Consolidated government finance: assets and liabilities

As of March 31, 2002, the consolidated net debt (defined as the excess of liabilities over financial assets) of the federal, provincial, territorial and local governments fell to $796.3 billion, a decrease of $0.8 billion (-0.1%) over March 31, 2001. The federal government net debt decreased by $10.6 billion while that of the provincial, territorial and local governments increased by $9.8 billion.

As a percentage of gross domestic product, the net debt of these consolidated governments decreased from 71.5% to 71.0% in 2002. Per capita, the net debt decreased from $25,785 to $25,476.

For 2002, the consolidated net debt of provincial, territorial and local governments, showed Newfoundland and Labrador with the highest per capita net debt ($18,867), followed by Quebec ($14,458) and Nova Scotia ($12,466). For their part, Alberta, Yukon and the Northwest Territories did not register any net debt.

Note: The Financial Management System (FMS) provides a standardized presentation of government accounting for the federal, provincial and local governments in Canada. The individual governments' accounting systems are not directly comparable because the policies and structure of governments differ. The FMS adjusts data from governments' Public Accounts and other records to provide detailed data that permit inter-government comparisons, as well as compatible national aggregates that are consistent over time. In other words, FMS statistics may not accord with the figures published in government financial statements. A reconciliation statement of the two presentations is available.

Available on CANSIM: tables 385-0014 and 385-0017.

Definitions, data sources and methods: survey numbers, including related surveys, 1702, 1709 and 1723.

Data are available through custom and special tabulation. For more information, or general inquiries on the products or services of the Public Institutions Division, contact Joanne Rice (613-951-0767; joanne.rice@statcan.gc.ca).

For further information on this release, or to enquire about the concepts, methods or data quality of this release, contact Andy Gareau (613-951-1826) or Robert Larocque (613-951-1836), Public Institutions Division.