13-214-XIE
National balance sheet accounts
Fourth quarter 2003

Note to readers

The national balance sheet accounts are statements of the balance sheets of all of the various sectors of the economy. They consist of the non-financial assets owned in the various sectors of the economy and of financial claims outstanding. National wealth is the sum of non-financial assets – produced assets, land surrounding structures and agricultural land – in all sectors of the economy. National net worth is wealth less net foreign liabilities (i.e., what is owed to non-residents less what they owe to us – Canada's net international investment position); alternatively, it is the sum of the net worth of persons, corporations and governments.

Quarterly series run from the first quarter of 1990. At this point, only selected series are available on a seasonally-adjusted basis. The text refers to data unadjusted for seasonal variation unless otherwise specified.

Users are advised that data for Canadian foreign investment in marketable securities (foreign investment) for certain institutional investors’ sectors, in particular in recent years, may differ from those reported in other Statistics Canada surveys. This difference is related to the increased gap between the book value of Canadian asset-holders marketable foreign equity securities on the one hand, and the underlying book values of the foreign firms whose shares are being held and traded on the other. This situation will persist for the next few quarters, as the National Balance Sheet Accounts will continue to follow the International Investment Position concept for valuation of Canadian foreign investment in equity securities. However, this issue will be resolved as both accounts move to a common market valuation for tradable securities.

An annual measure of national wealth that includes selected natural resources is also available (CANSIM table 378-0005).The estimates of natural resources are updated annually at the time of the fourth quarter.