Bank of Canada Business Outlook Survey: data

Summer 2008
Note: Survey respondents do not necessarily answer all questions. Totals will therefore not always equal 100%.
Chart 1
PAST SALES GROWTH
Over the past 12 months, the rate of increase in your firm’s sales volume (compared with the previous 12 months) was…
Date Greater (%) Less (%) Balance of opinion
Q2 2008 38.60 31.70 6.93
Q1 2008 42.20 33.30 8.82
Q4 2007 49.00 27.00 22.00
Q3 2007 44.10 26.50 17.65
Q2 2007 43.00 31.00 12.00
Q1 2007 44.00 26.00 18.00
Q4 2006 44.60 29.65 14.85
Q3 2006 39.60 30.70 8.91
Q2 2006 45.50 27.70 17.82
Q1 2006 48.53 21.80 26.73
Q4 2005 51.48 19.80 31.68
Q3 2005 45.54 21.78 23.76
Q2 2005 51.00 31.00 20.00
Q1 2005 55.00 26.00 29.00
Q4 2004 46.53 27.72 18.81
Q3 2004 50.49 33.66 16.83
Q2 2004 41.75 33.01 8.74
Q1 2004 42.16 40.20 1.96
Q4 2003 39.00 39.00 0.00
Q3 2003 47.52 37.62 9.90
Q2 2003 37.37 38.38 -1.01
Q1 2003 45.00 37.00 8.00
Q4 2002 38.00 30.00 8.00
Q3 2002 46.93 36.73 10.20
Q2 2002 46.31 32.63 13.68
Q1 2002 36.36 50.50 -14.14
Q4 2001 36.17 50.00 -13.83
Q3 2001 34.34 44.44 -10.10
Q2 2001 37.50 40.63 -3.13
Q1 2001 53.13 30.21 22.92
Q4 2000 52.63 24.21 28.42
Q3 2000 60.21 17.20 43.01
Q2 2000 62.10 13.60 48.48
Q1 2000 50.50 17.83 32.67
Q4 1999 48.96 26.04 22.92
Q3 1999 56.73 27.88 28.85
Q2 1999 44.27 37.60 6.67
Q1 1999 41.05 37.89 3.16
Q4 1998 34.04 37.23 -3.19
Q3 1998 30.60 40.80 -10.20
Chart 2
FUTURE SALES GROWTH
Over the next 12 months, the rate of increase in your firm’s sales volume (compared with the past 12 months) is expected to be…
Date Greater (%) Less (%) Balance of opinion
Q2 2008 33.60 32.70 3.96
Q1 2008 36.30 38.20 -1.96
Q4 2007 38.00 38.00 0.00
Q3 2007 35.30 32.40 2.94
Q2 2007 40.00 28.00 12.00
Q1 2007 41.00 27.00 14.00
Q4 2006 33.70 26.70 6.93
Q3 2006 33.70 30.70 2.97
Q2 2006 41.60 25.70 15.84
Q1 2006 35.60 32.70 2.97
Q4 2005 40.60 24.80 15.84
Q3 2005 38.61 24.75 13.86
Q2 2005 45.00 25.00 20.00
Q1 2005 44.00 24.00 20.00
Q4 2004 41.58 33.66 7.92
Q3 2004 47.52 25.74 21.78
Q2 2004 45.63 21.36 24.27
Q1 2004 46.07 28.42 17.65
Q4 2003 54.00 22.00 32.00
Q3 2003 47.52 25.74 21.78
Q2 2003 43.43 29.29 14.14
Q1 2003 47.00 27.00 20.00
Q4 2002 45.00 28.00 17.00
Q3 2002 43.87 32.65 11.22
Q2 2002 48.93 19.14 29.79
Q1 2002 56.56 27.27 29.29
Q4 2001 36.17 39.36 -3.19
Q3 2001 31.31 37.37 -6.06
Q2 2001 34.37 29.68 4.69
Q1 2001 40.62 41.66 -1.04
Q4 2000 35.79 33.68 2.11
Q3 2000 35.86 29.34 6.52
Q2 2000 28.78 34.84 -6.06
Q1 2000 51.48 20.79 30.69
Q4 1999 58.33 15.62 42.71
Q3 1999 40.78 34.95 5.83
Q2 1999 43.23 29.72 13.51
Q1 1999 49.47 24.21 25.26
Q4 1998 32.25 33.33 -1.08
Q3 1998 26.80 44.33 -17.53
Chart 3
INVESTMENT IN MACHINERY AND EQUIPMENT
Over the next 12 months, your firm’s investment spending on M&E (compared with the past 12 months) is expected to be…
Date Higher (%) Lower (%) Balance of opinion
Q2 2008 39.60 15.80 23.76
Q1 2008 28.40 26.50 1.96
Q4 2007 33.00 25.00 8.00
Q3 2007 32.40 25.50 6.86
Q2 2007 40.00 19.00 21.00
Q1 2007 48.00 19.00 29.00
Q4 2006 39.60 19.80 19.80
Q3 2006 34.70 19.80 14.85
Q2 2006 44.60 17.80 26.73
Q1 2006 50.50 15.80 34.65
Q4 2005 43.00 24.00 19.00
Q3 2005 38.61 18.81 19.80
Q2 2005 44.00 23.00 21.00
Q1 2005 39.00 22.00 17.00
Q4 2004 44.55 22.77 21.78
Q3 2004 39.60 22.77 16.83
Q2 2004 40.78 18.45 22.33
Q1 2004 33.33 26.47 6.86
Q4 2003 31.00 20.00 11.00
Q3 2003 28.71 26.73 1.98
Q2 2003 24.24 27.27 -3.03
Q1 2003 30.00 28.00 2.00
Q4 2002 38.00 24.00 14.00
Q3 2002 41.05 18.94 22.11
Q2 2002 32.63 18.95 13.68
Q1 2002 24.24 31.31 -7.07
Q4 2001 22.34 37.23 -14.89
Q3 2001 29.29 35.35 -6.06
Q2 2001 32.30 35.38 -3.08
Q1 2001 35.41 22.91 12.50
Q4 2000 42.10 29.47 12.63
Q3 2000 50.00 24.19 25.81
Q2 2000 29.78 21.78 8.00
Q1 2000 37.62 26.73 10.89
Q4 1999 50.00 21.87 28.13
Q3 1999 29.12 26.21 2.91
Q2 1999 34.00 16.00 18.00
Q1 1999 33.68 36.84 -3.16
Q4 1998 45.26 29.47 15.79
Q3 1998 32.98 35.04 -2.06
Chart 4
FUTURE EMPLOYMENT LEVEL
Over the next 12 months, your firm's level of employment is expected to be…
Date Higher (%) Lower (%) Balance of opinion
Q2 2008 43.60 10.90 32.70
Q1 2008 45.10 11.80 33.30
Q4 2007 42.00 12.00 30.00
Q3 2007 45.00 7.80 37.25
Q2 2007 46.00 12.00 34.00
Q1 2007 51.00 6.00 45.00
Q4 2006 49.50 9.90 39.60
Q3 2006 51.50 10.90 40.59
Q2 2006 43.60 8.90 34.65
Q1 2006 50.50 7.90 42.57
Q4 2005 58.40 8.90 49.50
Q3 2005 59.40 8.90 50.50
Q2 2005 46.00 14.00 32.00
Q1 2005 50.00 11.00 39.00
Q4 2004 49.50 11.88 37.62
Q3 2004 43.56 10.89 32.67
Q2 2004 46.60 14.56 32.04
Q1 2004 45.09 13.72 31.37
Q4 2003 41.00 14.00 27.00
Q3 2003 42.57 9.90 32.67
Q2 2003 33.33 15.15 18.18
Q1 2003 47.00 13.00 34.00
Q4 2002 40.00 18.00 22.00
Q3 2002 46.93 16.32 30.61
Q2 2002 48.41 10.52 37.89
Q1 2002 44.44 18.18 26.26
Q4 2001 27.65 26.59 1.06
Q3 2001 31.31 20.20 11.11
Q2 2001 33.84 16.92 16.92
Q1 2001 42.71 12.50 30.21
Q4 2000 44.21 16.84 27.37
Q3 2000 47.31 11.83 35.48
Q2 2000 51.51 15.15 36.36
Q1 2000 45.54 12.87 32.67
Q4 1999 50.00 12.50 37.50
Q3 1999 38.46 15.38 23.08
Q2 1999 48.65 13.51 35.14
Q1 1999 37.89 20.00 17.89
Q4 1998 34.74 20.00 14.74
Q3 1998 28.00 28.00 0.00
Chart 5
ABILITY TO MEET DEMAND
How would you rate the current ability of your firm to meet an unexpected increase in demand?
Date Some difficulty
(% of firms)		 Significant difficulty
(% of firms)
Q2 2008 39.60 8.90
Q1 2008 29.40 14.70
Q4 2007 42.00 18.00
Q3 2007 42.20 11.80
Q2 2007 41.00 14.00
Q1 2007 32.00 18.00
Q4 2006 35.60 13.90
Q3 2006 31.70 14.90
Q2 2006 33.70 13.90
Q1 2006 32.70 11.90
Q4 2005 34.70 14.90
Q3 2005 35.60 9.90
Q2 2005 34.00 9.00
Q1 2005 26.00 11.00
Q4 2004 38.00 7.00
Q3 2004 33.00 10.00
Q2 2004 38.00 8.00
Q1 2004 27.00 4.00
Q4 2003 32.00 6.00
Q3 2003 29.00 6.00
Q2 2003 34.00 7.00
Q1 2003 35.00 6.00
Q4 2002 33.00 4.00
Q3 2002 35.00 6.00
Q2 2002 39.00 4.00
Q1 2002 26.00 4.00
Q4 2001 34.00 1.00
Q3 2001 19.00 4.00
Q2 2001 35.00 0.00
Q1 2001 37.00 12.00
Q4 2000 35.00 8.00
Q3 2000 43.00 13.00
Q2 2000 52.00 6.00
Q1 2000 41.00 13.00
Q4 1999 37.00 10.00
Q3 1999 38.00 11.00
Chart 6
LABOUR SHORTAGES
Does your firm face any shortages of labour that restrict your ability to meet demand?
Date Yes
(% of firms)
Q2 2008 40.00
Q1 2008 30.00
Q4 2007 41.00
Q3 2007 41.00
Q2 2007 33.00
Q1 2007 41.00
Q4 2006 35.00
Q3 2006 37.00
Q2 2006 27.00
Q1 2006 44.00
Q4 2005 49.00
Q3 2005 51.00
Q2 2005 36.00
Q1 2005 33.00
Q4 2004 36.00
Q3 2004 44.00
Q2 2004 37.00
Q1 2004 35.00
Q4 2003 30.00
Q3 2003 34.00
Q2 2003 31.00
Q1 2003 36.00
Q4 2002 40.00
Q3 2002 38.00
Q2 2002 39.00
Q1 2002 31.00
Q4 2001 35.00
Q3 2001 35.00
Q2 2001 48.00
Q1 2001 51.00
Q4 2000 59.00
Q3 2000 56.00
Q2 2000 65.00
Q1 2000 43.00
Q4 1999 44.00
Q3 1999 36.00
Q2 1999 68.00
Q1 1999 31.00
Q4 1998 40.00
Q3 1998 26.00
Chart 7
INPUT PRICE INFLATION
Over the next 12 months, are prices of products/services purchased expected to increase at a greater, lesser, or the same rate as over the past year?
Date Increase at a greater rate (%) Increase at a lesser rate (%) Balance of opinion
Q2 2008 50.50 12.90 37.62
Q1 2008 42.20 15.70 26.47
Q4 2007 26.00 32.00 -6.00
Q3 2007 22.50 25.50 -2.94
Q2 2007 20.00 20.00 0.00
Q1 2007 19.00 30.00 -11.00
Q4 2006 23.80 34.70 -10.89
Q3 2006 24.80 30.70 -5.94
Q2 2006 30.70 23.80 6.93
Q1 2006 25.70 28.70 -2.97
Q4 2005 33.70 16.80 16.83
Q3 2005 42.57 14.85 27.72
Q2 2005 27.00 27.00 0.00
Q1 2005 26.00 25.00 1.00
Q4 2004 16.83 39.60 -22.77
Q3 2004 31.68 32.67 -0.99
Q2 2004 42.72 22.33 20.39
Q1 2004 21.57 32.35 -10.78
Q4 2003 19.00 23.00 -4.00
Q3 2003 16.83 33.66 -16.83
Q2 2003 23.23 34.34 -11.11
Q1 2003 31.00 25.00 6.00
Q4 2002 33.00 20.00 13.00
Q3 2002 29.59 12.24 17.35
Q2 2002 25.26 16.84 8.42
Q1 2002 21.21 29.29 -8.08
Q4 2001 11.70 44.68 -32.98
Q3 2001 9.09 38.38 -29.29
Q2 2001 23.07 27.69 -4.62
Q1 2001 19.79 30.21 -10.42
Q4 2000 26.32 20.00 6.32
Q3 2000 27.96 20.43 7.53
Q2 2000 39.39 13.63 25.76
Q1 2000 25.74 16.83 8.91
Q4 1999 24.21 17.89 6.32
Q3 1999 21.56 24.50 -2.94
Q2 1999 35.71 12.85 22.86
Q1 1999 15.95 29.78 -13.83
Q4 1998 18.94 21.05 -2.11
Q3 1998 21.65 22.68 -1.03
Chart 8
OUTPUT PRICE INFLATION
Over the next 12 months, are prices of products/services sold expected to increase at a greater, lesser, or the same rate as over the past year?
Date Increase at a greater rate (%) Increase at a lesser rate (%) Balance of opinion
Q2 2008 41.60 21.80 19.80
Q1 2008 34.30 23.50 10.78
Q4 2007 28.00 26.00 2.00
Q3 2007 24.50 28.40 -3.92
Q2 2007 23.00 32.00 -9.00
Q1 2007 29.00 32.00 -3.00
Q4 2006 28.70 30.70 -1.98
Q3 2006 22.80 30.70 -7.92
Q2 2006 26.70 19.80 6.93
Q1 2006 30.70 25.70 4.95
Q4 2005 28.70 25.70 2.97
Q3 2005 33.66 22.77 10.89
Q2 2005 23.00 25.00 -2.00
Q1 2005 31.00 23.00 8.00
Q4 2004 20.79 35.64 -14.85
Q3 2004 31.68 21.78 9.90
Q2 2004 29.13 33.01 -3.88
Q1 2004 29.41 33.33 -3.92
Q4 2003 16.00 35.00 -19.00
Q3 2003 25.74 22.77 2.97
Q2 2003 26.26 33.33 -7.07
Q1 2003 25.00 26.00 -1.00
Q4 2002 28.30 30.30 -2.00
Q3 2002 31.62 19.38 12.24
Q2 2002 33.68 20.00 13.68
Q1 2002 24.24 33.33 -9.09
Q4 2001 14.88 41.48 -26.60
Q3 2001 25.25 30.30 -5.05
Q2 2001 23.08 40.00 -16.92
Q1 2001 23.95 29.16 -5.21
Q4 2000 28.42 21.05 7.37
Q3 2000 27.95 21.50 6.45
Q2 2000 25.76 21.21 4.55
Q1 2000 28.71 13.86 14.85
Q4 1999 23.15 24.20 -1.05
Q3 1999 29.29 22.22 7.07
Q2 1999 27.02 17.56 9.46
Q1 1999 21.50 30.10 -8.60
Q4 1998 20.21 34.04 -13.83
Q3 1998 13.54 40.62 -27.08
Chart 9
INFLATION EXPECTATIONS
Over the next two years, what do you expect the annual rate of inflation to be, based on the consumer price index?
Date Below 1 per cent
(% of firms)		 1 to 2 per cent
(% of firms)		 2 to 3 per cent
(% of firms)		 Above 3 per cent
(% of firms)
Q2 2008 0.00 12.90 49.50 35.60
Q1 2008 0.00 28.40 52.00 16.70
Q4 2007 0.00 30.00 56.00 12.00
Q3 2007 0.00 15.70 67.60 11.80
Q2 2007 1.00 14.10 69.80 14.10
Q1 2007 1.00 28.00 60.00 10.00
Q4 2006 1.00 25.70 60.40 10.90
Q3 2006 0.00 14.90 63.40 19.80
Q2 2006 0.00 14.90 61.40 21.80
Q1 2006 2.00 14.80 63.40 17.80
Q4 2005 0.00 13.90 61.40 18.80
Q3 2005 0.00 9.90 60.40 26.70
Q2 2005 1.00 18.00 68.00 7.00
Q1 2005 0.00 33.00 60.00 4.00
Q4 2004 0.00 29.00 56.00 12.00
Q3 2004 0.00 33.00 54.00 9.00
Q2 2004 0.00 22.00 55.00 17.00
Q1 2004 0.00 45.00 47.00 5.00
Q4 2003 0.00 40.00 54.00 3.00
Q3 2003 1.00 43.00 52.00 4.00
Q2 2003 0.00 39.00 55.00 5.00
Q1 2003 1.00 15.00 57.00 26.00
Q4 2002 0.00 27.00 63.00 9.00
Q3 2002 1.00 32.00 61.00 5.00
Q2 2002 2.00 28.00 60.00 4.00
Q1 2002 2.00 62.00 33.00 2.00
Q4 2001 5.00 59.00 31.00 2.00
Q3 2001 1.00 34.00 55.00 2.00
Q2 2001 0.00 25.00 61.00 8.00
Chart 10
CREDIT CONDITIONS
Over the past 3 months, how have the terms and conditions for obtaining financing changed (compared with the previous 3 months)?
Date Tightened (%) Eased (%) Balance of Opinion
Q2 2008 28.80 15.20 13.64
Q1 2008 40.80 16.90 23.94
Q4 2007 32.00 8.00 24.00
Q3 2007 32.40 7.00 25.35
Q2 2007 9.70 25.00 -15.28
Q1 2007 10.70 29.30 -18.70
Q4 2006 10.40 20.80 -10.39
Q3 2006 8.90 27.80 -18.99
Q2 2006 14.30 19.50 -5.19
Q1 2006 10.50 15.80 -5.26
Q4 2005 15.20 22.80 -7.59
Q3 2005 12.00 34.00 -22.00
Q2 2005 13.00 30.00 -17.00
Q1 2005 14.00 33.00 -19.00
Q4 2004 8.00 28.00 -20.00
Q3 2004 16.00 20.00 -4.00
Q2 2004 15.00 18.00 -3.00
Q1 2004 11.00 27.00 -16.00
Q4 2003 15.00 25.00 -10.00
Q3 2003 20.00 30.00 -10.00
Q2 2003 24.00 13.00 11.00
Q1 2003 28.75 10.00 18.75
Q4 2002 26.92 11.54 15.38
Q3 2002 23.00 13.00 10.00
Q2 2002 25.00 14.00 11.00
Q1 2002 36.00 4.00 32.00
Q4 2001 40.00 10.00 30.00