Business Outlook Survey—Fourth Quarter of 2023 https://www.bankofcanada.ca/?p=236467 Balance of opinion 2021Q4 2022Q1 2022Q2 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 Yes (%) Past Sales Declines - Did the overall level of your sales volume decline over the past 12 months, compared with the previous 12 months? Shares of firms reporting credit hard to access Credit conditions Streamline production, reduce average costs, improve productivity Increase output, expand operations Replace or repair equipment Greater than normal About the same as normal Less than normal Balance of opinion Historical average Intensity of labour shortages No change Somewhat lower Significantly lower Somewhat higher Significantly higher Average expected wage increase Historical average: average expected wage increase BOS, 2-year estimate BLP, 1-year-ahead BLP, 2-year-ahead BLP, 5-year-ahead 21 22 25 17 12 23 17 9 16 19 17 23 23 18 18 18 20 19 24 34 31 59 52 54 53 37 27 18 27 16 14 18 24 14 22 22 31 21 35 30 27 24 25 26 20 24 25 26 22 31 28 27 3119-2 1814-1 16153 2410-4 23189 1519-5 1812-1 181411 263.033.219-740595216381132919 263.233.220-631525013381212920 313.003.216-539495922441212618 283.223.20-33346582537654211 322.793.20-841465518441043013 471.453.23419422971-41389112912 542.153.219-13375062-1947782315 533.313.20-13514950-435833123 442.553.20-16465553-143513417 2.30 464.023.20-133956513027215119 2.80 264.373.20-125063596424325021 3.10 64.803.2024556497417214535 4.403.262.59 3.844.443.222.65 155.163.2065355556230304325 4.723.362.84 3.89 105.843.25.373.642.6210163855576628304426 5.143.282.56 4.785.453.362.5160 184.923.25.583.472.645429125243524438342728 5.563.392.6352 4.264.953.132.5454 234.663.24.772.952.453920274447572541743712 4.663.072.3134 4.184.683.142.4936 164.673.24.282.862.39382210355856-303781467 4.633.232.7333 3.894.142.892.5734 234.483.23.792.742.66321930425352-23381323513 3.882.952.6429 3.533.792.762.4527 324.303.23.482.842.65262426284059-4650662811 3.832.812.5325 3.293.432.732.5022 394.103.23.702.602.40182829424058-44461422413 3.502.802.6011 3.173.402.702.509 1139394041404052 5660615759544550 1923183229334145 6452484443383534 59102119182427 5044432825201813 48.3049.662.04 44.1349.166.70 43.2454.052.70 37.2156.406.40 30.1762.936.90 29.5365.774.70 27.2166.786.01 26.5767.905.54 12-0.67 12-0.67 -1-0.67 2-0.67 -17-0.67 -11-0.67 -18-0.67 -16-0.67 -10-0.67 -2-10.96 -1-10.96 -11-10.96 -8-10.96 -16-10.96 -11-10.96 -10-10.96 -7-10.96 -13-10.96