Ministère des Finances
Ministère des Finances
Ministère des Finances
Ministère des Finances
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.
| Millions of dollars |
% 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 | |
| DEBT REPRESENTING ACCUMULATED DEFICITS | 112 287 | 22.6 |
(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).
