Business Outlook Survey -20125

Second Quarter Results 2025 recording |VOL.22.2 |July 21, 2025

The Outlook survey was conducted through personal, video and telephone interviews from 2025 until May 8-28.Business leaders take place every month.The latest results are 2025.May and June April, May, June.Publications for this quarter include results related to information management management and management, as well as special consultations with companies and industrial organizations in the trade sector.

Definitions and uncertainty related, along with indirect effects in the Canadian economy and international economic impacts to companies.However, the worst scenario in the fantastic firms of the last quarter is less vulnerable.

- Hope of the purchase will always be taken over the world's economic results - because some of the exports are passed.

- Discipline with the investment levels and investment of investment in the next 12 months.

- Some costs have increased tariffs and trade uncertainty have been achieved.The weak demand of anti-gut companies has strengthened their ability to surpass price increases, although still through plans to pass.

- The expectations of transactions for short -term inflation have returned to the level reported at the end of 2024.

Planned graphics efficiency but expectations of future life influence

Definitions and commercial tensions are still looking at the expectations of many companies.In some cases, the negative effects on the cost and sale that most companies expected in the last quarter, and companies expect to continue.

At the same time, the company has controlled their expectations for negative effects because they have the last quarter of the worst trading, which has less chance of the previous quarter (chart 1). For example, about two -thirds of the company, which are expected to have a high cost in the previous quarter compared to just one of the three quarters.

Diagram 1: less companies expect adverse consequences from fees than in the last quarter

During the last quarter, companies have shown that the business environment is very difficult for companies to be very difficult.It still reports that it is difficult or something difficult.The business is low.

However, uncertainty about financial conditions, economic and political conditions are still the most important concerns for the company, while concerns about the customs duties that directly affect Canada's business have been easily relaxed, new concerns have taken place on the broader impact of customs tax on the global economy, and the need in Canada,Various, turn off the new investment plan and manage -conservatively financially in other operations (box 1)

The Bande Business, which has won, has improved from the records in Canada and in recent centuries, the chart is 28% -but -but -but -but -botted business.

2-Graphic 2: The feeling of work is saved from the last low

Lack of weaknesses based on happiness

Summary of companies between the companies are weakened by the 2025. Adjusting views on the next sales symbols becoming as not as a schedule.The first firm reported that their symbols (eg, books books and questions and the following questions are the most effective in business crisis, such as:

- Weak costs for services and investment goods of corporate customers

- Under spending money or concerns of customers that can make a small

- weak perspectives in the real estate sector

- The soft sales between oil and gas companies is due to lower pressure cost

For the transfer, weaknesses and close to the seller who seem to take the first monthly delivery for the first year, because the goods are already on the market.

Graph 3: Indicators of future sales companies are weak

However, FIRMS views are less than the first quarter.Outlook has improved businesses in business, as the rates used so far are less than those who are afraid of years.However, during special advice with the bank's staff, exporters are currently involved in US revenues, which include steel and aluminum manufacturers, and cars have been added to the weak ideas of aluminum products and firms.

Figure 4: Export sales prospects have improved

Plans to expand capacity still remain

Many companies also said that physical growth, exercising, and companies are experiencing difficulties to achieve the challenges of skills.Those who tell the lack of downpour (5 tables 5, 5 Green 5, 5 Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, Green 5, green 5,Green 5, Green 5, Green 5, Green 5, Green 5.

Table 5: Most companies have sufficient capacity

Investment Investment has always been arrested in the quarter, with fluctuations below the long -term average driving their investment plans because:

- Soft attraction

- Uncertainty is going on

- enough

Most firms always consider the process of storing financial or deal.

Diagram 6: Investment plan to maintain available capital

The intentions of procurement are also dominated by shares of companies that are hired to meet the sale of accommodation in the last year.Smaller business less than the last quarter, the same company is working to expect consumer expectations in commercial sectors.Labor concerns are constantly raising, but they have fallen since the last quarter.

When they ask about views, many businesses said they would not disable them if they did not face a sharp or long deterioration of trades.Then, positions are often considered as the last resort.In fact, the share of entrepreneurs in the coming year and close to their historical environment has no change.

Form 7: Most firms plan to work hard

The expectation of companies on the growth of wages next year continues to decline (diagram 8).The withdrawal and weak demand passed by the downturn on the expectation of corporate wages.In Outlook Business Survey, the average increase in wages between companies is now approaching the average of Pandemia.It has continued to fall beyond normal wages, and most companies have now returned to the normal increase in wages.

Figure 8: Wage growth expectations are still less modern

There are pressures of current business expenses

Cost presses are constantly widespread.The environment, which is half of the companies, said it was already facing additional costs.Beyond the direct impact of input prices, companies have announced to deal with additional costs of searching for alternative suppliers and the growth of new markets.

In this situation Tarifs and Traff Taffs Tariffs still awaiting the increase in input prices in the next 12 months (Table 9).

Graph 9: Due to taxes, the company now await the price of installation growth

Increased rates related to companies also put more pressure on the expected sales prices for companies.However, the existing weakness in the competitive pressure and in demand is limited to the ability to go with this value of the customer.As a result, many enterprises are expected to increase in the same rate in the coming year.The margin of their earnings, squeezes the earnings to protect the market share.

Figure 10: Companies expect steady growth in their sales price

Figure 11: Many companies like the taxes on their edges

More than time to come to old-2024 status after the last quarter of the above costs.

Figure 12: Expected inflation temporary inflation rate returns in 2024

Box 1: Companies and consumers, uncertainty that expresses their planning

About half of the participants of the Bank of the Kannonus Economic Visit Survey expressed their economic hardships for their business.The census was said to how to create the current view of the current environment because of the level of uncertainty.

Another source of uncertainty for companies is uncertainty that arises from consumers due to commercial conflict.In a Canadian survey of consumer expectations, a larger share of ordinary consumers has stated that it is difficult for the future to predict, in particular, now.Families interact with uncertainty by reducing costs, delaying major purchases and increasing savings (schedule 1 1a, painting A)., Complicates companies to understand how the conditions of demand have developed.

If they face high uncertainty, companies are reluctant to decide expensive and difficult tanks that change the business policy or economic situation.

-Acxime at a quarter of companies reported that reduced their investment or employment plans (skirt 1-a-panel b).

- This includes hiring;Sharing firms are planned to rise equally to the promising staff level of the survey.

-Likewise, many businesses talk about ongoing investment plans, but avoid new capital spending designed to expand capacity or increase productivity. For example, many home builders say they are postponing new projects due to uncertainty about sales expectations and construction costs.

- Some companies work to risk their balance sheets to better support financial shocks, including activities such as debt payment, reserve more money and, for financial intermediaries, increase loan bonuses.

- In banking investigations and, under the Council Council event in Quebec, Newfoundland and Labrador and Ontario this quarter noted that management teams need to use considerable attention to surf trade security, including scenario planning and identification of alternative providers or customers.

Almat 1-: Annemat 1-: About making a decision, turn off users and business users

Graph 1-A: Unsatisfaction has the weight of financial decisions, consumer use and business investment

- 1. For more information on how uncertainty affects business and wider economy decisions, T. Macklem, "Tariffs and Commerce Injury to Canada's economy" (a speech to the economic development of Calgary, Calgary, Alberta, March 20, 2025) and the Canadian Bank, "How to say:

Report on the examination of the views that respondents showed and does not need to reflect the views of Canadaban.

The Bank of Business Outlook research from Canada is conducted by the Bank's regional offices through senior management positions in approximately 100 selected companies to reflect the composition of gross domestic product in the Canadian business sector. Additional research on research and its contents are available on the Banco do Canada website.

Canadian Business Leaders Pulse - Survey from 700 to 1000 from Canadian Business Leaders, Short Online Questionnaire Monthly. Chartion, K.