Total GDP grew by a mere 0.3% in Q3 2022, dampened by low business sentiment, although a certain rebound is anticipated over Q4 (+1.9%), according to a new report by the Canadian Federation of Independent Business (CFIB). Retail sales also declined in Q3 2022, with a growth rate of -0.6%; while some improvement should be seen in Q4, growth will remain below average and likely negative in real terms.
Those are some of the headline results from The Main Street Quarterly, CFIB’s new economic publication. CFIB and consulting firm AppEco have partnered to develop early short-term economic forecasts of some key macroeconomic indicators, leveraging the timeliness of CFIB’s Your Business Outlook survey, the same survey used to create CFIB’s Monthly Business Barometer®.
The Main Street Quarterly also contains CFIB’s latest estimates of private sector job vacancies, and an ‘In Focus’ section covering a specific topic each quarter; the current issue focuses on borrowing costs and debt for small- and medium-sized enterprises.