European CFO Survey

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European CFO Survey Spring 2020

A perspective on COVID-19

European CFO Survey: COVID-19 special report

This edition of the European CFO Survey is chiefly focused on how business leaders and policy makers are adapting to the new, unpredictable environment brought about by COVID-19.

Data was gathered between February 28th and April 2nd 2020 in 18 countries across Europe. See the breakout box for more detail.

Plummeting optimism

The forced slow-down of economic activity has added to the already heightened concerns about the European economy. On average, 63 per cent of CFOs report in March 2020 that they are less optimistic about the financial prospects for their company, an increase of almost 30 percentage points in six months, and by far the highest share since the beginning of the series in 2015.

As the health crisis unfolded and more and more countries in Europe implemented increasingly restrictive measures, the share of executives reporting to feel less optimistic increased substantially week after week.

 

Unavoidable recession

Will this recession drag on, or be short-lived? European companies seem to be preparing for a rather gradual recovery of their business, spread over a longer term:

  • Almost 80 per cent of the respondents expect the pandemic to have a negative effect on the revenues of their company well into the autumn 
  • one in three expect a double digit decline in the next six months
  • longer-term expectations are only slightly more positive: 
    • 10 per cent of the respondents foresee a strong decrease in revenues well into next year 
    • almost 30 per cent think that revenues will be at the same level as forecasted before the outbreak
    • more than half still expect the negative effects of the pandemic to stretch into 2021.


The outlook for investments and hiring darkens

Subdued business expectations mean companies are downgrading their investment and hiring plans.

  • 41 per cent of CFOs plan to reduce their capital expenditures, twice as many as the 20 per cent who plan to increase them
  • 38 per cent of respondents foresee a decrease in the number of their employees over the next 12 months, against 21 per cent expecting an increase.

 

Companies focus on liquidity, working arrangements and communication plans

To steer their companies in these uncharted waters, companies are prioritising short-term reactive measures.

  • 74 per cent of CFOs report that they are cutting spending in response to the crisis
  • 66 per cent of CFOs are prioritising the setup of alternative working arrangements, while reworking communication plans is the third focus area, prioritised by 35 per cent of businesses 
  • During the data collection period, the share of respondents reporting to be prioritising the establishment of new credit lines more than quadrupled – though from a lower base.

The Deloitte European CFO Survey

About 1,000 CFOs in 18 countries participated, providing an overview of business sentiment and expectations for investments and hiring across Europe, each edition focuses on a topical issue. The Spring 2020 edition asked CFOs about the expected effects of the COVID-19 pandemic on revenues in the short and medium term, as well as the actions taken in reaction. Participating countries were Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Switzerland.

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European CFO Survey: a perspective on COVID-19

Explore previous editions

Uncover the issues that matter most to Europe's CFOs. Compare previous national and quarterly responses in the tool below. Data from the Spring 2020 edition will be updated in the coming days.

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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 countries, 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 countries, 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 countries, 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 countries, 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%
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Note:

Aggregate results across participating countries

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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.

Previous editions

European CFO Survey - Autumn 2019
Into the woods

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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