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  Budget 2021-2022

Québec’s debt

How much is the Québec government’s debt?

As at March 31, 2021, the gross debt stood at $210.1 billion, or 46.8% of GDP.

Despite the increase in the debt resulting from the pandemic, in 2020-2021, the government expects that the objective regarding the gross debt will be attained, thanks to a strong economic recovery. The debt is indeed under control.

As at March 31, 2022, the gross debt will stand at $220.4 billion, or 44.3% of GDP.

In the coming years, the debt burden will continue to fall as the result of economic growth, an improvement in the financial situation and deposits in the Generations Fund.

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.

Debt of the Québec Government as at March 31, 2022 according to various concepts
  Millions of
% of GDP
Gross debt (1) 220 434 44.3
Less: Financial assets, net of other liabilities (2) – 21 870  
Net debt 198 564 39.9
Less: Non-financial assets – 86 277  

(1) Gross debt does not include pre-financing and takes into account amounts 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).