The Daily, Monday, December 13, 2004. Federal government finance: Assets and liabilities

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Federal government finance: Assets and liabilities

At March 31, 2004, the federal government's net debt (defined as the excess of liabilities over financial assets) fell to $523.6 billion, a decrease of $2.8 billion from March 31, 2003. An increase of $2.0 billion in financial assets and a reduction of $0.8 billion in liabilities explain this drop.

As a percentage of gross domestic product (GDP), the federal government net debt decreased from 43.3% in 2003 to 41.7% in 2004, the lowest since 1984. Per capita, the net debt decreased from $16,678 to $16,437.

These statistics are based on the data released in the federal government's Public Accounts dated March 31, 2004 and converted to Statistics Canada's Financial Management System (FMS). The federal government introduced full accrual accounting in their 2003 financial statements. To retain comparability with prior years, these changes are not included in the FMS presentation. A reconciliation to the assets, liabilities and net debt reported in the Public Accounts is available.

Federal government net debt

Net debt March 31

Net debt percentage of GDP

Net debt per capita

$ millions

1971

18,581

19.9

863

1975

24,769

15.1

1,075

1980

72,555

24.0

2,971

1985

209,891

44.5

8,143

1991

395,075

58.3

14,142

1992

428,682

61.9

15,167

1993

471,061

65.9

16,472

1994

513,219

68.4

17,755

1995

550,685

68.7

18,852

1996

578,718

70.6

19,608

1997

588,402

67.8

19,732

1998

581,581

64.1

19,333

1999

574,468

60.5

18,949

2000

561,733

53.9

18,359

2001

545,300

48.9

17,640

2002

534,690

47.7

17,101

2003

526,492

43.3

16,678

2004

523,648

41.7

16,437

Note: The 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. As a result, FMS statistics frequently differ from the figures published in government financial statements.

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

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

For further information, or to enquire about the concepts, methods or data quality of this release, contact A.J. Gareau (613-951-1826) or Lyne Lafontaine (613-951-6288), Public Institutions Division.