The fiscal snapshot comes after months of economic pain that has seen Canadian unemployment levels hit their highest-ever levels. Real GDP grew 3.0 per cent after posting subdued growth rates in 2015 (1.0 per cent) and 2016 (1.4 per cent). These condensed consolidated financial statements are extracted from the audited consolidated financial statements included in Section 2 of Volume I of the. This performance was helped by very accommodative monetary policy across most economies, with the policy interest rates of most major central banks remaining low and some central banks continuing to deploy extraordinary monetary policy measures to support economic growth, close output gaps and help revive inflation. Both real and nominal GDP growth in 2017 were in line with the Budget 2018 forecast. Contractual obligations and contractual rights (Note 5). General government debt, including unfunded pension liabilities, would be about 105 percent of GDP on a gross basis. Overall, the revenue ratio has declined since 2001–02, due primarily to tax reduction measures in personal and corporate income taxes and the GST. In short: any businesses or consumers hoping for a return to the life they once knew appear to be out of luck for quite a while yet. Under the new methodology, unfunded pension obligations are discounted using actual Government of Canada bond yields in effect at year-end. The revenue ratio—revenues as a percentage of GDP—compares the total of all federal revenues to the size of the economy. This increase reflects growth in loans, investments and advances in enterprise Crown corporations and other government business enterprises, as well as an increase in other loans, investments and advances: Public sector pension assets increased by $0.2 billion. The federal debt (accumulated deficit) is the difference between the Government's total liabilities and its total assets. For Canada, total government net debt includes that of the federal, provincial/territorial and local governments, as well as the net assets held in the Canada Pension Plan and Québec Pension Plan. Within interest-bearing debt, unmatured debt increased by $7.6 billion, due mainly to an increase in marketable bonds. “At some point, the taps are going to have to be turned off and the economy is going to have to take us forward,” he said, adding he wants to see a strategy for the government to chart that course.

The Government's liabilities consist of accounts payable and accrued liabilities and interest-bearing debt. As well, 1.2 million who had previously claimed the benefit stopped doing so in May as lockdown measures began to ease.

At the same time, Finance Minister Bill Morneau provided no indication of a roadmap for when or how the government plans to rein in spending. The debt-to-GDP ratio will rise from 31 per cent to 49 per cent because of the coronavirus emergency spending, the fiscal snapshot noted. Energy taxes grew by $0.1 billion, or 1.9 per cent, due to slightly higher gasoline consumption in 2017–18. “We will have more to say on that in the very near term as we finalize those details as how it can be used to help us get back to work,” Finance Minister Bill Morneau said in a press conference on Wednesday when asked about the extension. As of March 31, 2018, $5,404 million ($5,588 million in 2017) was being appealed to the courts.

At March 31, 2018, interest-bearing debt amounted to $1,002.6 billion, up $18.2 billion from a year earlier. The unprecedented economic shutdown sparked by the need to limit spread of the highly contagious virus saw the government roll out $212 billion in spending on income replacement and scientific research, business loans and grants to vulnerable Canadians. Public debt charges increased by $0.7 billion, or 3.1 per cent, from the prior year. The Government accounts for transactions on an accrual basis, using the Government's accounting policies that are described in Note 1 to its audited consolidated financial statements, which are based on Canadian public sector accounting standards. Elderly benefits consist of Old Age Security and Guaranteed Income Supplement and Allowance payments. Khan added that the financial strain on many provinces and municipalities adds to the focus on the federal government and puts further emphasis on their role in guiding any recovery.

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