Suppose the stock of government debt in Canada at the end of one fiscal year is $475 billion. If the stock of debt falls to $461 billion by the end of the next fiscal year, and debt- service payments during that year were $38 billion, then we know that the government had

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The primary budget surplus is calculated by subtracting the change in debt from the debt-service payments: $475 billion - $461 billion = $14 billion decrease in debt, plus $38 billion in debt-service payments equals a $52 billion primary budget surplus.

Suppose the Stock of Government Debt in Canada at the End