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National balance sheet accounts

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Second quarter 2010 (Previous release)

National net worth edged up 0.8% to $6.2 trillion in the second quarter, mainly due to a 1.4% increase in non-financial assets.

National net worth edges up

On a per capita basis, national net worth reached $182,600 in the second quarter, up from $181,800 in the previous quarter.

Note to readers

The National Balance Sheet Accounts (NBSA) comprise the balance sheets of all sectors of the economy: the persons and unincorporated business (households), corporate, government, and non-resident sectors. They cover all national non-financial assets and financial claims and their associated liabilities outstanding in all sectors.

National net worth is national wealth less net foreign liabilities (that is, what is owed to non-residents less what non-residents owe to Canadians). Alternatively, it is the sum of the net worth of the persons and unincorporated business, corporate, and government sectors.

Household credit market debt comprises consumer credit, mortgage, and loan debt of households, non-profit institutions serving households, and unincorporated businesses.

Corporate equity is treated as a liability on the balance sheet of the corporate sector since it represents a claim by shareholders on the corporate sector. As a result, as equity prices increase, corporate net worth will tend to decline, reflecting the increase in the corporate sector's equity liabilities.

Quarterly series, at both book and market value, are available from the first quarter of 1990. Marketable securities are at market value, unless otherwise stated. For more information on the market value estimates, consult the National Balance Sheet estimates at market value page of our website.

As of the release of the NBSA for the third quarter of 2009, a number of sectors and categories that were previously published have been combined, in order to provide more relevant sector and category information.

Market value estimates in the NBSA on annual and quarterly bases have been expanded. Annual market value data are published for all sectors from 1970, while book value estimates remain available from 1961. Quarterly data are available for all sectors from the first quarter of 1990 for market and book value estimates. The release of these estimates will facilitate international comparisons with other countries.

Canada's net foreign debt rose as growth in international liabilities outpaced growth in international assets, moderating the increase in national net worth. The change in net foreign debt reflected the continued strong inflow of funds from abroad, the depreciation of the Canadian dollar and larger price declines in global equity markets compared with Canadian equity markets.

Household net worth down

Household net worth fell 0.6% (or $34 billion) to $5.9 trillion, the first decline since the first quarter of 2009, largely reflecting the decline in North American stock markets. Increases for some financial assets, especially deposits, were more than offset by declines in equities, foreign investment and life insurance and pension assets. Households equity holdings declined for both marketable shares as well as mutual funds. The Standard and Poor's / Toronto Stock Exchange composite index declined almost 6.2%, following increases in the previous four quarters.

Household net worth down

Liabilities of households increased, led by mortgages and consumer credit. The ratio of household credit market debt-to-personal disposable income declined to 143.7%, its first decrease since the first quarter of 2006. The debt-service ratio also declined in the second quarter compared with the first quarter. These developments reflected, in part, the 3.6% increase in personal disposable income in the second quarter of 2010.

Household credit market debt-to-net worth increased after four consecutive declines. Households owner equity as a percentage of real estate assets edged down to its lowest level since the first quarter of 2002, after remaining relatively stable over the previous two quarters.

Household per capita net worth fell to $174,400 in the second quarter, down from $176,000 in the previous quarter.

 Household credit market debt to net worth up

Government debt continues to grow

Financing activity in the second quarter was concentrated in the government sector. This was led by bond issuances by federal and provincial governments.

Expressed at book value, overall government net debt as a percentage of gross domestic product increased to 44.7%, continuing the upward trend from the fourth quarter of 2008. This was the highest ratio since the second quarter of 2006, but still well below the levels reached in the 1990s.

Government of Canada short-term and long-term marketable bond rates decreased in the second quarter. The federal government retired short-term debt, which offset some of the increase in bond debt outstanding, while other levels of government continued to borrow through both short-term and long-term instruments.

Corporate debt to equity edges up

Borrowing through bank loans was up, its first increase since the fourth quarter of 2008, while borrowing through bonds declined. The increase in overall borrowing was matched by equity issues and undistributed corporate earnings. The credit market debt-to-equity ratio expressed at book value edged up from 54.2% in the first quarter to 54.8% in the second quarter.

Corporate debt to equity edges up

Equity investment of financial corporations declines

The asset value of the marketable equities of institutional investors declined, while their holdings of bonds increased. The assets of trusteed pension plans and mutual fund sectors were the most affected by the decline in global equity values.

Available on CANSIM: tables 378-0012 to 378-0014 and 378-0049 to 378-0116.

Definitions, data sources and methods: survey number 1806.

The National economic accounts module, accessible from the Key resource module of our website, features an up-to-date portrait of national and provincial economies and their structure.

The second quarter 2010 National Balance Sheet Accounts: Data Tables, Vol. 3, no. 2 (13-022-X, free), is now available from the Key resource module of our website under Publications.

Additional tables and links to other releases from the national accounts can be found in the second quarter 2010 issue of Canadian Economic Accounts Quarterly Review, Vol. 9, no. 2 (13-010-X, free). This publication is now available from the Key resource module of our website under Publications. This publication will be updated on September 14, at the time of the labour productivity, hourly compensation and unit labour cost release. Revised estimates of the National balance sheet accounts for the first quarter of 2010 have been released, along with those for the second quarter. Data for the third quarter will be released on December 13.

For more information, or to enquire about the concepts, methods or data quality of this release, contact the information officer (613-951-3640; iead-info-dcrd@statcan.gc.ca), Income and Expenditure Accounts Division.

Table 1

National balance sheet accounts
  First quarter 2009 Second quarter 2009 Third quarter 2009 Fourth quarter 2009 First quarter 2010 Second quarter 2010 First quarter to second quarter 2010
  Market value, not seasonally adjusted
  billions of dollars change in billions of dollars
National net worth1 6,055 6,050 6,087 6,137 6,186 6,233 47
  -0.6 -0.1 0.6 0.8 0.8 0.8  
National wealth1 6,095 6,125 6,200 6,269 6,358 6,444 86
  -0.2 0.5 1.2 1.1 1.4 1.4  
Net foreign debt -40 -76 -113 -132 -172 -211 -39
National net worth, by sector              
Household sector 5,437 5,608 5,792 5,895 5,988 5,954 -34
Corporate sector 638 458 317 271 224 329 105
Government sector -20 -17 -22 -29 -27 -50 -23
  dollars change in dollars
National net worth per capita 180,100 179,300 179,700 180,900 181,800 182,600 800
The first line is the series itself expressed in billions of dollars. The second line is the period-to-period percentage change.
Note(s):
Data may not add up to totals as a result of rounding.

Table 2

Household sector indicators
  First quarter 2009 Second quarter 2009 Third quarter 2009 Fourth quarter 2009 First quarter 2010 Second quarter 2010
  Market value, not seasonally adjusted
Household sector            
Net worth            
Household net worth per capita ($) 161,700 166,200 171,000 173,700 176,000 174,400
Net worth as a percentage of personal disposable income (%) 569.69 584.27 602.29 610.48 615.91 603.87
Total assets to net worth (%) 124.87 124.70 124.35 124.31 124.21 124.88
Financial assets to net worth (%) 66.73 68.02 68.73 68.91 69.03 68.43
Financial assets to non-financial assets (%) 114.78 120.02 123.60 124.37 125.09 121.21
Owner's equity as a percentage of real estate (%) 68.91 68.36 68.17 68.02 68.06 67.82
Real estate as a percentage of personal disposable income (%) 286.34 286.09 289.44 292.22 294.48 295.56
Debt            
Household debt ($ billions) 1,352 1,385 1,410 1,433 1,450 1,481
Household debt per capita ($) 40,200 41,000 41,600 42,200 42,600 43,400
Credit market debt ($ billions) 1,334 1,365 1,390 1,413 1,430 1,461
Debt to personal disposible income (%) 142.67 144.12 145.70 146.97 148.58 145.57
Credit market debt to personal disposible income (%) 140.83 142.08 143.84 144.94 146.58 143.67
Consumer credit and mortgage liabilities to personal disposable income (%) 128.87 130.34 132.34 133.72 135.39 132.89
Debt to total assets (%) 19.92 19.80 19.58 19.56 19.49 19.92
Debt to net worth (%) 24.87 24.70 24.35 24.31 24.21 24.88
Credit market debt to net worth (%) 24.53 24.34 24.00 23.97 23.89 24.53
Consumer credit and mortgage liabilities to net worth (%) 22.46 22.33 22.09 22.12 22.03 22.68
Debt to gross domestic product (%) 85.23 88.77 92.20 93.83 93.71 94.17

Table 3

Corporate sector indicators
  First quarter 2009 Second quarter 2009 Third quarter 2009 Fourth quarter 2009 First quarter 2010 Second quarter 2010
  Market value, not seasonally adjusted
Corporate sector            
Net new issuance of debt, non-financial corporations ($ billions) 4 6 -1 -1 4 8
Net new issuance of debt, financial corporations ($ billions) 19 14 10 9 -3 8
Net new issuance of share equity, non-financial corporations ($ billions) 5 8 18 8 7 9
Private non-financial corporations total debt to equity (%) 183.03 176.32 171.78 169.91 169.61 172.64
Private non-financial corporations credit market debt to equity (book value) (%) 58.76 57.51 55.18 54.94 54.24 54.76

Table 4

Government sector indicators
  First quarter 2009 Second quarter 2009 Third quarter 2009 Fourth quarter 2009 First quarter 2010 Second quarter 2010
  Market value, not seasonally adjusted
Government sector            
Net new issuance of debt, federal government ($ billions) 48 9 25 4 13 4
Net new issuance of debt, other levels of government ($ billions) -3 22 2 23 4 24
Total government gross debt (book value) - ($ billions) 1,557 1,579 1,616 1,643 1,678 1,695
Federal government gross debt (book value) - ($ billions) 732 737 769 775 795 788
Other levels of government gross debt (book value) - ($ billions) 819 839 844 865 872 903
Total government net debt (book value) - ($ billions) -608 -625 -645 -664 -680 -704
Federal government net debt (book value) - ($ billions) -481 -499 -513 -518 -534 -542
Other levels of government net debt (book value) - ($ billions) -271 -281 -289 -302 -307 -325
Total government gross debt (book value) to gross domestic product (%) 98.12 101.22 105.64 107.58 108.47 107.79
Federal government gross debt (book value) to gross domestic product (%) 46.12 47.22 50.26 50.75 51.38 50.10
Other levels of government gross debt (book value) to gross domestic product (%) 51.63 53.80 55.16 56.63 56.33 57.44
Total government net debt (book value) to gross domestic product (%) 38.33 40.07 42.16 43.46 43.97 44.74
Federal government net debt (book value) to gross domestic (%) 30.32 32 33.51 33.95 34.53 34.46
Other levels of government net debt (book value) to gross domestic product (%) 17.07 17.99 18.9 19.75 19.86 20.69