Deloitte Belgium CFO Survey Report

Q2 2019: Optimism remains at a low level while uncertainty is oscillating upward.

Up until this quarter investment indicators had remained bullish and seemed not to be impacted by the decline in optimism and rising uncertainty. This quarter however we started seeing the impact on investment indicators. Capex expectations declined by 10pp and headcount estimations took an even larger and more unexpected hit (-31pp). A drop in pressure on the labour market seems unlikely in the near future; CFOs on average still plan for workforce growth and shortages in skilled labour remains the leading concern for corporates. Labour market reform tops the priority list of survey participants. With a caretaker federal Government in place and the uncertainty of the ongoing negotiations these and other much needed reforms seem far away. Not surprisingly, the overall confidence in appropriate financial and economic policy making has continued its decline.

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