Bank of Canada Business Outlook Survey: data
Winter 2011-12
Note: Each quarter, the Business Outlook Survey results are based on interviews with senior management of about 100 firms. Since the responses to the questions are calculated as percentages, when the sample is not exactly 100 firms, or respondents do not answer all questions, the results are rounded. Therefore, in some cases, calculating a balance of opinion using the greater and lesser categories may differ slightly from the actual balance of opinion. Also, totals may not always add to 100%.
| Chart 1 |
| PAST SALES GROWTH |
|---|
| Over the past 12 months, the rate of increase in your firm’s sales volume (compared with the previous 12 months) was… |
|---|
| Date | Greater (%) | Less (%) | Balance of Opinion |
|---|
| Q4 2011 | 54 | 25 | 29 |
| Q3 2011 | 53 | 23 | 30 |
| Q2 2011 | 52 | 28 | 24 |
| Q1 2011 | 60 | 32 | 29 |
| Q4 2010 | 56 | 26 | 30 |
| Q3 2010 | 55 | 33 | 22 |
| Q2 2010 | 49 | 31 | 18 |
| Q1 2010 | 22 | 65 | -43 |
| Q4 2009 | 19 | 70 | -51 |
| Q3 2009 | 22 | 65 | -43 |
| Q2 2009 | 17 | 69 | -52 |
| Q1 2009 | 30 | 48 | -18 |
| Q4 2008 | 30 | 55 | -25 |
| Q3 2008 | 35 | 37 | -2 |
| Q2 2008 | 39 | 32 | 7 |
| Q1 2008 | 42 | 33 | 9 |
| Q4 2007 | 49 | 27 | 22 |
| Q3 2007 | 44 | 27 | 18 |
| Q2 2007 | 43 | 31 | 12 |
| Q1 2007 | 44 | 26 | 18 |
| Q4 2006 | 45 | 30 | 15 |
| Q3 2006 | 40 | 31 | 9 |
| Q2 2006 | 46 | 28 | 18 |
| Q1 2006 | 49 | 22 | 27 |
| Q4 2005 | 51 | 20 | 32 |
| Q3 2005 | 46 | 22 | 24 |
| Q2 2005 | 51 | 31 | 20 |
| Q1 2005 | 55 | 26 | 29 |
| Q4 2004 | 47 | 28 | 19 |
| Q3 2004 | 50 | 34 | 17 |
| Q2 2004 | 42 | 33 | 9 |
| Q1 2004 | 42 | 40 | 2 |
| Q4 2003 | 39 | 39 | 0 |
| Q3 2003 | 48 | 38 | 10 |
| Q2 2003 | 37 | 38 | -1 |
| Q1 2003 | 45 | 37 | 8 |
| Q4 2002 | 38 | 30 | 8 |
| Q3 2002 | 47 | 37 | 10 |
| Q2 2002 | 46 | 33 | 14 |
| Q1 2002 | 36 | 51 | -14 |
| Q4 2001 | 36 | 50 | -14 |
| Q3 2001 | 34 | 44 | -10 |
| Q2 2001 | 38 | 41 | -3 |
| Q1 2001 | 53 | 30 | 23 |
| Q4 2000 | 53 | 24 | 28 |
| Q3 2000 | 60 | 17 | 43 |
| Q2 2000 | 62 | 14 | 48 |
| Q1 2000 | 51 | 18 | 33 |
| Q4 1999 | 49 | 26 | 23 |
| Q3 1999 | 57 | 28 | 29 |
| Q2 1999 | 44 | 38 | 7 |
| Q1 1999 | 41 | 38 | 3 |
| Q4 1998 | 34 | 37 | -3 |
| Q3 1998 | 31 | 41 | -10 |
| Chart 2 |
| FUTURE SALES GROWTH |
|---|
| Over the next 12 months, the rate of increase in your firm’s sales volume (compared with the past 12 months) is expected to be… |
|---|
| Date | Greater (%) | Less (%) | Balance of Opinion |
|---|
| Q4 2011 | 37 | 41 | -4 |
| Q3 2011 | 39 | 33 | 6 |
| Q2 2011 | 49 | 29 | 20 |
| Q1 2011 | 51 | 38 | 13 |
| Q4 2010 | 51 | 29 | 22 |
| Q3 2010 | 55 | 26 | 29 |
| Q2 2010 | 53 | 29 | 25 |
| Q1 2010 | 64 | 20 | 44 |
| Q4 2009 | 70 | 21 | 50 |
| Q3 2009 | 69 | 16 | 53 |
| Q2 2009 | 61 | 23 | 39 |
| Q1 2009 | 30 | 52 | -22 |
| Q4 2008 | 23 | 57 | -34 |
| Q3 2008 | 37 | 34 | 3 |
| Q2 2008 | 37 | 33 | 4 |
| Q1 2008 | 36 | 38 | -2 |
| Q4 2007 | 38 | 38 | 0 |
| Q3 2007 | 35 | 32 | 3 |
| Q2 2007 | 40 | 28 | 12 |
| Q1 2007 | 41 | 27 | 14 |
| Q4 2006 | 34 | 27 | 7 |
| Q3 2006 | 34 | 31 | 3 |
| Q2 2006 | 42 | 26 | 16 |
| Q1 2006 | 36 | 33 | 3 |
| Q4 2005 | 41 | 25 | 16 |
| Q3 2005 | 39 | 25 | 14 |
| Q2 2005 | 45 | 25 | 20 |
| Q1 2005 | 44 | 24 | 20 |
| Q4 2004 | 42 | 34 | 8 |
| Q3 2004 | 48 | 26 | 22 |
| Q2 2004 | 46 | 21 | 24 |
| Q1 2004 | 46 | 28 | 18 |
| Q4 2003 | 54 | 22 | 32 |
| Q3 2003 | 48 | 26 | 22 |
| Q2 2003 | 43 | 29 | 14 |
| Q1 2003 | 47 | 27 | 20 |
| Q4 2002 | 45 | 28 | 17 |
| Q3 2002 | 44 | 33 | 11 |
| Q2 2002 | 49 | 19 | 30 |
| Q1 2002 | 57 | 27 | 29 |
| Q4 2001 | 36 | 39 | -3 |
| Q3 2001 | 31 | 37 | -6 |
| Q2 2001 | 34 | 30 | 5 |
| Q1 2001 | 41 | 42 | -1 |
| Q4 2000 | 36 | 34 | 2 |
| Q3 2000 | 36 | 29 | 7 |
| Q2 2000 | 29 | 35 | -6 |
| Q1 2000 | 51 | 21 | 31 |
| Q4 1999 | 58 | 16 | 43 |
| Q3 1999 | 41 | 35 | 6 |
| Q2 1999 | 43 | 30 | 14 |
| Q1 1999 | 49 | 24 | 25 |
| Q4 1998 | 32 | 33 | -1 |
| Q3 1998 | 27 | 44 | -18 |
| Chart 3 |
| INVESTMENT IN MACHINERY AND EQUIPMENT |
|---|
| Over the next 12 months, your firm’s investment spending on M&E (compared with the past 12 months) is expected to be… |
|---|
| Date | Higher (%) | Lower (%) | Balance of Opinion |
|---|
| Q4 2011 | 40 | 19 | 21 |
| Q3 2011 | 41 | 19 | 22 |
| Q2 2011 | 48 | 18 | 30 |
| Q1 2011 | 46 | 22 | 24 |
| Q4 2010 | 44 | 15 | 29 |
| Q3 2010 | 46 | 10 | 36 |
| Q2 2010 | 38 | 26 | 12 |
| Q1 2010 | 43 | 21 | 22 |
| Q4 2009 | 42 | 25 | 17 |
| Q3 2009 | 33 | 30 | 3 |
| Q2 2009 | 27 | 39 | -12 |
| Q1 2009 | 26 | 40 | -14 |
| Q4 2008 | 17 | 48 | -31 |
| Q3 2008 | 38 | 18 | 20 |
| Q2 2008 | 40 | 16 | 24 |
| Q1 2008 | 28 | 27 | 2 |
| Q4 2007 | 33 | 25 | 8 |
| Q3 2007 | 32 | 26 | 7 |
| Q2 2007 | 40 | 19 | 21 |
| Q1 2007 | 48 | 19 | 29 |
| Q4 2006 | 40 | 20 | 20 |
| Q3 2006 | 35 | 20 | 15 |
| Q2 2006 | 45 | 18 | 27 |
| Q1 2006 | 51 | 16 | 35 |
| Q4 2005 | 43 | 24 | 19 |
| Q3 2005 | 39 | 19 | 20 |
| Q2 2005 | 44 | 23 | 21 |
| Q1 2005 | 39 | 22 | 17 |
| Q4 2004 | 45 | 23 | 22 |
| Q3 2004 | 40 | 23 | 17 |
| Q2 2004 | 41 | 18 | 22 |
| Q1 2004 | 33 | 26 | 7 |
| Q4 2003 | 31 | 20 | 11 |
| Q3 2003 | 29 | 27 | 2 |
| Q2 2003 | 24 | 27 | -3 |
| Q1 2003 | 30 | 28 | 2 |
| Q4 2002 | 38 | 24 | 14 |
| Q3 2002 | 41 | 19 | 22 |
| Q2 2002 | 33 | 19 | 14 |
| Q1 2002 | 24 | 31 | -7 |
| Q4 2001 | 22 | 37 | -15 |
| Q3 2001 | 29 | 35 | -6 |
| Q2 2001 | 32 | 35 | -3 |
| Q1 2001 | 35 | 23 | 13 |
| Q4 2000 | 42 | 29 | 13 |
| Q3 2000 | 50 | 24 | 26 |
| Q2 2000 | 30 | 22 | 8 |
| Q1 2000 | 38 | 27 | 11 |
| Q4 1999 | 50 | 22 | 28 |
| Q3 1999 | 29 | 26 | 3 |
| Q2 1999 | 34 | 16 | 18 |
| Q1 1999 | 34 | 37 | -3 |
| Q4 1998 | 45 | 29 | 16 |
| Q3 1998 | 33 | 35 | -2 |
| Chart 4 |
| FUTURE EMPLOYMENT LEVEL |
|---|
| Over the next 12 months, your firm’s level of employment is expected to be… |
|---|
| Date | Higher (%) | Lower (%) | Balance of Opinion |
|---|
| Q4 2011 | 54 | 9 | 45 |
| Q3 2011 | 52 | 14 | 38 |
| Q2 2011 | 57 | 4 | 53 |
| Q1 2011 | 50 | 13 | 37 |
| Q4 2010 | 49 | 8 | 41 |
| Q3 2010 | 39 | 14 | 25 |
| Q2 2010 | 50 | 10 | 40 |
| Q1 2010 | 50 | 12 | 38 |
| Q4 2009 | 54 | 14 | 41 |
| Q3 2009 | 42 | 15 | 27 |
| Q2 2009 | 39 | 17 | 22 |
| Q1 2009 | 25 | 26 | -1 |
| Q4 2008 | 20 | 28 | -8 |
| Q3 2008 | 40 | 12 | 28 |
| Q2 2008 | 44 | 11 | 33 |
| Q1 2008 | 45 | 12 | 33 |
| Q4 2007 | 42 | 12 | 30 |
| Q3 2007 | 45 | 8 | 37 |
| Q2 2007 | 46 | 12 | 34 |
| Q1 2007 | 51 | 6 | 45 |
| Q4 2006 | 50 | 10 | 40 |
| Q3 2006 | 52 | 11 | 41 |
| Q2 2006 | 44 | 9 | 35 |
| Q1 2006 | 51 | 8 | 43 |
| Q4 2005 | 58 | 9 | 50 |
| Q3 2005 | 59 | 9 | 51 |
| Q2 2005 | 46 | 14 | 32 |
| Q1 2005 | 50 | 11 | 39 |
| Q4 2004 | 50 | 12 | 38 |
| Q3 2004 | 44 | 11 | 33 |
| Q2 2004 | 47 | 15 | 32 |
| Q1 2004 | 45 | 14 | 31 |
| Q4 2003 | 41 | 14 | 27 |
| Q3 2003 | 43 | 10 | 33 |
| Q2 2003 | 33 | 15 | 18 |
| Q1 2003 | 47 | 13 | 34 |
| Q4 2002 | 40 | 18 | 22 |
| Q3 2002 | 47 | 16 | 31 |
| Q2 2002 | 48 | 11 | 38 |
| Q1 2002 | 44 | 18 | 26 |
| Q4 2001 | 28 | 27 | 1 |
| Q3 2001 | 31 | 20 | 11 |
| Q2 2001 | 34 | 17 | 17 |
| Q1 2001 | 43 | 13 | 30 |
| Q4 2000 | 44 | 17 | 27 |
| Q3 2000 | 47 | 12 | 35 |
| Q2 2000 | 52 | 15 | 36 |
| Q1 2000 | 46 | 13 | 33 |
| Q4 1999 | 50 | 13 | 38 |
| Q3 1999 | 38 | 15 | 23 |
| Q2 1999 | 49 | 14 | 35 |
| Q1 1999 | 38 | 20 | 18 |
| Q4 1998 | 35 | 20 | 15 |
| Q3 1998 | 28 | 28 | 0 |
| Chart 5 |
| ABILITY TO MEET DEMAND |
|---|
| How would you rate the current ability of your firm to meet an unexpected increase in demand? |
|---|
| Date | Some difficulty (% of firms) | Significant difficulty (% of firms) |
|---|
| Q4 2011 | 36 | 10 |
| Q3 2011 | 35 | 8 |
| Q2 2011 | 46 | 5 |
| Q1 2011 | 38 | 5 |
| Q4 2010 | 35 | 3 |
| Q3 2010 | 26 | 9 |
| Q2 2010 | 35 | 4 |
| Q1 2010 | 26 | 4 |
| Q4 2009 | 26 | 3 |
| Q3 2009 | 17 | 5 |
| Q2 2009 | 25 | 3 |
| Q1 2009 | 29 | 1 |
| Q4 2008 | 29 | 7 |
| Q3 2008 | 36 | 11 |
| Q2 2008 | 40 | 9 |
| Q1 2008 | 29 | 15 |
| Q4 2007 | 42 | 18 |
| Q3 2007 | 42 | 12 |
| Q2 2007 | 41 | 14 |
| Q1 2007 | 32 | 18 |
| Q4 2006 | 36 | 14 |
| Q3 2006 | 32 | 15 |
| Q2 2006 | 34 | 14 |
| Q1 2006 | 33 | 12 |
| Q4 2005 | 35 | 15 |
| Q3 2005 | 36 | 10 |
| Q2 2005 | 34 | 9 |
| Q1 2005 | 26 | 11 |
| Q4 2004 | 38 | 7 |
| Q3 2004 | 33 | 10 |
| Q2 2004 | 38 | 8 |
| Q1 2004 | 27 | 4 |
| Q4 2003 | 32 | 6 |
| Q3 2003 | 29 | 6 |
| Q2 2003 | 34 | 7 |
| Q1 2003 | 35 | 6 |
| Q4 2002 | 33 | 4 |
| Q3 2002 | 35 | 6 |
| Q2 2002 | 39 | 4 |
| Q1 2002 | 26 | 4 |
| Q4 2001 | 34 | 1 |
| Q3 2001 | 19 | 4 |
| Q2 2001 | 35 | 0 |
| Q1 2001 | 37 | 12 |
| Q4 2000 | 35 | 8 |
| Q3 2000 | 43 | 13 |
| Q2 2000 | 52 | 6 |
| Q1 2000 | 41 | 13 |
| Q4 1999 | 37 | 10 |
| Q3 1999 | 38 | 11 |
| Chart 6 |
| LABOUR SHORTAGES |
|---|
| Does your firm face any shortages of labour that restrict your ability to meet demand? |
|---|
| Date | Yes (% of firms) |
|---|
| Q4 2011 | 29 |
| Q3 2011 | 25 |
| Q2 2011 | 25 |
| Q1 2011 | 14 |
| Q4 2010 | 16 |
| Q3 2010 | 20 |
| Q2 2010 | 12 |
| Q1 2010 | 12 |
| Q4 2009 | 7 |
| Q3 2009 | 16 |
| Q2 2009 | 17 |
| Q1 2009 | 13 |
| Q4 2008 | 20 |
| Q3 2008 | 36 |
| Q2 2008 | 40 |
| Q1 2008 | 30 |
| Q4 2007 | 41 |
| Q3 2007 | 41 |
| Q2 2007 | 33 |
| Q1 2007 | 41 |
| Q4 2006 | 35 |
| Q3 2006 | 37 |
| Q2 2006 | 27 |
| Q1 2006 | 44 |
| Q4 2005 | 49 |
| Q3 2005 | 51 |
| Q2 2005 | 36 |
| Q1 2005 | 33 |
| Q4 2004 | 36 |
| Q3 2004 | 44 |
| Q2 2004 | 37 |
| Q1 2004 | 35 |
| Q4 2003 | 30 |
| Q3 2003 | 34 |
| Q2 2003 | 31 |
| Q1 2003 | 36 |
| Q4 2002 | 40 |
| Q3 2002 | 38 |
| Q2 2002 | 39 |
| Q1 2002 | 31 |
| Q4 2001 | 35 |
| Q3 2001 | 35 |
| Q2 2001 | 48 |
| Q1 2001 | 51 |
| Q4 2000 | 59 |
| Q3 2000 | 56 |
| Q2 2000 | 65 |
| Q1 2000 | 43 |
| Q4 1999 | 44 |
| Q3 1999 | 36 |
| Q2 1999 | 68 |
| Q1 1999 | 31 |
| Q4 1998 | 40 |
| Q3 1998 | 26 |
| Chart 7 |
| INPUT PRICE INFLATION |
|---|
| Over the next 12 months, are prices of products/services purchased expected to increase at a greater, lesser, or the same rate as over the past year? |
|---|
| Date | Increase at a greater rate (%) | Increase at a lesser rate (%) | Balance of Opinion |
|---|
| Q4 2011 | 28 | 23 | 5 |
| Q3 2011 | 26 | 23 | 3 |
| Q2 2011 | 50 | 15 | 35 |
| Q1 2011 | 53 | 15 | 39 |
| Q4 2010 | 42 | 11 | 31 |
| Q3 2010 | 43 | 23 | 20 |
| Q2 2010 | 48 | 14 | 34 |
| Q1 2010 | 46 | 17 | 29 |
| Q4 2009 | 42 | 22 | 20 |
| Q3 2009 | 37 | 27 | 10 |
| Q2 2009 | 30 | 45 | -15 |
| Q1 2009 | 24 | 57 | -34 |
| Q4 2008 | 17 | 65 | -48 |
| Q3 2008 | 23 | 38 | -15 |
| Q2 2008 | 51 | 13 | 38 |
| Q1 2008 | 42 | 16 | 26 |
| Q4 2007 | 26 | 32 | -6 |
| Q3 2007 | 23 | 26 | -3 |
| Q2 2007 | 20 | 20 | 0 |
| Q1 2007 | 19 | 30 | -11 |
| Q4 2006 | 24 | 35 | -11 |
| Q3 2006 | 25 | 31 | -6 |
| Q2 2006 | 31 | 24 | 7 |
| Q1 2006 | 26 | 29 | -3 |
| Q4 2005 | 34 | 17 | 17 |
| Q3 2005 | 43 | 15 | 28 |
| Q2 2005 | 27 | 27 | 0 |
| Q1 2005 | 26 | 25 | 1 |
| Q4 2004 | 17 | 40 | -23 |
| Q3 2004 | 32 | 33 | -1 |
| Q2 2004 | 43 | 22 | 20 |
| Q1 2004 | 22 | 32 | -11 |
| Q4 2003 | 19 | 23 | -4 |
| Q3 2003 | 17 | 34 | -17 |
| Q2 2003 | 23 | 34 | -11 |
| Q1 2003 | 31 | 25 | 6 |
| Q4 2002 | 33 | 20 | 13 |
| Q3 2002 | 30 | 12 | 17 |
| Q2 2002 | 25 | 17 | 8 |
| Q1 2002 | 21 | 29 | -8 |
| Q4 2001 | 12 | 45 | -33 |
| Q3 2001 | 9 | 38 | -29 |
| Q2 2001 | 23 | 28 | -5 |
| Q1 2001 | 20 | 30 | -10 |
| Q4 2000 | 26 | 20 | 6 |
| Q3 2000 | 28 | 20 | 8 |
| Q2 2000 | 39 | 14 | 26 |
| Q1 2000 | 26 | 17 | 9 |
| Q4 1999 | 24 | 18 | 6 |
| Q3 1999 | 22 | 25 | -3 |
| Q2 1999 | 36 | 13 | 23 |
| Q1 1999 | 16 | 30 | -14 |
| Q4 1998 | 19 | 21 | -2 |
| Q3 1998 | 22 | 23 | -1 |
| Chart 8 |
| OUTPUT PRICE INFLATION |
|---|
| Over the next 12 months, are prices of products/services sold expected to increase at a greater, lesser, or the same rate as over the past year? |
|---|
| Date | Increase at a greater rate (%) | Increase at a lesser rate (%) | Balance of Opinion |
|---|
| Q4 2011 | 30 | 37 | -7 |
| Q3 2011 | 24 | 33 | -9 |
| Q2 2011 | 36 | 23 | 13 |
| Q1 2011 | 46 | 32 | 14 |
| Q4 2010 | 38 | 15 | 23 |
| Q3 2010 | 45 | 16 | 29 |
| Q2 2010 | 47 | 19 | 28 |
| Q1 2010 | 45 | 17 | 28 |
| Q4 2009 | 38 | 28 | 10 |
| Q3 2009 | 37 | 34 | 3 |
| Q2 2009 | 29 | 39 | -10 |
| Q1 2009 | 25 | 59 | -35 |
| Q4 2008 | 30 | 53 | -23 |
| Q3 2008 | 29 | 33 | -5 |
| Q2 2008 | 42 | 22 | 20 |
| Q1 2008 | 34 | 24 | 11 |
| Q4 2007 | 28 | 26 | 2 |
| Q3 2007 | 25 | 28 | -4 |
| Q2 2007 | 23 | 32 | -9 |
| Q1 2007 | 29 | 32 | -3 |
| Q4 2006 | 29 | 31 | -2 |
| Q3 2006 | 23 | 31 | -8 |
| Q2 2006 | 27 | 20 | 7 |
| Q1 2006 | 31 | 26 | 5 |
| Q4 2005 | 29 | 26 | 3 |
| Q3 2005 | 34 | 23 | 11 |
| Q2 2005 | 23 | 25 | -2 |
| Q1 2005 | 31 | 23 | 8 |
| Q4 2004 | 21 | 36 | -15 |
| Q3 2004 | 32 | 22 | 10 |
| Q2 2004 | 29 | 33 | -4 |
| Q1 2004 | 29 | 33 | -4 |
| Q4 2003 | 16 | 35 | -19 |
| Q3 2003 | 26 | 23 | 3 |
| Q2 2003 | 26 | 33 | -7 |
| Q1 2003 | 25 | 26 | -1 |
| Q4 2002 | 28 | 30 | -2 |
| Q3 2002 | 32 | 19 | 12 |
| Q2 2002 | 34 | 20 | 14 |
| Q1 2002 | 24 | 33 | -9 |
| Q4 2001 | 15 | 41 | -27 |
| Q3 2001 | 25 | 30 | -5 |
| Q2 2001 | 23 | 40 | -17 |
| Q1 2001 | 24 | 29 | -5 |
| Q4 2000 | 28 | 21 | 7 |
| Q3 2000 | 28 | 22 | 6 |
| Q2 2000 | 26 | 21 | 5 |
| Q1 2000 | 29 | 14 | 15 |
| Q4 1999 | 23 | 24 | -1 |
| Q3 1999 | 29 | 22 | 7 |
| Q2 1999 | 27 | 18 | 9 |
| Q1 1999 | 22 | 30 | -9 |
| Q4 1998 | 20 | 34 | -14 |
| Q3 1998 | 14 | 41 | -27 |
| Chart 9 |
| INFLATION EXPECTATIONS |
|---|
| Over the next two years, what do you expect the annual rate of inflation to be, based on the consumer price index? |
|---|
| Date | Below 1 per cent (% of firms) | 1 to 2 per cent (% of firms) | 2 to 3 per cent (% of firms) | Above 3 per cent (% of firms) |
|---|
| Q4 2011 | 3 | 41 | 51 | 4 |
| Q3 2011 | 0 | 41 | 47 | 7 |
| Q2 2011 | 1 | 18 | 62 | 18 |
| Q1 2011 | 2 | 21 | 58 | 15 |
| Q4 2010 | 2 | 47 | 44 | 3 |
| Q3 2010 | 7 | 53 | 32 | 5 |
| Q2 2010 | 2 | 50 | 45 | 3 |
| Q1 2010 | 0 | 54 | 40 | 6 |
| Q4 2009 | 9 | 61 | 20 | 7 |
| Q3 2009 | 6 | 49 | 34 | 11 |
| Q2 2009 | 11 | 49 | 35 | 4 |
| Q1 2009 | 41 | 37 | 15 | 4 |
| Q4 2008 | 30 | 43 | 22 | 3 |
| Q3 2008 | 1 | 18 | 48 | 32 |
| Q2 2008 | 0 | 13 | 50 | 36 |
| Q1 2008 | 0 | 28 | 52 | 17 |
| Q4 2007 | 0 | 30 | 56 | 12 |
| Q3 2007 | 0 | 16 | 68 | 12 |
| Q2 2007 | 1 | 14 | 70 | 14 |
| Q1 2007 | 1 | 28 | 60 | 10 |
| Q4 2006 | 1 | 26 | 60 | 11 |
| Q3 2006 | 0 | 15 | 63 | 20 |
| Q2 2006 | 0 | 15 | 61 | 22 |
| Q1 2006 | 2 | 15 | 63 | 18 |
| Q4 2005 | 0 | 14 | 61 | 19 |
| Q3 2005 | 0 | 10 | 60 | 27 |
| Q2 2005 | 1 | 18 | 68 | 7 |
| Q1 2005 | 0 | 33 | 60 | 4 |
| Q4 2004 | 0 | 29 | 56 | 12 |
| Q3 2004 | 0 | 33 | 54 | 9 |
| Q2 2004 | 0 | 22 | 55 | 17 |
| Q1 2004 | 0 | 45 | 47 | 5 |
| Q4 2003 | 0 | 40 | 54 | 3 |
| Q3 2003 | 1 | 43 | 52 | 4 |
| Q2 2003 | 0 | 39 | 55 | 5 |
| Q1 2003 | 1 | 15 | 57 | 26 |
| Q4 2002 | 0 | 27 | 63 | 9 |
| Q3 2002 | 1 | 32 | 61 | 5 |
| Q2 2002 | 2 | 28 | 60 | 4 |
| Q1 2002 | 2 | 62 | 33 | 2 |
| Q4 2001 | 5 | 59 | 31 | 2 |
| Q3 2001 | 1 | 34 | 55 | 2 |
| Q2 2001 | 0 | 25 | 61 | 8 |
| Chart 10 |
| CREDIT CONDITIONS |
|---|
| Over the past 3 months, how have the terms and conditions for obtaining financing changed (compared with the previous 3 months)? |
|---|
| Date | Tightened (%) | Eased (%) | Balance of Opinion |
|---|
| Q4 2011 | 28 | 23 | 5 |
| Q3 2011 | 11 | 24 | -13 |
| Q2 2011 | 2 | 26 | -24 |
| Q1 2011 | 14 | 21 | -6 |
| Q4 2010 | 8 | 22 | -14 |
| Q3 2010 | 11 | 27 | -16 |
| Q2 2010 | 8 | 18 | -10 |
| Q1 2010 | 14 | 15 | -1 |
| Q4 2009 | 14 | 26 | -12 |
| Q3 2009 | 21 | 25 | -4 |
| Q2 2009 | 33 | 21 | 12 |
| Q1 2009 | 44 | 8 | 36 |
| Q4 2008 | 63 | 6 | 58 |
| Q3 2008 | 44 | 12 | 32 |
| Q2 2008 | 29 | 15 | 14 |
| Q1 2008 | 41 | 17 | 24 |
| Q4 2007 | 32 | 8 | 24 |
| Q3 2007 | 32 | 7 | 25 |
| Q2 2007 | 10 | 25 | -15 |
| Q1 2007 | 11 | 29 | -19 |
| Q4 2006 | 10 | 21 | -10 |
| Q3 2006 | 9 | 28 | -19 |
| Q2 2006 | 14 | 20 | -5 |
| Q1 2006 | 11 | 16 | -5 |
| Q4 2005 | 15 | 23 | -8 |
| Q3 2005 | 12 | 34 | -22 |
| Q2 2005 | 13 | 30 | -17 |
| Q1 2005 | 14 | 33 | -19 |
| Q4 2004 | 8 | 28 | -20 |
| Q3 2004 | 16 | 20 | -4 |
| Q2 2004 | 15 | 18 | -3 |
| Q1 2004 | 11 | 27 | -16 |
| Q4 2003 | 15 | 25 | -10 |
| Q3 2003 | 20 | 30 | -10 |
| Q2 2003 | 24 | 13 | 11 |
| Q1 2003 | 29 | 10 | 19 |
| Q4 2002 | 27 | 12 | 15 |
| Q3 2002 | 23 | 13 | 10 |
| Q2 2002 | 25 | 14 | 11 |
| Q1 2002 | 36 | 4 | 32 |
| Q4 2001 | 40 | 10 | 30 |