At March 31, 2018, contractual obligations amount to $137,921 million ($121,718 million in 2017), of which $39,001 million pertains to fiscal year 2019.The activities of government can also involve the negotiation of contracts or agreements with third parties that result in the government having rights to both assets and revenues in the future. The Canada Pension Plan (CPP), which includes the assets of the CPP under the administration of the Canada Pension Plan Investment Board, is excluded from the reporting entity because changes to the CPP require the agreement of two thirds of participating provinces and it is therefore not controlled by the Government.The Government accounts for transactions on an accrual basis, using the Government's accounting policies that are described in Note 1 to its audited consolidated financial statements, which are based on Canadian public sector accounting standards. In addition, certain Budget 2017 amounts have been reclassified to conform to the current year's presentation in the condensed consolidated financial statements, with no overall impact on the budgeted 2018 annual deficit.Since actual opening balances of the accumulated deficit and net debt were not available at the time of preparation of Budget 2017, the corresponding amounts in the budget column have been adjusted to the actual closing balances of the previous year.The nature of government activities results in large multi-year contracts and agreements, including international treaties, protocols and agreements of various size and importance. The Government has determined that a material measurement uncertainty exists with respect to the reported amounts for public sector pensions and other employee and veteran future benefits. The balance of cash and cash equivalents includes a $20-billion designated deposit held with the Bank of Canada with respect to prudential liquidity management. Caution: GDP at basic prices differs from GDP in the treatment of taxes and subsidies.A table of Canadian provinces and territories by descending GDP (at current prices and expenditure-based); all figures are from Figures may not add up precisely due to omission of the statistical discrepancy column and the "Outside Canada" row.
Higher nominal GDP growth in 2017 was due to both stronger real GDP growth and GDP inflation (the latter reflecting the waning impact of the negative oil price shock on Canada's terms of trade, i.e. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Global trade and investment picked up in 2017, contributing to job creation, and fiscal policy remained supportive. This growth is primarily attributable to a $4.2-billion increase in tangible capital assets and a $1.0-billion increase in prepaid expenses and other non-financial assets. The largest source of federal revenues is personal income tax revenues, which accounted for 49.0 per cent of total revenues in 2017–18. Near term is defined as a period of time not to exceed one year from March 31.
Economic growth was fairly broad-based across sectors and regions. The following chart shows the budgetary balance as a percentage of GDP since 1989–90.
Both real and nominal GDP growth in 2017 were in line with the Budget 2018 forecast. In 2017–18, expenses amounted to $332.6 billion, up $20.1 billion, or 6.4 per cent, from 2016–17. This change represents a fundamental adjustment to the methodology used to select the discount rate and, therefore, is considered a change in accounting policy which was applied on a retroactive basis. The ratio stood at 14.6 per cent in 2017–18, up from 14.4 per cent in 2016–17. This performance was helped by very accommodative monetary policy across most economies, with the policy interest rates of most major central banks remaining low and some central banks continuing to deploy extraordinary monetary policy measures to support economic growth, close output gaps and help revive inflation.
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