Business Outlook Survey

Four times a year, our regional offices interview business leaders from about 100 firms to gather a broad range of economic perspectives that help us fulfill our mandate as Canada’s central bank.

The results of these interviews are available in our quarterly Business Outlook Surveys (BOS). View the recent survey data and references for more information.

Receive notification by email whenever new surveys are added to the website.

Purpose

Firms are selected from across Canada in accordance with the composition of the country's gross domestic product. They give us their views on:

  • topics of interest to the Bank of Canada, such as demand and capacity pressures;
  • forward-looking views that these firms hold on economic activity.

The BOS results are presented quarterly to the Bank’s Governing Council as a timely input into the monetary policy decision-making process.

Disclaimers:

  • The opinions expressed are those of the respondents, and do not necessarily reflect the views or policies of the Bank of Canada.
  • The method of sample selection ensures a good cross-section of opinion. Nevertheless, the statistical reliability of the survey is limited, given the small sample size.

Industry participation

A rotating, and regularly updated, roster of businesses participates in the survey. Learn why we need business participation and how we engage with businesses.

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Latest Business Outlook Surveys

July 21, 2025

Business Outlook Survey—Second Quarter of 2025

Tariffs and related uncertainty continue to weigh on firms, according to results from the Business Outlook Survey and the Business Leaders’ Pulse. While overall sales outlooks remain weak, outlooks for exports have recovered somewhat, with worst-case trade scenarios appearing less likely. Firms remain cautious in their hiring and investment plans. Some businesses reported cost pressures from tariffs, but competition and weak demand are constraining price pass-through to customers. In this context, firms’ short-term inflation expectations are lower than they were last quarter.
April 7, 2025

Business Outlook Survey—First Quarter of 2025

Business conditions have deteriorated due to the trade conflict with the United States, according to results from the Business Outlook Survey and the Business Leaders’ Pulse. Sales outlooks have softened, particularly for exporters. Firms reported having sufficient capacity, and many are delaying investment and hiring decisions amid uncertainty. Firms expect that widespread tariffs would raise costs and lead to higher selling prices. In this context, expectations for inflation are higher than they were last quarter.
January 20, 2025

Business Outlook Survey—Fourth Quarter of 2024

Results from the Business Outlook Survey and the Business Leaders’ Pulse show that overall business conditions remain subdued, but firms are beginning to anticipate improvements in activity. Sales outlooks continue to show signs of improvement after a period of weakness. Yet many businesses still have spare capacity, which is reducing their need to expand. Firms expect cost growth, including wages, to soften further. Expectations for inflation moved slightly higher but remain within the Bank of Canada’s target range.
October 11, 2024

Business Outlook Survey—Third Quarter of 2024

Results from the Business Outlook Survey and the Business Leaders’ Pulse show that inflationary pressures continue to ease. Firms feel appropriately equipped to meet current and anticipated soft demand. Their investment and hiring plans are therefore modest. Expectations for growth in wages, input costs and selling prices have continued to normalize as inflation has come down.

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