Hoping for growth, but more cautious

The Deloitte CFO Survey Switzerland – second half-year 2024

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Summary

As in spring 2024, a majority of Swiss CFOs rate the outlook for the Swiss economy over the next 12 months as positive. There is greater disparity in their rating of the economic outlook for Switzerland’s main trading partners: optimistic about the US economy, despite a perception of high levels of political risk, but pessimistic about the outlook for China and Germany. The corporate outlook over the next 12 months remains largely positive and has actually improved slightly since this spring. Nonetheless, lower expectations for discretionary spending and investment indicate that companies are increasingly cautious.

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

Economic outlook

Economic outlook: Disparity in expectations

CFOs' ratings of the economic outlook remain mixed: while they are optimistic about the outlook for Switzerland and the US, they are very pessimistic about the prospects for Germany and China.

Corporate outlook

Corporate outlook: A more cautious approach

A majority of Swiss CFOs are optimistic about their company's prospects over the next 12 months, with most rating them as more positive than in H1 2024. However, falling expectations for discretionary spending and investments indicate that companies are taking an increasingly cautious approach.

Efficiency measures

Efficiency measures: Focus on business structure and technology

Companies are considering a number of efficiency measures, with a focus on optimising business structure and implementing technological solutions (excluding artificial intelligence (AI)). Fewer companies are considering downsizing their workforce or using AI.

Political risks and international business activity

Political risks and international business activity: China and Germany under pressure, but Switzerland and India are bright spots

In an increasingly uncertain world, the question arises as to where the future growth dynamics for Swiss companies could come from. China and Germany are under pressure, and the USA could become more challenging after the election, but still offer economic strength. Switzerland and India, on the other hand, offer rays of hope.