Index of Business Confidence for November 2025
A Faint Pulse Returns
This marks the third consecutive survey with the Index below 70 points—a first in its history. The last time confidence exceeded 80 points was in early 2022. More concerningly, the Index continues to sit far below levels typically associated with strong economic growth. While the recent gain signals a modest improvement, short-term investment sentiment remains sour.
November 10, 2025 • 6-min read
6.4
points to
69.4
for November 2025
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About the Series
Our widely respected Index of Business Confidence captures the views of senior executives of private Canadian corporations. It delves into the state of their businesses’ sales and finances, their investment plans, and their expectations for the Canadian economy over the coming six months.
This quarterly index is used by the Bank of Canada as a measure of capacity and inflation pressure as it sets monetary and financial markets policy. The index also informs our in-house national economic outlook.
The Index of Business Confidence is available online from July 2001 onward.
Methodology
The Index of Business Confidence is derived from data collected through our Business Confidence Survey, which is distributed to thousands of Canadian business executives each quarter. The survey includes 10 core questions that have remained principally consistent since the Index was created in 1998, allowing for historical comparability over time. Two to three supplementary questions are included in each survey cycle to capture views on emerging issues, economic developments, or other factors influencing the current business climate.
The Index is constructed using responses to the recurring questions. Once it is computed, the underlying survey data is analyzed in greater detail to assess firms’ perspectives on current business conditions, planned investments, and expectations for economic activity over the next six months. This analysis provides a forward-looking gauge of business sentiment within the Canadian economy.
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