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Canadian companies more optimistic about 2012

Published by Steve Coleman on February 10, 2012

Canadian companies surveyed in the fourth quarter of 2011 say they feel good about their chances this year.

PwC's fourth-quarter 2011 Manufacturing Barometer says Canadian industry posted a 25 per cent increase in business confidence for the next year from the third quarter of 2011. Nine out of 10 said they expect revenue to grow over the next year. Ten per cent of those expected growth to log double digits.

After holding on to their money for a large part of 2011, 80 per cent of Canadian companies said they want to increase their spending in 2012. Information technology, research and development and new product or service introductions topped the list.

Companies that took part in the survey said sales outside of Canada will contribute two-thirds of their total sales in the next year.

While Canadian companies say they hope to do more business on the other side of international borders, 43 per cent of companies asked said foreign competition is standing between them and growth. To help counter it, businesses say they hope to form new strategic alliances and foreign joint ventures over the next year.

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