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  Budget 2022-2023

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 in 2020-2021 due to the pandemic, the government expects the objective regarding the gross debt to be attained, thanks to the strong economic recovery.

As at March 31, 2022, the gross debt will stand at $215.3 billion, or 43.1% of GDP.

In the coming years, the debt burden will decline gradually thanks to economic growth, an improved 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) 215 273 43.1
Less: Financial assets, net of other liabilities (2) – 16 285  
Net debt 198 988 39.8
Less: Non-financial assets – 86 363  

(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).