recovery signs swiss economy

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Signs of sustainable recovery for the Swiss economy

Results of the 16th Deloitte CFO survey

Swiss CFOs’ economic expectations remain optimistic. In the second quarter of 2013, 56% of the CFOs surveyed by Deloitte expect economic growth, 75% forecast higher sales, while 31% expect to see an increase in investments. These results and more are shown in the second CFO survey of the year 2013.

CFOs are feeling optimistic in the summer of 2013 – because the risks facing the Swiss economy are increasingly being replaced by positive signs. This includes a more stable Swiss franc-euro exchange rate, reduced expectations of inflation, together with more willingness to invest on the part of companies.

The result comes as no surprise to Michael Grampp, Deloitte’s Chief Economist in Switzerland. “Swiss CFOs’ confidence in the market is gradually being restored. Companies' increasing willingness to accept risk – and to invest more – are good signs for a sustainable recovery.” Around one third of the 120 CFOs of Swiss companies surveyed by Deloitte expect to see increasing corporate investments within the next year.

Moderate risks, good credit conditions

The general mood of optimism among CFOs is backed up by continued positive credit conditions. Both the cost and availability of credit are viewed as favourable. Only half of all respondents – 17% less than a year ago – believe that a fall in foreign demand still represents a risk for the Swiss economy.

Priority on high cash flow

However, the issue of security was still a factor. Increasing liquidity in their companies remains the priority for 81% of CFOs. The reasons for this are often defensive. Security, independence and flexibility are still important. However, they also want to be prepared for future investments and expansions.

About the Deloitte CFO survey

Every quarter, Deloitte in Switzerland conducts a quarterly survey of Chief Financial Officers and Financial Managers of major Swiss companies. One hundred twenty CFOs took part in the sixteenth survey, conducted at the end of the second quarter of 2013. Approximately 30% of the CFOs surveyed represent listed companies, the remaining 70%are CFOs of private companies.

The Deloitte CFO survey is the only one of its kind in Switzerland and is also conducted by Deloitte DTTL in 19 other countries.

About Deloitte in Switzerland

Deloitte is a leading accounting and consulting company in Switzerland and provides industry-specific services in the areas of audit, tax, consulting and corporate finance. With approximately 1,100 employees at six locations in Basel, Berne, Geneva, Lausanne, Lugano and Zurich (headquarters), Deloitte serves companies and institutions of all legal forms and sizes in all industry sectors. Deloitte AG is a subsidiary of Deloitte LLP, the UK member firm of Deloitte Touche Tohmatsu Limited (DTTL). DTTL member firms comprise of approximately 200,000 employees in more than 150 countries around the world.

Zurich, 21 July 2013

Note to editors

In this press release references to Deloitte are references to Deloitte AG, a subsidiary of Deloitte LLP, which is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see for a detailed description of the legal structure of DTTL and its member firms. Deloitte LLP and its subsidiaries are leading business advisers, providing audit, tax, consulting and corporate finance services through more than 12,600 exceptional people across the UK and Switzerland. Known as an employer of choice for innovative human resources programmes, it is dedicated to helping its clients and people excel. Deloitte AG is recognised by the Federal Audit Oversight Authority and the Swiss Financial Market Supervisory Authority. The information contained in this press release is correct at the time of going to press.

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