The Toronto skyline in Canada

Canada Fiscal Balance

Canada Fiscal Balance

Fiscal Balance in Canada

Canada maintained a relatively stable fiscal position from 2013 to 2019, with efforts to manage the deficit effectively. However, the COVID-19 pandemic in 2020 led to a significant increase in the deficit due to emergency spending and economic support measures. By 2022, while the economy was recovering, the government faced the challenge of reducing the enlarged deficit, balancing the need for continued economic support with long-term fiscal sustainability.

The fiscal balance in Canada averaged -1.8% of GDP in the decade to 2022, above the average for Major Economies of -4.5% of GDP. The fiscal balance in 2022 was -0.8% of GDP. For more fiscal balance information, visit our dedicated page.

Canada Fiscal Balance Chart

Note: This chart displays Fiscal Balance (% of GDP) for Canada from 2014 to 2023.
Source: Macrobond.

Canada Fiscal Balance Data

2019 2020 2021 2022 2023
Fiscal Balance (% of GDP) 0.0 -10.9 -2.9 0.1 -0.6
Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Canadian fiscal balance projections for the next ten years from a panel of 19 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable fiscal balance forecast available for Canadian fiscal balance.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Canadian fiscal balance projections.

Want to get access to the full dataset of Canadian fiscal balance forecasts? Send an email to

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest