Total GDP grew by a mere 0.3 per cent in Q3 2022, dampened by low business sentiment, although a certain rebound is anticipated over Q4 (+1.9 per cent), according to a new report by the Canadian Federation of Independent Business (CFIB) released on Thursday.
“CFIB is now providing key information on the state of the Canadian economy in real time from a small business perspective, in addition to making short-term forecasts,” said Simon Gaudreault, Chief Economist and Vice-President of Research at CFIB. “This should serve as a useful tool for policy-makers and financial institutions in making decisions that impact small businesses.”
The Main Street Quarterly can be found here.
Key findings include:
- Retail sales also declined in Q3 2022, with a growth rate of -0.6 per cent; while some improvement should be seen in Q4, growth will remain below average and likely negative in real terms;
- The private sector continued to see high job vacancy rates (4.9 per cent) in the third quarter of 2022, with more than 660,000 jobs going unfilled for at least four months;
- To survive the pandemic, 65 per cent of small firms resorted to taking on federal government loans, while 24 per cent used credit cards and 23 per cent used lines of credit;
- On average, 40 per centof small businesses have not yet repaid any of their pandemic-related debt. Moreover, 55 per cent of small businesses report that their financial situation, including debts taken on due to the pandemic, poses a significant challenge.
(Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and only Canadian)
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