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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.


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.


  • 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

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.
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.
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.
October 17, 2022

Business Outlook Survey—Third Quarter of 2022

Business confidence has softened, according to results from the third-quarter 2022 Business Outlook Survey and the July through October 2022 Business Leaders’ Pulse surveys. Many firms expect slower sales growth as interest rates rise and demand growth shifts closer to pre-pandemic levels. Early signs suggest that pressures on prices and wages have started to ease, but firms’ inflation expectations remain high.

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