🍁 Canada Federal Government Revenue & Expenditure as a % of GDP (1966–2024)
The worst fiscal days of the 1980s are behind us, but 16 straight years of deficits (FY2009–FY2024) have piled on the debt and the interest payments that come with it.
🔹 Key Insights:
📉 Deficits and spending levels today are far healthier than during the FY1976–FY1996 period.
💰 Interest payments on debt have climbed to 9% of the federal budget (1.6% of GDP) in FY2024.
🌎 Canada’s FY2024 federal deficit (12% of budget) is in much better shape than the U.S. federal deficit (27% of budget).
⚠️ With tariff-related impacts on the horizon, higher deficits are likely in FY2025 & FY2026.
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