Canadian general government deficit contracts due to increase in revenue
The consolidated Canadian general government (CGG) deficit, which includes federal, provincial, territorial and local governments, decreased from $63.7 billion in 2021 to $6.9 billion in 2022, down by $56.8 billion. This contraction is explained by an increase in revenues (+$58.2 billion or +5.9%), which offset a small increase in expenses (+$1.4 billion or +0.1%). The federal government recorded a deficit of $17.4 billion in 2022, down by $44.7 billion, while the consolidated provincial, territorial and local governments (PTLGs) recorded a surplus of $10.4 billion.
As a percentage of nominal gross domestic product (GDP), the CGG deficit fell to 0.2% in 2022 from 2.5% in 2021. Federal government deficit-to-GDP declined from 2.5% in 2021 to 0.6% in 2022, while PTLG recorded a surplus of 0.4% of GDP, the first surplus since 2008.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).