Economic outlook among businesses majority-owned by racialized individuals from the Canadian Survey on Business Conditions, fourth quarter 2023

Released: 2023-12-21

The recently released Canadian Survey on Businesses Conditions includes a companion article titled "The expectations and economic outlook among businesses majority-owned by racialized individuals, fourth quarter of 2023," published today. The article details information collected from the survey on businesses majority-owned by racialized individuals, where majority-ownership is defined as 51% or more. Majority-ownership was self-reported for private sector businesses only.

The results show that businesses majority-owned by racialized individuals faced more challenges than all private sector businesses in various areas, such as loan repayment and debt, long-term optimism, and profitability. For instance, in the fourth quarter of 2023, just under half (48.4%) of businesses majority-owned by racialized individuals expected a decrease in profitability over the next three months, compared with 37.7% of all private sector businesses.

In some other areas, there was little difference between the two groups. For example, in the fourth quarter of 2023, over two-fifths of businesses in both groups expected rising interest rates and debt costs to be an obstacle over the next three months. Businesses majority-owned by racialized individuals, however, were less likely than all businesses to report labour-related challenges.

Products

The full article, "The expectations and economic outlook among businesses majority-owned by racialized individuals, fourth quarter of 2023," is now available as part of the series Analysis in Brief (Catalogue number11-621-M).

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).