A damper on economic recovery

The Deloitte CFO Survey Switzerland – first half-year 2022

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Summary

Swiss CFOs do not expect the country to face a recession over the next 12 months, but the war in Ukraine has placed a significant damper on their optimism about the economic outlook. The corporate outlook remains broadly positive, but there has been a dramatic shift in CFOs’ perception of risk: there are major concerns about the impact of the war, supply chain issues remain acute, and companies are facing sometimes significant increases in the cost of raw materials, primary goods and services.

About the report

The Swiss CFO survey provides an overview of the financial attitudes of Chief Financial Officers and Group Finance Directors of major companies based in Switzerland. Published bi-annually, the Swiss Survey is aligned to the European CFO survey, including a mix of questions relevant to the CFO at a business environment, company and operational level.

Key findings

CFOs’ expectations for the Swiss economy are markedly less optimistic. The economic outlook had been expected to improve as COVID-19 restrictions were lifted; instead, the war in Ukraine has placed a damper on CFOs’ mood. However, they do not currently expect Switzerland to face a recession over the next 12 months.

The corporate outlook remains positive, though CFOs’ ratings are less optimistic than in H2 2021. They report increased pressure on operating margins and revenues, but there is a modest improvement in expectations for employee numbers. However, this encouraging sign comes against the backdrop of the current skills shortage.

Rather than easing, supply chain issues remain acute for many companies. A majority of Swiss CFOs expect these problems to persist until H1 2023. The major problem is the higher cost of logistics, raw materials and primary goods.

Companies are facing sometimes significant increases in the cost of the raw materials, primary goods and services they need. Not all companies are able to pass on even part of this extra cost to their own customers.

CFOs’ expectations for the Swiss economy are markedly less optimistic. The economic outlook had been expected to improve as COVID-19 restrictions were lifted; instead, the war in Ukraine has placed a damper on CFOs’ mood. However, they do not currently expect Switzerland to face a recession over the next 12 months.

The corporate outlook remains positive, though CFOs’ ratings are less optimistic than in H2 2021. They report increased pressure on operating margins and revenues, but there is a modest improvement in expectations for employee numbers. However, this encouraging sign comes against the backdrop of the current skills shortage.

Rather than easing, supply chain issues remain acute for many companies. A majority of Swiss CFOs expect these problems to persist until H1 2023. The major problem is the higher cost of logistics, raw materials and primary goods.

Companies are facing sometimes significant increases in the cost of the raw materials, primary goods and services they need. Not all companies are able to pass on even part of this extra cost to their own customers.

Top 10 company risks ranked by CFOs in Switzerland

1

Geopolitical risks / war

2

Supply chain issues

3

Inflation

4

Skills shortages

5

Internal challenges

6

Rising energy costs

7

Monetary policy / interest rate environment

8

Direct effects of COVID-19

9

Currency risks

10

Weakness in demand

Contacts

Alessandro Miolo

Managing Partner, Audit & Assurance
CFO Programme Chair

amiolo@deloitte.ch +41 58 279 7227 View profile

Michael Grampp

Research Director & Chief Economist

mgrampp@deloitte.ch +41 58 279 6817 View profile

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