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Business Outlook Survey



  • 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.
    Content Type(s): Publications, Business Outlook Survey
  • 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.
    Content Type(s): Publications, Business Outlook Survey
  • 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.
    Content Type(s): Publications, Business Outlook Survey
  • July 15, 2024

    Business Outlook Survey—Second Quarter of 2024

    Results from the Business Outlook Survey and the Business Leaders’ Pulse continue to signal weak demand, which is weighing on investment and hiring plans. While few firms are planning layoffs, labour markets are widely seen as continuing to soften. Although they remain above average, wage and inflation expectations are easing. Most firms that made abnormally large price increases in the past 12 months do not plan to do so again in the coming year.
    Content Type(s): Publications, Business Outlook Survey
  • April 1, 2024

    Business Outlook Survey—First Quarter of 2024

    Business sentiment and sales growth expectations have stopped falling, according to firms responding to the Business Outlook Survey and the Business Leaders’ Pulse. But demand remains subdued, which is allowing price pressures and the labour market to ease. As a result, fewer firms than in the previous survey are planning unusually large or frequent price increases over the next 12 months.
    Content Type(s): Publications, Business Outlook Survey
  • January 15, 2024

    Business Outlook Survey—Fourth Quarter of 2023

    Results from the Business Outlook Survey and the Business Leaders’ Pulse show that with high interest rates and soft demand, firms’ sales growth has slowed over the past 12 months. Firms are less optimistic about current business conditions than they were last quarter, but they expect their sales growth to stabilize in the coming year. With competition returning and demand remaining soft, businesses’ pricing behaviour is slowly returning to normal.
    Content Type(s): Publications, Business Outlook Survey
  • October 16, 2023

    Business Outlook Survey—Third Quarter of 2023

    Results from the Business Outlook Survey for the third quarter of 2023, along with those from the July, August and September 2023 Business Leaders’ Pulse surveys suggest that on balance, firms are still planning to make larger and more frequent price increases than they did before the COVID-19 pandemic. Further, businesses' outlook for demand has continued to weaken as higher interest rates impact the economy.
    Content Type(s): Publications, Business Outlook Survey
  • June 30, 2023

    Business Outlook Survey—Second Quarter of 2023

    Results from the Business Outlook Survey for the second quarter of 2023, along with those from the April, May and June 2023 Business Leaders’ Pulse surveys, suggest that capacity pressures remain elevated and expectations of significant price increases continue to be widespread. Firms anticipate that sales growth will begin to moderate from exceptionally high rates as signs of greater uncertainty emerge.
    Content Type(s): Publications, Business Outlook Survey
  • April 3, 2023

    Business Outlook Survey—First Quarter of 2023

    Results from the first-quarter 2023 Business Outlook Survey and the Business Leaders’ Pulse surveys from January through March 2023 show a subdued sales outlook and plans for modest growth in capital expenditures. The labour market remains tight, but pressures have eased from high levels.
    Content Type(s): Publications, Business Outlook Survey
  • January 16, 2023

    Business Outlook Survey—Fourth Quarter of 2022

    Results from the fourth-quarter 2022 Business Outlook Survey and the Business Leaders’ Pulse surveys from October 2022 through January 2023 show that business sentiment has continued to weaken. As a result of rising interest rates, firms’ sales expectations and investment plans are softening. Capacity pressures have moderated from elevated levels. In this context, firms expect a slower pace of price increases.
    Content Type(s): Publications, Business Outlook Survey
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