▁operating ▁budget , ▁but ▁announced ▁in ▁its ▁ 2 0 1 8 ▁Bud get ▁its ▁intention ▁to ▁run ▁a ▁def ic it ▁of ▁ ¾ ▁percent ▁of ▁Ontario ▁G DP ▁over ▁the ▁next ▁three ▁years . ▁Al berta ▁is ▁running ▁a ▁s izable ▁operating ▁def ic it ▁( about ▁ 2 ¾ ▁percent ▁of ▁Al berta ▁G DP ) ▁and ▁its ▁net ▁deb t ▁has ▁increased ▁rapidly , ▁al beit ▁from ▁a ▁very ▁low ▁base . ▁ ▁The ▁current ▁account ▁balance ▁narrow ed ▁to ▁ 2 . 9 ▁percent ▁of ▁G DP ▁in ▁ 2 0 1 7 ▁( from ▁ 3 . 2 ▁percent ▁of ▁G DP ▁in ▁ 2 0 1 6 ), ▁driven ▁by ▁an ▁improvement ▁in ▁the ▁energy ▁trade ▁balance . ▁The ▁current ▁account ▁def ic it ▁has ▁been ▁largely ▁fin anced ▁by ▁port folio ▁in flow s . ▁Over all , ▁despite ▁its ▁current ▁account ▁def ic it ▁and ▁rising ▁external ▁deb t , ▁Canada ▁remains ▁a ▁net ▁cred itor ▁to ▁the ▁rest ▁of ▁the ▁world . ▁The ▁market ▁value ▁of ▁the ▁net ▁international ▁invest ment ▁position ▁was ▁$ 4 0 0 ▁billion ▁at ▁the ▁end ▁of ▁ 2 0 1 7 , ▁almost ▁dou bling ▁over ▁the ▁year ▁as ▁external ▁assets ▁showed ▁significant ▁valu ation ▁g ains . ▁ ▁With ▁higher ▁re venue ▁collections ▁and ▁lower ▁trans fers ▁to ▁households , ▁the ▁federal ▁government ▁anticip ated ▁a ▁reduction ▁in ▁the ▁cum ulative ▁fis cal ▁def ic it ▁over ▁the ▁next ▁five ▁years ▁( F Y 2 0