Ted Mallett, Vice-President and Chief Economist
Report on the financial health of the federal and provincial governments
The economy has settled into a rate of growth consistent with only modest productivity growth and weak business investment. Balanced budgets are becoming more common among the provinces, with some notable exceptions in the resource regions and in Ontario, but overall debt levels are still climbing rapidly. The following charts show total revenues, expenditures and net debt levels for each government, expressed as a percentage of total economic output (GDP). Projections are based on current economic forecasts, government budgets and mid-year updates. We extend projections to 2024-25 based on steady-state assumptions on tax and program spending policy.