	256
Loans	10,721	11,116	12,234	11,403	12,760	14,357	16,816	21,379
Canada short-term paper	1	0	27	60	365	590	590	819
Other short-term paper	24	36	2	249	83	0	0	1,704
Mortgages	884	274	394	381	533	360	360	284
Canada bonds	103	83	3,241	2,829	2,775	4,570	4,066	4,272
Provincial bonds	5	5	171	223	297	378	378	378
Municipal bonds	0	0	0	0	0	0	0	0
Other bonds	5	0	249	409	659	782	782	692
Government claims	39,964	39,141	49,072	54,549	66,708	76,281	79,254	70,046
Shares	1,418	1,466	1,280	1,238	1,229	1,320	1,320	1,320
Foreign investments	26	0	0	0	0	241	241	241
Other financial assets	9,932	10,287	3,475	6,003	675	15,098	2,690	8,651
Total financial assets	68,889	71,506	78,646	92,063	93,868	122,926	111,842	114,333
Net financial assets	-573,980	-567,707	-554,996	-553,375	-530,474	-505,271	-502,073	-496,045
Non-financial assets
Non-residential structures	28,519	28,376	28,222	28,646	29,445	29,878	30,232	30,868
Machinery and equipment	8,626	8,820	8,708	8,636	8,567	9,102	9,638	9,799
Inventories	362	373	347	408	409	396	301	305
Land	7,329	7,307	7,281	7,419	7,656	7,768	7,891	8,118
Total non-financial assets	44,836	44,876	44,558	45,109	46,077	47,144	48,062	49,090
Total assets	113,725	116,382	123,204	137,172	139,945	170,070	159,904	163,423
Net worth	-529,144	-522,831	-510,438	-508,266	-484,397	-458,127	-454,011	-446,955

Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).

Table 50
Provincial and local governments' liabilities and assets
National Accounts Basis

	1996	1997	1998	1999	2000	2001	2002	2003


	(millions of dollars)
Liabilities
Other deposits	2,170	2,149	2,444	2,665	2,592	2,620	2,606	0
Trade payables	15,669	17,302	16,307	16,720	17,576	14,993	14,540	15,918
Loans	11,168	12,010	12,934	14,746	14,759	14,352	15,011	16,145
Other short-term paper	16,946	14,762	12,790	17,307	16,123	17,432	15,132	14,797
Mortgages	3,426	3,734	3,997	4,000	2,773	2,374	2,367	2,304
Bonds:
Provincial	266,144	271,493	284,093	290,756	297,778	306,576	318,629	324,827
Municipal	39,640	39,239	36,108	33,265	35,950	35,845	36,353	35,018
Other	1,389	1,435	1,739	1,754	1,782	1,800	1,818	1,841
Life insurance and pensions	26,256	28,771	42,484	44,255	46,358	48,290	50,366	52,203
Government claims	1,628	2,103	1,983	18,952	18,702	18,117	17,064	15,725
Other liabilities	91,734	102,336	94,951	101,175	109,859	111,483	118,368	123,288
Total liabilities	476,170	495,334	509,830	545,595	564,252	573,882	592,254	602,066
Financial assets
Currency and deposits	12,678	12,268	12,958	14,477	16,276	16,159	17,114	16,622
Trade receivables	5,203	5,300	5,410	5,752	5,865	6,001	6,142	6,182
Loans	8,958	8,774	6,993	8,054	9,576	11,543	11,345	11,378
Canada short-term paper	6,223	3,763	3,511	3,382	4,517	6,310	6,525	6,828
Other short-term paper	14,860	16,825	18,573	21,137	24,282	18,095	24,208	20,540
Mortgages	4,336	4,485	5,007	5,604	6,168	6,276	6,274	6,277
Canada bonds	14,947	18,120	15,996	17,989	18,028	20,561	18,890	22,911
Provincial bonds	32,505	29,197	29,055	31,594	32,176	35,140	37,091	37,615
Municipal bonds	13,218	13,190	9,870	8,656	8,172	7,991	7,817	7,682
Other bonds	3,841	5,974	8,181	10,144	13,233	14,852	15,579	15,698
Government claims	65,485	64,707	54,693	65,433	62,602	66,573	68,116	70,909
Shares	23,508	30,923	33,797	42,679	46,697	49,162	49,661	51,676
Foreign investments	1,966	3,389	4,132	3,709	4,395	5,926	7,488	7,871
Other financial assets	43,293	49,455	36,120	61,188	71,851	76,568	69,624	81,954
Total financial assets	251,021	266,370	244,296	299,798	323,838	341,157	345,874	364,143
Net financial assets	-225,149	-228,964	-265,534	-245,797	-240,414	-232,725	-246,380	-237,923
Non-financial assets
Residential structures	7,969	7,960	7,775	7,964	7,714	7,913	8,043	8,237
Non-residential structures	238,558	245,945	250,431	256,241	268,070	274,158	284,230	296,520
Machinery and equipment	12,662	12,894	13,790	15,169	16,847	18,823	20,633	22,085
Land	65,004	67,013	68,230	70,118	73,386	75,086	78,023	81,961
Total non-financial assets	324,193	333,812	340,226	349,492	366,017	375,980	390,929	408,803
Total assets	575,214	600,182	584,522	649,290	689,855	717,137	736,803	772,946
Net worth	99,044	104,848	74,692	103,695	125,603	143,255	144,549	170,880

Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).

Table 51
Canada Pension Plan liabilities and assets
National Accounts Basis

	1996	1997	1998	1999	2000	2001	2002	2003


	(millions of dollars)
Liabilities
Total liabilities	0	0	0	86	98	32	19	164
Financial assets
Bonds:
Government of Canada	3,464	3,453	3,441	3,423	3,401	3,387	3,365	3,349
Provincial government	30,748	29,189	27,584	26,925	26,432	25,138	23,475	21,889
Other short-term paper							446	2,959
Government claims	3,224	3,515	4,146	5,439	5,694	4,350	5,502	5,499
Shares	0	0	0	3,076	6,441	14,038	20,170	25,679
Other financial assets	1,900	1,397	1,982	3,293	7,169	15,559	23,248	25,750
Total financial assets	39,336	37,554	37,153	42,156	49,137	62,472	76,206	85,125
Net worth	39,336	37,554	37,153	42,070	49,039	62,440	76,187	84,961

Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).

Table 52
Quebec Pension Plan liabilities and assets
National Accounts Basis

	1996	1997	1998	1999	2000	2001	2002	2003


	(millions of dollars)
Liabilities
Total liabilities	0	0	0	0	0	0	0	0
Financial assets
Government claims	13,738	14,113	16,011	15,725	18,350	16,452	18,125	16,249
Other financial assets	132	175	193	275	0	0	0	0
Total financial assets	13,870	14,288	16,204	16,000	18,350	16,452	18,125	16,249
Net worth	13,870	14,288	16,204	16,000	18,350	16,452	18,125	16,249

Source: Statistics Canada, National Balance Sheet Accounts (Table 378-0004).

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