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Ministère des Finances

Ministère des Finances

Québec’s debt

How much is the Québec government’s debt?

As at March 31, 2022, the gross debt stood at $211.0 billion, or 41.8% of GDP.

Despite the substantial increase in debt in 2020‑2021 due to the pandemic, the gross debt‑to‑GDP ratio is again decreasing and has been decreasing since 2021‑2022.

As at March 31, 2023, the gross debt will stand at $224.4 billion, or 40.4% of GDP.

Gross debt corresponds to the amount of debt contracted on financial markets (consolidated direct debt) plus the net liability for the pension plans and other future benefits of public and parapublic sector employees, minus the balance of the Generations Fund. The gross debt does not take into account the government’s assets (fixed assets, investments, etc.).

That is why, in addition to the concept of gross debt, the government uses the concepts of net debt and debt representing accumulated deficits.

Québec Government debt as at March 31, 2023 according to various concepts

  Millions of dollars % of GDP
Gross debt (1) 224 351 40.4
Less: Financial assets, net of other liabilities (2) – 24 726  
Net debt 199 625 36.0
Less: Non-financial assets – 92 461
Debt representing accumulated deficits 107 164 19.3

(1) The gross debt excludes pre‑financing and takes into account the sums accumulated in the Generations Fund.
(2) Financial assets include, in particular, investments in government enterprises (e.g., Hydro‑Québec) and accounts receivable, minus other liabilities (e.g., accounts payable).