Government of Canada debt in selected years

Not only did the population of the world reach a record 7 billion people on October 31, 2011, but the Canadian Federal Debt also reached an all-time high.  Based on economic forecasts, the Federal Debt (accumulated deficit) reached $568 billion on October 31st. The total Federal interest-bearing debt at March 31, 2011 was $801.8 billion or $23,241 for every person in Canada, significantly higher than the Federal Debt (accumulated deficit) reported in the table below.  To see how the accumulated deficit is calculated, see the Department of Finance report Outstanding Debt at Year-End.

Year Federal
Debt
$billions
Debt as
% of
GDP
Population
millions
Debt per
person
$
1967 $17.7 27.3% 20.0 $885
1971 20.3 22.5% 21.6 941
1976 34.6 19.9% 23.5 1,476
1981 91.9 29.2% 24.8 3,705
1986 227.8 46.9% 26.1 8,728
1991 377.7 55.5% 28.0 13,473
1997 562.9 67.3% 30.0 18,771
2001 520.0 48.3% 31.0 16,762
2006 481.5 35.0% 32.6 14,781
2007 467.3 32.2% 32.9 14,190
2008 457.6 29.9% 33.3 13,736
2009 463.7 28.9% 33.7 13,760
2010 519.1 34.0% 34.1 15,223
2011 550.3 33.9% 34.5 15,952
Dept of Finance Projections:
2012 585.2 34.2%
2013 612.7 34.4%
2014 629.7 33.8%
2015 637.2 32.8%
2016 640.6 31.5% 38.4 16,682
2017 640.0 30.2%

The Federal Debt above is the accumulated deficit as reported in the Department of Finance Fiscal Reference Tables, Table 15 Gross and Net Debt.  These amounts are as at March 31st of each year. The % of GDP is based on the GDP at Market Prices (Statistics Canada V498074) for the prior calendar year.  For instance, the 2011 % of GDP is based on the 2010 GDP.  The amounts for the GDP are obtained from Statistics Canada table for Gross Domestic Product, Income-Based. The population figures, which are as of July 31 of each year, are obtained from Statistics Canada Population by Year, by Province and Territory.  The projected population for 2016 is from Statistics Canada Projected Population by Age Group. The Federal Debt for 2012 to 2017 are projections included in the Update of Economic and Fiscal Projections published by the Department of Finance on November 8, 2011.  The % of GDP for these years is based on the projected GDP figures included in the same update.

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