Business Outlook Survey—Fourth Quarter of 2025 https://www.bankofcanada.ca/?p=251075 3-month moving average Historical average balance of opinion, 3-month moving average Production Capital expenditures Indicators of future sales, change compared with 12 months ago (balance of opinion*) Historical average balance of opinion, indicators of future sales Firms strongly impacted by US trade policies Firms not strongly impacted by US trade policies Decreased significantly Decreased slightly Remained unchanged Increased slightly Increased significantly Some or significant difficulty meeting an unexpected increase in demand (share of firms) Historical average share of firms citing either some or significant difficulty Labour shortages (share of firms) Historical average share of firms facing labour shortages Investment spending, change over the next 12 months (balance of opinion*) Historical average balance of opinion, investment spending Streamline production, reduce average costs, improve productivity Increase output, expand operations Replace or repair equipment Higher About the same Lower Historical average, higher Historical average, about the same Historical average, lower BOS: Expected wage increase, change over the next 12 months (year-over-year percentage change) BLP: Expected wage increase, change over the next 12 months (year-over-year percentage change) Input prices will increase significantly Selling prices will increase significantly BLP, 1-year-ahead BLP, 2-year-ahead BLP, 5-year-ahead BOS, over the next 2 years 2224 2524 2924 324 1124 524 924 -3824 -5324 -2124 -924 2424 3624 5024 4824 3224 4824 4224 2624 2424 6024 3424 2024 2424 1824 2224 2824 2524 332445.044.423.028.6 392434.044.422.028.6 442441.044.418.028.6 202440.044.422.028.6 102443.044.421.028.6 272447.044.419.028.6 172428.044.417.028.6 82436.044.418.028.6 152439.044.420.028.643.041.017.046.441.112.917.215.0 42435.044.419.028.643.036.022.046.441.112.911.99.9 212438.044.424.028.647.037.016.046.441.112.910.05.0 322437.044.428.028.652.034.015.046.441.112.914.912.9 462439.044.419.028.63515.7752.034.014.046.441.112.92.618.09.0 592446.044.425.028.62915.7766.026.08.046.441.112.93.010.911.9 572447.044.425.028.61715.7748.038.014.046.441.112.93.012.010.0 342456.044.430.028.62915.7751.039.011.046.441.112.93.414.08.9 412447.044.426.028.62415.7754.037.09.046.441.112.93.418.813.7 492457.044.434.028.61715.7756.039.05.046.441.112.93.818.814.0 402456.044.437.028.63315.7752.036.013.046.441.112.93.216.813.9 272457.044.437.028.62515.7751.039.010.046.441.112.93.921.214.1 142431.044.419.028.62015.7740565249.037.014.046.441.112.93.014.08.1 1.9 232442.044.426.028.62015.7731495049.038.013.046.441.112.93.26.08.0 1.9 162451.044.434.028.62815.7739495843.046.012.046.441.112.93.010.911.9 1.9 342453.044.431.028.61115.7733466054.036.011.046.441.112.93.215.85.9 1.9 162446.044.428.028.61215.7741465542.045.014.046.441.112.92.811.04.0 1.9 -582427.044.413.028.6-3015.7742297141.040.019.046.441.112.91.510.310.1 1.5 -222444.044.425.028.6215.7737506139.048.013.046.441.112.92.217.015.0 1.9 12457.044.433.028.62615.7750484954.035.011.046.441.112.93.320.213.3 1.8 422446.044.422.028.64015.7746555251.043.06.046.441.112.92.634.022.8 2.3 812461.044.423.028.63615.7739575268.029.03.046.441.112.94.027.022.2 2.8 562465.044.436.028.64615.7749635971.025.04.046.441.112.94.432.322.8 3.0 612478.044.441.028.64715.7745574980.017.03.046.441.112.94.838.030.6 4.43.32.6 4.43.22.63.8 402481.044.440.028.64215.7752545466.031.03.046.441.112.95.23.446.534.7 4.73.42.8 3.8 572479.044.442.028.63715.7738545669.028.03.046.441.112.95.847.036.45.43.62.6 5.13.32.6 59.5245.53.42.54.8 54.224182476.044.446.028.62915.7752435254.039.07.046.441.112.94.93.826.023.05.63.52.6 52.1245.63.42.6 54.0245.03.12.54.2 39.124112469.044.438.028.62015.7744475846.044.011.046.441.112.94.73.530.023.04.83.02.5 34.5244.73.12.3 36.0244.73.12.54.0 38.024102459.044.431.028.61915.7735585654.037.09.046.441.112.94.73.225.525.04.32.92.4 33.1244.63.22.7 33.7244.12.92.63.9 31.72482447.044.430.028.61415.7743545348.038.014.046.441.112.94.53.718.612.73.82.72.7 28.8243.92.92.6 27.0243.82.82.43.5 25.62402446.044.432.028.6715.7728405939.050.012.046.441.112.94.33.418.015.83.52.82.7 25.5243.82.82.5 21.9243.42.72.53.3 17.924-102445.044.427.028.62215.7742405837.047.016.046.441.112.94.13.314.312.13.72.62.4 11.4243.52.82.6 9.0243.42.72.53.2 12.52442453.044.422.028.6015.7727406443.046.011.046.441.112.94.13.218.213.33.22.72.4 19.0243.02.62.6 19.2243.12.52.43.0 18.524-12444.044.415.028.61115.7729385438.051.012.046.441.112.93.43.321.016.83.32.62.5 16.8243.32.72.6 20.9242.92.52.53.0 19.024112447.044.418.028.6915.7733396142.045.014.046.441.112.93.52.913.912.12.92.52.5 22.3242.82.62.6 21.1242.62.42.52.5 21.924302439.044.417.028.63215.7742404645.043.012.046.441.112.93.32.819.417.52.42.32.4 21.2242.72.52.7 19.1242.82.62.72.5 17.124222433.044.420.028.6315.7739425832.054.014.046.441.112.93.42.524.518.02.82.42.5 16.3243.32.92.7 8.5243.62.82.52.6 2.124-62439.044.416.028.6715.7731386733.057.010.046.441.112.93.22.415.015.33.72.92.4 -0.1243.32.92.8 5.1242.92.72.62.7 9.62402434.044.413.028.6715.7740396338.050.013.046.441.112.93.12.317.214.32.82.62.5 15.1243.32.92.7 19.0242.92.72.62.6 21.324132433.044.422.028.61415.7734416337.043.021.046.441.112.93.32.49.95.92.92.72.6 20.2243.22.82.8 19.6243.02.92.82.6 2.0-1.6 0.0-6.5 6.11.9 2.6-1.7 -11.833.8 -5.923.4 23.558.8 26.724.446.52.30.0 8.54.985.41.20.0 21.531.243.02.22.2 8.93.378.98.90.0