Economic and Fiscal Monitor - August 2017

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Economic and Fiscal Monitor - August 2017.pdf

Get the data
EFM_2017-18_Figures.xlsx         

Summary
Our August 2017 Economic and Fiscal Monitor provides an in-year estimate of Canadian gross domestic product in 2017 and the Government of Canada’s budgetary balance in 2016 17 and 2017-18, based on data released since our April 2017 Economic and Fiscal Outlook, up to and including 4 August 2017. 

PBO projects that Canada’s real gross domestic product (GDP) will grow by 2.8 per cent in 2017, which is 0.3 percentage points higher than projected in PBO’s April Economic and Fiscal Outlook and almost a full percentage point higher than forecast in Budget 2017.

PBO estimates that the Government’s budgetary balance for 2016-17 will be $21.4 billion, or 1.1 per cent of GDP. Our updated deficit estimate is $0.7 billion larger than we forecast in our April outlook. For 2017-18, we are projecting a budgetary deficit of $24.8 billion (1.2 per cent of GDP). This is $0.3 billion larger than our April forecast of $24.6 billion.

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  • 28 April 2017

    This report responds to the 4 February 2016 Standing Committee on Finance motion that “consistent with the Parliamentary Budget Office (PBO) mandate to provide independent analysis about the state of Canada’s finances and trends in the national economy (as outlined in section 79.2 of the Parliament of Canada Act), the PBO provide an economic and fiscal outlook to the Committee the fourth week of October and April of every calendar year, and be available to appear before the Committee to discuss its findings shortly thereafter.”