European CFO Survey

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European CFO Survey Autumn 2019

Into the woods

Confidence across European businesses has taken a major hit in recent months, according to our latest European CFO Survey.

Autumn 2019 edition

The results of the tenth European CFO Survey reveal a widespread negative mood, with a decline in the majority of the indexes measuring business confidence and expectations. Weak business sentiment has resulted in a lower willingness to invest or add to their workforce across the board, and weakening demand is the main concern across the board. The report also explores to what extent companies are feeling the pressure to act on climate change. 

What Europe’s leading CFOs are telling us:

  • General business sentiment is at a historic low in this edition: CFOs feeling less optimistic about the financial prospects of their companies outnumber those feeling more optimistic by almost 2 to 1, while expectations on the evolution of revenues and margins fell to their lowest since the survey began
  • Disruption in global trade and related increase in uncertainty seem to be at the heart of the deterioration in sentiment. The negative mood is concentrated in industries that are more export-oriented and embedded in global value chains
  • Companies across Europe have also turned bearish when it comes to investment decisions. For the first time since the beginning of the survey, the net balance of intentions on capital expenditure (CAPEX) turned negative, as slightly more CFOs plan a reduction rather than an increase in CAPEX over the next 12 months
  • The main concern for CFOs is weakening demand: Shortages in skilled labour are now less in focus – though they continue to be seen as one of the top risks. As well, over the past two editions of the European CFO Survey, there has been a rapid increase in the number of countries where CFOs named weaker demand as the top risk, and is now the factor named most often
  • Companies feel the pressure to act on climate change; particularly larger companies, where the pressure is coming from their clients and customers. Many companies are also taking action, mainly focusing on increasing energy efficiency and adopting climate-friendly equipment. Few however, are taking a strategic approach when dealing with this issue.
European CFO Survey Autumn 2019

Download the report and use the tools below to compare responses

Uncover the issues that matter most to Europe's CFOs in the latest European CFO Survey report - Into the woods - and see how responses compare by exploring the tool below.

Autumn 2019

Q1 Intro text

Welcome to the first Deloitte European CFO Survey. This site provides access to the opinions of CFOs across Europe, enabling you to compare their responses, see rankings as well as our interpretation of some of the key trends that have affected these results. In addition to the quarterly analysis of trends we ask CFO about a specific issue. For this quarter we asked CFOs to identify policies that in their opinion would be effective in resolving the EU/euro area growth crisis.

In Q1 2015 we had over 1,300 CFOs participating from 14 countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Russia, Spain, Switzerland and the United Kingdom

Q3 Intro text

Welcome to the second Deloitte European CFO Survey. This site provides access to the opinions of CFOs across Europe, enabling you to compare their responses, see rankings as well as our interpretation of some of the key trends that have affected these results. In addition to the quarterly analysis of trends we ask CFO about a specific issue. For this quarter we asked CFOs for their opinions on recent events in Greece, and how the prospects for achieving a stable and closely integrated European monetary union could be affected in the longer term.

In Q3 2015 we had close to 1,300 CFOs participating from 15 countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Switzerland and the United Kingdom

Q1 -2016 Intro text

Welcome to the third Deloitte European CFO Survey. This site provides access to the opinions of CFOs across Europe, enabling you to compare their responses, see rankings as well as our interpretation of some of the key trends that have affected these results. In addition to the quarterly analysis of trends we ask CFO about a specific issue. For this quarter we asked CFOs what impact, if any, the Transatlantic Trade and Investment Partnership (TTIP) would have on their company.

In Q1 2016 we had close to 1,500 CFOs participating from 17 countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the United Kingdom

Q3 -2016 Intro text

Welcome to the fourth Deloitte European CFO Survey. This site provides access to the opinions of CFOs across Europe, enabling you to compare their responses, see rankings as well as our interpretation of some of the key trends that have affected these results. In addition to the quarterly analysis of trends we ask CFO about a specific issue. For this quarter we asked CFOs two questions regarding Brexit: first, how will the negotiations impact your business and second, how would your business be affected by the UK leaving the EU.

In Q3 2016 we had close to 1150 CFOs participating from 17 countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the United Kingdom

Q1 -2017 Intro text

Welcome to the fifth Deloitte European CFO Survey. This site provides access to the opinions of CFOs across Europe, enabling you to compare their responses, see rankings as well as our interpretation of some of the key trends that have affected these results. In addition to the quarterly analysis of trends, we ask CFOs about a specific topic: for this quarter, we asked two questions regarding the future of the European Union, specifically the likelihood they attribute to further member states voting to leave the union in the next five years and what the EU needs to do in order to guarantee the bloc's success.

In Q1 2017 we had close to 1600 CFOs participating from 19 countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the United Kingdom.

Q3 -2017 Intro text

Welcome to the sixth Deloitte European CFO Survey.

The European CFO survey is an ideal barometer of the corporate sector that shows how senior management views risk, business sentiment, the outlook for their company and their strategic priorities. This site allows you to compare results collected every 6 months and across a diverse set of European counties, in addition to giving you access to local analysis and contacts.

Each quarter we ask CFOs, on top of a series of standard questions, to focus on a specific topic. For Q3 2017 the focus is on interest rates, asking them about their expectations and any possible implications for their business. Previous editions have discussed the future of the EU, Brexit, TTIP and the Greek debt crisis.

This quarter we had close to 1,550 CFOs participating from 19 countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the United Kingdom.

Q1 -2018 Intro text

Welcome to the seventh Deloitte European CFO Survey.

For this edition, we not only asked a special question on the likelihood and impact of risks to the global economy, but we also created a special edition chapter – “The digital frontline” – where CFOs shared their perspectives on digital disruption and some food for thought on the implications for business.

The findings discussed in this report are representative of the opinions of almost 1,652 CFOs based in 20 European countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the United Kingdom. CFOs were all contacted between February and April 2018. The special edition chapter–The digital frontline–represents the consolidated views of up to 1,162 CFOs based in up to 15 European countries: Austria, Belgium, Denmark, Finland, France, Greece, Iceland, Ireland, Italy, Poland, Portugal, Spain, Sweden, Switzerland and Turkey.

Q3 -2018 Intro text

Welcome to the eighth edition of the Deloitte European CFO Survey.

Now in its fourth year, we gathered the views of 1,373 CFOs based in 20 European countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Russia, Sweden, Switzerland, Turkey and the United Kingdom. The special questions in this edition of the Survey investigate the type of skills shortages that exist and the strategies currently used to address the issue.

This site allows you to compare results collected every 6 months and across a diverse set of European counties, in addition to giving you access to local analysis and contacts. Use the interactive tools below to compare and contrast both country and quarterly data.

Q1 -2019 Intro text

Welcome to the ninth edition of the Deloitte European CFO Survey.

Now in its fifth year, we gathered the views of over 1,400 CFOs based in 20 European countries: Austria, Belgium, Denmark, Finland, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the United Kingdom.

This site allows you to compare results collected every 6 months and across a diverse set of European counties, in addition to giving you access to local analysis and contacts. Use the interactive tools below to compare and contrast both country and quarterly data.

Q3 -2019 Intro text

Welcome to the tenth edition of the Deloitte European CFO Survey.

Now in its fifth year, we gathered the views of 1,371 CFOs based in 19 European countries: Austria, Belgium, Denmark, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the United Kingdom.

This site allows you to compare results collected every 6 months and across a diverse set of European counties, in addition to giving you access to local analysis and contacts. Use the interactive tools below to compare and contrast both country and quarterly data.

Please select a country on the map below to view the associated ranking.

Please select a country from the list below to view the associated ranking.

  • Above GDP weighted average net balance
  • Below GDP weighted average net balance
  • Above GDP weighted average probability
  • Below GDP weighted average probability

Autumn 2018

Change from Spring 2018

  • 5%
  • 5%
  • 5%
  • 5%
  • 5%
  • 5%
  • 5%

Note:

Aggregate results across participating countries

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Q3 2018 image

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Q5 Tableau to come

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Q6 Tableau to come

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Note for interacting with the data: Please hover over the responses to see additional sorting options. Click on the sort icon on each response to sort the data in ascending order, descending order or alphabetical order. Please refresh the page if you want to reset the sorting to the default view.

Please contact your local CFO team or the European CFO team to find out more.

Q1 Plotting description

The plotting tool allows you to compare data across countries, clusters and sub-regions. To use it, select the countries you would like to aggregate under Group A and Group B and then press Generate graph. The data will then appear in the graphic below and you will be able to choose whether you are interested in the GDP weighted average net balance or the simple average net balance. When changing your selections, please ensure you click Generate graph again in order to reload the data.

 

Note: The GDP weighted average net balances will provide you with the most accurate comparisons as they take into account what the proportion of a country’s GDP is compared to the total GDP of the 17 countries.

Q3 Plotting description

The plotting tool allows you to compare data across countries, clusters and sub-regions. To use it, select the countries you would like to aggregate under Group A and Group B and then press Generate graph. The data will then appear in the graphic below and you will be able to choose whether you are interested in the GDP weighted average net balance or the simple average net balance. When changing your selections, please ensure you click Generate graph again in order to reload the data.

 

Note: The GDP weighted average net balances will provide you with the most accurate comparisons as they take into account what the proportion of a country’s GDP is compared to the total GDP of the 20 countries.

Group A

Group B

CFO Survey

Generate graph

For a full breakdown, download the European CFO Survey Autumn 2019 report.

About the European CFO Survey

Since 2015, the European CFO survey has brought together the views of CFOs from +/- 20 European countries, providing an overview of CFO’s hiring and investment intentions, their opinions on the business outlook, critical risks, strategic priorities and factors they consider vital for success.

With 1,371 CFOs participating in this edition, the European CFO survey has established itself as one of the largest regularly occurring C-Suite surveys in Europe. The survey has been recognised by clients, academics, business associations and policy makers alike.

Countries have included: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the United Kingdom.

Previous editions

European CFO Survey - Spring 2019
Eyes on demand

European CFO Survey - Autumn 2018
Winter is coming

European CFO Survey - Spring 2018
Undeterred by uncertainty

European CFO Survey - Autumn 2017
CFOs switch focus to the longer term

European CFO Survey - Spring 2017
Recovery continues

European CFO Survey- Autumn 2016
Growth prospects in an uncertain world

European CFO Survey - Spring 2016
Politics takes centre stage

European CFO Survey - Autumn 2015
Confidence heads South

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