Jobs, Strong Economic Growth and Smart Investments Lead to Better Results
September 19, 2017 – Ottawa, Ontario – Department of Finance Canada
The Government of Canada is making investments that are creating jobs, growing the economy, and providing more opportunities for the middle class and those working hard to join it.
The Government's ambitious plan is working: 400,000 jobs have been created over the last year—the majority of them full-time. With the strongest real gross domestic product (GDP) growth seen in a decade, Canada now has the fastest-growing economy in the G7 countries.
The Department of Finance Canada today released the Annual Financial Report of the Government of Canada for 2016–17. The Government posted a budgetary deficit of $17.8 billion for the fiscal year that ended on March 31, 2017—markedly less than the $23.0 billion projected in Budget 2017, and $11.6 billion less than originally projected in Budget 2016.
The Government is committed to sound fiscal management as it continues to make investments to support long-term economic growth and a strong middle class, while preserving Canada's low-debt advantage for current and future generations.
Revenues decreased by $2.0 billion, or 0.7 per cent, from 2015–16. Program expenses increased by $16.2 billion, or 6.0 per cent, reflecting increases in major transfers to persons, major transfers to other levels of government and other transfer payments. Public debt charges were down $1.3 billion, or 5.2 per cent, reflecting a lower average effective interest rate on the stock of interest-bearing debt.
The federal debt (the difference between total liabilities and total assets) stood at $631.9 billion at March 31, 2017. The federal debt-to-GDP ratio was 31.2 per cent—0.3 percentage points lower than projected in Budget 2017, and a full percentage point lower than originally projected in Budget 2016.
As reported by the International Monetary Fund (IMF), Canada's total government net debt-to-GDP ratio, which includes the net debt of the federal, provincial/territorial and local governments, as well as the net assets held in the Canada Pension Plan and Québec Pension Plan, stood at 27.6 per cent in 2016. This is the lowest level among G7 countries, which the IMF expects will record an average net debt of 83.0 per cent of GDP for the same year.
For the 19th consecutive year, the Government has received an unmodified audit opinion from the Auditor General of Canada on the consolidated financial statements.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada
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