Business Outlook Survey—First Quarter of 2023 https://www.bankofcanada.ca/?p=232462 Sales Credit Prices Investment and employment Capacity BOS Indicator The BOS indicator is re-estimated every quarter with the release of the Business Outlook Survey. As such, even though responses to BOS questions are never revised, the entire time series of the indicator is revised after every release. 2021Q4 2022Q1 2022Q2 2022Q4 2023Q1 Balance of opinion* Balance of Opinion 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… Greater (%) 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… Less (%) 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… Balance of Opinion Indicators of Future Sales - Compared with 12 months ago, have your recent indicators (order books, advanced bookings, sales inquiries, etc.)… Improved (%) Indicators of Future Sales - Compared with 12 months ago, have your recent indicators (order books, advanced bookings, sales inquiries, etc.)… Deteriorated (%) Indicators of Future Sales - Compared with 12 months ago, have your recent indicators (order books, advanced bookings, sales inquiries, etc.)… Balance of Opinion 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… Investment intentions, historical average Average expected wage increase Wage Growth - Over the next 12 months, are increases in labour costs expected to be higher, lower or about the same rate as over the past 12 months? Supply chain bottlenecks Labour bottlenecks Yes (% of firms) Labour Shortages - Does your firm face any shortages of labour that restrict your ability to meet demand? Balance of Opinion Intensity of Labour Shortages - Compared with 12 months ago, are labour shortages generally… More intense Intensity of Labour Shortages - Compared with 12 months ago, are labour shortages generally… Less intense Intensity of Labour Shortages - Compared with 12 months ago, are labour shortages generally… BLP, 1-year-ahead BLP, 2-year-ahead BLP, 5-year-ahead BOS, 2-year estimate 2022 2023 2024 2025 2026 2027 2028+ Not applicable* or don't know Balance of Opinion 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? Increase at a greater rate (%) 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? Increase at a lesser rate (%) 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? Balance of Opinion 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? Increase at a greater rate (%) 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? Increase at a lesser rate (%) 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? Past 12 months Next 12 months 492425-3311630-142230-9 4330141968361323271810 413562362225-329227 58164328442418624222 512131114326179291415 2935-686641142726225 3629726562820828226 3634216592620627216 4142-113512030-102429-5 34305-3482328-52340-17 16 3137-6-63522166939-302530-5 16 3639-3-15351742-251245-331541-27 16 572729-731729-222129-82334-11 16 49193114392219225178342014 16 44331123381820-2301217321912 16 4528171540222113320132830-2 16 4727202361424-9312562526-1 16 432914-3311115-32335-112633-7 16 4826222342814151734-1726233552234-0.390.180.10-0.21-0.55-0.24 16 542232113012841923-41635-19581245-0.510.230.09-0.46-0.47-0.38 16 462818736211382232-112933-4522131-0.420.020.16-0.27-0.47-0.46 16 4621242337248164322202933-45617400.950.250.020.02-0.030.27 16 4826221744436373233-13222105420341.070.260.010.06-0.140.54 16 4234822363410251740-232136-155515400.780.340.19-0.580.140.20 16 4424201733253222625131238579481.310.610.180.050.03-0.08 16 452520213640733282802326-25724330.900.280.17-0.13-0.060.27 16 3925142050465414315283423114816322.670.290.210.360.430.90 16 412516194954648341717292635915442.780.620.060.110.401.17 16 363333544593572629-3312655415392.300.440.03-0.040.630.87 16 42261627346936631247272075119331.610.260.030.090.190.63 16 343131537572552531-62331-85516391.490.210.18-0.290.040.92 16 3427720354010302435-112931-24920291.010.140.09-0.240.140.64 16 41271429415113381930-112932-34523221.750.090.18-0.260.530.94 16 4028122133381127202002332-94722251.050.050.14-0.250.000.71 16 35323741367292325-32528-44819290.540.16-0.29-0.20-0.300.89 16 383808413513222632-628262333030.23-0.17-0.28-0.12-0.471.09 16 3638-2230301318431627352411382711-0.213.6-0.23-0.280.34-0.550.15 16 373342440331716511338422220373251.004.0-0.34-0.170.600.050.49 16 373432036272252439-153035-543349-0.703.7-0.40-0.36-0.33-0.200.19 16 2357-34-3120754-471766-483054-231857-38-6.722.2-1.49-0.64-0.95-2.62-1.35 16 3053-22-1413562-572457-342559-351568-53-6.571.5-1.59-0.41-1.02-1.96-1.96 16 612339-1217267-653045-152939-102748-21-4.891.6-1.47-0.15-0.41-1.24-1.96 16 6916533161059-48372710373433645-9-3.252.0-1.140.020.05-0.69-2.02 16 712150177857-49422220382810512724-1.742.4-0.750.110.260.09-2.06 16 64204422121335-22461729451728551936-0.712.3-0.48-0.010.650.14-1.50815 16 53292512121735-184814344719286717500.062.50.540.090.70-0.07-1.15918 16 54262936202233-104323204516296619480.702.70.570.150.590.14-0.901118 16 51292229161824-64311323815235422320.853.00.420.130.590.41-0.921319 16 50381324142512135515394632146415480.793.00.630.040.510.16-0.521127 16 49292030253414205015353623135918422.443.20.490.240.460.790.161831 16 393362225261412272432434-94923260.373.50.280.12-0.220.14-0.191525 16 3741-42129341420282353037-74621240.593.20.24-0.07-0.170.310.15430 16 5823352427311021231673132-1677601.303.10.760.19-0.050.34-0.17825 16 473215242935171824213262335621341.292.90.39-0.10-0.020.620.101132 16 35350833311417282353422124626200.022.9-0.130.090.15-0.580.171330 16 4428162025291118242132225-3472424-0.382.9-0.160.05-0.12-0.20-0.45321 16 50262412222024-4262062330-7442618-1.242.6-0.43-0.09-0.16-0.30-0.75717 16 42339920171702624231238452322-0.452.7-0.04-0.010.06-0.30-0.511025 16 52223173122148231583018125023280.002.7-0.18-0.020.18-0.500.191330 16 512229192620146291019292094520250.182.8-0.12-0.050.240.17-0.43923 16 5024272123221664710373723145219331.012.90.220.060.490.34-0.281327 16 5026242422201911725-826206581939-0.052.70.190.27-0.07-0.09-0.79718 16 562035201832131922139261886016440.773.10.390.100.120.26-0.401025 16 433588221820-22932-32833-5452520-1.052.50.090.01-0.21-0.44-0.581125 16 403644211529-143334-135305413110-1.322.3-0.020.10-0.02-0.86-0.69828 16 403287191733-161642-262639-13492227-1.332.20.070.09-0.57-0.61-0.571027 16 46301614171529-1433267362610462917-1.492.1-0.23-0.100.14-0.36-1.35722 16 473116-3181135-242340-172441-1745378-2.932.3-0.370.00-0.55-1.28-1.141319 16 483216920634-2838281033330463115-1.572.3-0.31-0.180.00-0.56-1.041420 16 433859191332-192530-52831-341374-2.092.0-0.450.06-0.20-0.70-1.101415 16 42301218242131-92830-22636-10462521-0.982.4-0.160.03-0.29-0.17-0.74719 16 48222624282327-43714233915245423320.522.40.02-0.010.530.16-0.56519 16 5231213519181713020102326-36115460.372.60.250.00-0.060.49-0.621018 16 501931292540931362214372314678592.353.00.71-0.010.270.900.171026 16 4223191725413382424029290658571.003.00.54-0.05-0.10-0.110.311230 16 393182930461135371126242225118341.703.40.290.020.180.390.76938 16 432716242643835351322292465515411.393.40.40-0.120.210.390.341332 16 373161734426364313303119126214492.613.80.640.030.390.380.98742 16 4126153337555504014263220125514402.503.20.29-0.010.350.471.101238 16 3637-1253751843332673525104922271.863.90.19-0.140.140.311.121137 16 403462019341816222022228-6392514-0.713.0-0.370.05-0.180.00-0.70323 16 44212320263219132430-6302374118230.143.2-0.160.04-0.040.03-0.19737 16 49252428343412221623-7302553922160.613.0-0.300.03-0.080.100.53843 16 43321111313914253320132226-45117340.773.20.000.01-0.04-0.010.52942 16 4927221228331518241862026-6412516-0.442.8-0.390.06-0.14-0.420.071131 16 2863-35-30131051-413539-42848-201573-58-5.921.5-2.02-0.22-0.48-1.73-1.871216 16 6324392252342-1939309303003153-22-2.182.2-1.420.12-0.01-0.75-0.551733 16 68194926332832-4411724351915414010.753.3-0.810.120.390.390.372838 16 68165240222829-1548465410456219422.132.6-0.170.151.110.83-0.271932 162.3 6619473623471730422120492326810813.574.00.300.120.531.290.783040 162.8 4435946367176440328352787014564.384.40.730.110.111.621.813446 163.1 40373474177374433674327167212615.874.81.21-0.040.241.942.564159 4.43.32.6 164.43.22.73.8 3950-114240686624630165025265818404.915.20.63-0.090.501.402.504459 4.73.42.8 163.9 2954-263742715664634125229226811574.895.80.93-0.190.391.352.3543625.43.62.6 5.13.32.6 165.53.42.54.8 2846-1829465915442059-392347-244831181.954.90.00-0.15-0.880.592.2143625.63.52.6 5.63.42.6 165.03.12.54.3 2851-2420384722252059-393444-104433110.314.7-0.36-0.31-0.640.001.3723514.83.02.5 4.73.12.3 164.73.12.54.2 3048-1819311847-301766-492551-26423210-0.774.7-0.18-0.13-1.010.26-0.0425324.32.92.4 4.63.22.7 164.22.92.63.9 5660615759 6452484543 1139394041 1923183229 5044432825 59102119 133224534020 725301144120 01326188722660 08262611941754 052028211012436 01242816871535 5632 1917