Public net financial liabilities-to-gross domestic product (GDP) ratio

• General government net financial liabilities as a percentage of gross domestic product (GDP).
• Federal government net financial liabilities as a percentage of gross domestic product (GDP).
• Other levels of government net financial liabilities as a percentage of gross domestic product (GDP).

This indicator is measured through the National Balance Sheet Accounts.

Public net financial liabilities reflect the liabilities that remain after all financial assets have been liquidated at market prices.

Gross domestic product (expenditure-based) refers to the total unduplicated value of the goods and services produced in the economic territory of a country or region during a given period calculated based on the sum of expenditure on final consumption plus gross capital formation plus exports less imports. Gross domestic product, or GDP, is expressed at market prices, a valuation in terms of the prices actually paid by the purchaser after all applicable taxes and subsidies.

General government refers to institutional units that, in addition to fulfilling their political responsibilities and their role of economic regulation, produce services (and possibly goods) for individual or collective consumption mainly on a non-market basis and redistribute income and wealth.

Federal government refers to the subset of general government institutional units that fall within Canada's federal level of government. This includes federal general government; federal ministries, departments, non-autonomous funds and organizations; federal autonomous funds and organizations; federal non-autonomous pension plans.

Other levels of government refer to the subset of general government institutional units that are not part of the federal government. This includes social security funds; Canada Pension Plan; Quebec Pension Plan; provincial and territorial general government; provincial and territorial ministries, departments, non-autonomous funds and organizations; provincial and territorial non-autonomous pension plans; universities and colleges; health and social service institutions; local general government; local municipalities, other local public administrations and non-autonomous funds and organizations; local autonomous funds and organizations; school boards; Indigenous general government; Indigenous governments.

• National Balance Sheet Accounts
  • Table 38-10-0237-01 – Financial indicators of general government sector, national balance sheet accounts

A significant number of data sources are used to compile the National Balance Sheet Accounts. The main data sources include: estimates of capital stock, investment and consumption of fixed capital, the Quarterly Survey of Financial Statements (QSFS), regulatory banking information, administrative sources, pension fund surveys, government finance statistics, and balance of payments statistics. All of these data sources are adjusted to conform to the 2008 System of National Accounts concepts and definitions and integrated into the 2008 System of National Accounts accounting framework.

• Analysis on this indicator is released regularly as part of the quarterly release of the National Balance Sheet and Financial Flow Accounts through The Daily (National Balance Sheet and Financial Flow Accounts release schedule).

Please note that the indicator name "Public net financial liabilities-to-GDP ratio" may also be referred to as "Public debt-to-GDP ratio." For additional information, please consult An overview of revisions to the Financial and Wealth Accounts, 1990 to 2022.