- BoC Q4 Business Outlook Survey: Firms expect the recovery to be uneven
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11 janeiro 2021
BoC Q4 Business Outlook Survey: Firms expect the recovery to be uneven
- Firms pointed to continued recovery supported by strengthening domestic and foreign demand, particularly in goods-producing sectors
- Still, firms expect recovery to be uneven
- Business Outlook Survey indicator continued to recover and turned slightly positive (+1.29, highest since Q4 2018), signalling improved business sentiment
- Robust foreign demand, improved confidence related to vaccines, and ongoing government relief programs all contribute to improved outlook
- Although business sentiment has strengthened broadly, it remains solidly negative for many firms, including those in high-contact services
- Employment and investment intentions saw the largest gains since the autumn survey
- Most businesses reported slower sales growth over the past 12 months compared with the previous 12 months
- Most firms expect their sales to increase, but several are uncertain about their sales outlook because evolution of the pandemic remains unclear
- More firms reported improved indicators of future sales
- Futures sales (balance of opinion; next 12 months) improved to 48 from 39 in Q3
- Balance of opinion on investment in machinery and equipment moved up and now sits well above zero, with firms across all regions pointing to positive spending plans
- Investment intentions rose to 26 from 2 in Q3
- Hiring increased to 43 from 26 in Q3
- This improvement reflects optimism among firms that were not negatively affected by the pandemic as well as recovering businesses’ expectations of return to normal conditions
- Balance of opinion on wage growth expectations recovered to zero, which suggests that wage growth over next 12 months is expected to be roughly the same as over the past 12 months
- Firms expect both input and output prices to grow at somewhat faster rates over the next 12 months
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