TORONTO (Reuters) - Canadian small business owners are optimistic about their prospects over the next year although many of them say the economy is shrinking, according to a survey conducted by Ipsos Reid for RBC Economics Research.
The study, which conducted 1,273 interviews with business owners during the second week of September, found 72 percent optimistic about the success of their company over the next year, while 65 percent describe the outlook for the Canadian economy as “good”, “very good”, or “excellent”.
“There is... a certain sense that things for an entrepreneur are pretty good out there,” Michael Michell, national director of small business clients at RBC, said at a presentation on Tuesday outlining the core findings of the study.
The full report will be released next week.
Despite the general optimism over business prospects, 58 percent of respondents said they do not believe the recession is over.
Canada’s economy contracted for the first time in a year in July due to weakness in the manufacturing, construction and retail sectors. But Bank of Canada Governor Mark Carney said last week that Canada should show modest economic growth in the months ahead.
The survey focused on companies with 25 of fewer employees and annual sales of about C$1 million. RBC Economics Research is a division of Royal Bank of Canada, Canada’s largest bank.
Reporting by Cameron French; editing by Peter Galloway