Market news
12.04.2021, 14:56

BoC's spring business outlook survey: Business sentiment continues to improve in spring

  • Firms reported less uncertainty related to coronavirus pandemic and strengthening demand from weak levels
  • Nearly two‑thirds of firms indicated their sales have reached or exceeded pre-pandemic levels
  • Overall, measure of business outlook increased to +2.87 from +1.3 in winter survey, the highest reading since Q2 of 2018
  • Business confidence across all regions has strengthened
  • Domestic and foreign sales prospects have picked up from weak levels a year ago, but outlook remains challenging for firms tied to high-contact services
  • Measure of future sales increased to +52 from +48 in winter survey
  • Many businesses intend to increase their investment spending to meet growing demand and add needed capacity
  • Measure of investment intentions over the next 12 months increased to +40 from +26 in winter survey
  • Firms’ employment outlooks remain uneven; three-quarters of businesses reported that their staffing levels were not negatively affected by pandemic or have fully recovered, while many of these remaining one-quarter of firms do not expect a full return to pre-pandemic employment levels within the next 12 months
  • Measure of hiring intention increased to +45 from +43 in winter survey
  • Firms expect positive pressures on growth of their input prices, wages and output prices
  • Inflation expectations increased but most remain in BoC's 1-3 percent inflation-control target range
  • 55% of firms see inflation running above 2% (42% - 2 to 3% and 13% - above 3%), the highest level since 2018

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