Canadian general government deficit narrows as federal government expenses decrease
The consolidated Canadian general government (CGG), which includes federal, provincial, territorial and local governments, recorded a deficit of $68.5 billion in 2024, down from the $94.0 billion deficit reported in 2023. The decline in the deficit reflected revenue growth (+$65.0 billion; +5.9%) outpacing the increase in expenses (+$39.5 billion; +3.3%).
The federal government deficit declined from $82.7 billion in 2023 to $48.7 billion in 2024 (-$34.1 billion), as large one-time exceptional transfer expenses in 2023 impacted the deficit. Meanwhile, the consolidated provincial, territorial and local governments (PTLGs) deficit increased by $8.5 billion in 2024, reaching $19.8 billion.
As a percentage of nominal gross domestic product (GDP), the CGG deficit decreased from 3.2% in 2023 to 2.2% in 2024. The federal government deficit-to-GDP ratio declined from 2.8% in 2023 to 1.6% in 2024, while the PTLG deficit-to-GDP ratio increased from 0.4% to 0.6% over the same period.
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