The European CFO Survey Autumn 2024 

13.12.2024

Deloitte’s autumn edition of the European CFO Survey reveals that companies perceive a high level of uncertainty and are unwilling to increase risk on their balance sheets.

Despite falling interest rates and inflation, the financial prospects of companies have remained largely unchanged since spring. The majority of Finnish companies are investing less than 5% of their budgets in generative AI.

In Finland, 71 CFOs of large companies participated in the European CFO survey in September 2024.

Below you will find the survey’s key findings for Finland

The outlook for companies in the euro area has remained largely unchanged since spring. In the autumn, 30% of CFOs (19% of CFOs in Finland) are less optimistic than before.

• Over 75% of Finnish CFOs estimate that the Finnish economy will start to recover during year 2025. Only 13,5% believes that the recovery will not begin until over a year from now.
  
• Half (49%) of the CFOs believe that a decrease in interest rates and the subsequent growth in private consumption will trigger the Finnish economic recovery.
  
• Approximately two-thirds of Finnish CFOs (68%) see that  now is not a good time to be taking greater risks onto your balance sheet.

Risk and priorities

68% of Finnish CFOs (70% in European CFOs) believe it is not a favorable time to take on additional risk. European CFOs are prioritising cost reduction as their top strategy.

• Regarding risks, Finnish CFOs consider that geopolitical risks and weak economic growth are the most significant risks  for the next 12 months. This is followed by falling domestic demand and cyber risks. In Europe in general, falling domestic demand and shortage of skilled professionals are perceived as the biggest risks.
• In Finland, CFOs say that the growth in existing markets is the most important strategy, followed by organic growth and digitalisation. In Sweden cost savings are seen as the most important strategy, while in Norway and Denmark organic growth is the highest priority for CFOs.
• Only  22% of Finnish companies say they will hire new employees in the next 12 months. The average percentage at the European level is 30%.

Generative AI benefits and investments

We also asked from the Finnish CFOs what are the main benefits that companies hope to achieve from using GenAI and how much are they willing to invest in it.

• In Finland, the greatest benefit from generative AI is hoped to be achieved improve accuracy of forecasting and modeling, in increase margin, efficiencies or productivity and to reduce costs.
• Most of the Finnish companies (91%) are investing less than 5% of their budgets in generative AI. More than half (60%) allocate less than 1%.

The European CFO Survey Autumn 2024

Since 2015 Deloitte has conducted the European CFO Survey, giving voice to senior financial executives from across Europe twice a year. The data for the Autumn 2024 edition were collected in September 2024; the survey had garnered responses from 1839 CFOs 26 countries (71 CFOs were based in Finland) and across a wide range of industries.