Over two-thirds (68.4%) of businesses reported being either very optimistic or somewhat optimistic about their future outlook over the next 12 months, up slightly from the proportion that expected the same in the fourth quarter of 2023 (65.9%), according to a survey released Monday by Statistics Canada.
Christina Morillo
“Over the next three months, 17.8% of businesses expect their sales of goods and services offered to increase, up slightly from 15.7% of businesses in the fourth quarter of 2023,” said the federal agency.
“Over the next three months, 25.2% of businesses expect to raise the prices of their goods and services, up slightly from the fourth quarter of 2023 (23.6%). Around two-fifths of businesses in retail trade (40.6%) and accommodation and food services (37.6%) expect to raise prices over the next three months.
“A smaller proportion of businesses expect to face supply chain challenges of some kind over the next three months than in the fourth quarter of 2023 (16.1% vs. 17.7%). Businesses in retail trade (28.6%) and wholesale trade (27.6%) were the most likely to expect various supply chain challenges.
“Additionally, among businesses facing supply chain challenges, one-quarter (25.2%) expect these challenges to worsen over the next three months, more than three-fifths (61.4%) expect the situation to remain the same, and more than 1 in 10 (13.2%) expect the situation to improve. This mirrors business expectations in the fourth quarter of 2023 (29.3%, 60.6% and 10.2% respectively).”
The report said over one-third (37.3%) of businesses indicated that their revenues were higher in 2023 when compared with 2022 revenues. Among these businesses, the average percentage increase in revenues was 23.7%, led by businesses in professional, scientific, and technical services (36.3%) and mining, quarrying, and oil and gas extraction (34.4%). Meanwhile, one-third (33.4%) of businesses saw no change in revenues in 2023 compared with 2022, and 29.3% experienced lower revenues.
“Just over 7 in 10 (71.6%) businesses have no plans to apply for debt financing over the next three months. Of these businesses, just under three-fifths (59.2%) indicated having the ability to take on more debt, while one-quarter (25.2%) did not. Among businesses unable to take on more debt, 50.2% reported unfavourable interest rates and 36.6% reported cash flow as the reasons for not being able to take on more debt,” added StatsCan.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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