Canadian general government returns to a deficit
The consolidated Canadian general government (CGG), which includes federal, provincial, territorial and local governments, recorded a deficit of $73.7 billion in 2023, following a slight surplus in 2022 ($3.3 billion). The significant growth in expenses (+$103.8 billion; +9.7%) exceeded the increase in revenue (+$26.8 billion; +2.5%), which explains the return to a deficit in 2023.
The federal government deficit was $52.3 billion in 2023, up by $43.1 billion from the previous year, while the consolidated provincial, territorial and local governments (PTLGs) posted a deficit of $21.5 billion in 2023, following a $12.5 billion surplus the year before.
As a percentage of nominal gross domestic product (GDP), the CGG deficit was 2.5% in 2023, following a 0.1% surplus in 2022. Federal government deficit-to-GDP increased to 1.8% in 2023 from 0.3% a year earlier, while PTLGs posted a deficit of 0.7% of GDP, following a slight surplus in 2022 (0.4%).
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