| Year | Net debt (% of GDP) |
|---|---|
| 2005 | 38.0 |
| 2007 | 32.5 |
| 2009 | 34.0 |
| 2011 | 38.2 |
| 2013 | 38.9 |
| 2015 | 41.5 |
| 2017 | 40.1 |
| 2019 | 39.4 |
| 2021 | 48.5 |
| 2023 | 42.2 |
(Note: negative values represent a deficit, positive values represent a surplus)
| Year | Fiscal Balance (CAD $ billion) |
|---|---|
| 2005 | +1.5 |
| 2007 | +9.6 |
| 2009 | -5.6 |
| 2011 | -26.3 |
| 2013 | -18.4 |
| 2015 | -2.9 |
| 2017 | -19.0 |
| 2019 | -14.0 |
| 2021 | -327.7 |
| 2023 | -35.3 |
With reference to Figures 1 and 2 and your own economic knowledge, examine the relationship between Canada’s federal government net debt as a percentage of GDP and the federal fiscal balance.
