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.
Outlook for the economy
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.
Supply chain issues
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
Geopolitical risks / war
Supply chain issues
Rising energy costs
Monetary policy / interest rate environment
Direct effects of COVID-19
Weakness in demand
Previous Deloitte CFO Survey editions
Second half-year 2021
First half-year 2021
Second half-year 2020
First half-year 2020
Second half-year 2019
First half-year 2019
Second half-year 2018
First half-year 2018