<?xml version="1.0" encoding="UTF-8"?>
<data>
<terms url="https://www.bankofcanada.ca/terms/"></terms>
<groupDetail>
    <label>Chart 3: Firms strongly impacted by US trade policies have weaker past and expected sales growth than other firms</label>
    <description><![CDATA[Sales levels: Over the past (next) 12 months, did (will) your firm's sales volumes increase, stay the same, or decrease? Indicators of future sales: Compared with 12 months ago, have your recent indicators of future sales (order books, advance bookings, sales inquiries, etc.) improved, deteriorated or remained the same?

* Percentage of firms reporting that sales volumes have increased minus the percentage reporting that sales volumes have decreased
† Percentage of firms reporting that indicators of future sales have improved minus the percentage reporting that indicators of future sales have deteriorated
‡ Percentage of firms reporting that they expect sales volumes to increase minus the percentage that expect sales volumes to decrease
Note: The share of firms that reported they are strongly impacted by US trade policies is 33%.

Source: Business Outlook Survey]]></description>
    <link>https://www.bankofcanada.ca/?p=251075</link>
</groupDetail>
<seriesDetail>
<series id="BOS_2025Q4_C3_S1">
<label>Firms strongly impacted by US trade policies</label>
<description></description>
<dimension key="k" name="Category"/>
</series>
<series id="BOS_2025Q4_C3_S2">
<label>Firms not strongly impacted by US trade policies</label>
<description></description>
<dimension key="k" name="Category"/>
</series>
</seriesDetail>
<observations>
<o k="Change in sales levels, past 12 months (balance of opinion*)"><v s="BOS_2025Q4_C3_S1">-11.8</v><v s="BOS_2025Q4_C3_S2">33.8</v></o>
<o k="Change in indicators of future sales compared with 12 months ago (balance of opinion†)"><v s="BOS_2025Q4_C3_S1">-5.9</v><v s="BOS_2025Q4_C3_S2">23.4</v></o>
<o k="Change in sales levels, next 12 months (balance of opinion‡)"><v s="BOS_2025Q4_C3_S1">23.5</v><v s="BOS_2025Q4_C3_S2">58.8</v></o>
</observations>
</data>