Less upbeat for the second time in a row, but still positive: once again, Swiss CFOs view economic prospects as worse than in the previous half-year. However, they remain positive overall and are counting on increased investment and employee numbers. Their major concerns are geopolitical risks and weak domestic demand.

1. The Deloitte CFO Survey Switzerland
Growth outlook: Switzerland still good, Europe returns to mediocrity
Report summary
First half-year 2019 | Results of the Swiss and the European surveys

2. 2
Economic outlook for Switzerland: Still good, but less so than
before
CFOs rating Switzerland’s economic prospects over the next 12 months as
positive/negative
© 2019. For information, contact Deloitte AG.

3. 3
Swiss CFOs’ expectations for a recession in the next two years
© 2019. For information, contact Deloitte AG.

4. 4
Switzerland bucks European trend for employee numbers – for
the second time in a row
© 2019. For information, contact Deloitte AG.
Percentage of CFOs who expect their company’s employee numbers to increase/
decrease over the next 12 months; results for selected European countries

5. 5
Risk represented by trading partners
How do you rate the current level of political uncertainty for your company
represented by the following major Swiss trading partners?
© 2019. For information, contact Deloitte AG.

6. 6
Top risks in Switzerland
Largest internal and/or external risks to your company over the next 12 months
© 2019. For information, contact Deloitte AG.

7. 7
Interest rate expectations in Switzerland
What do you think will happen to Swiss interest rates over the next two years
(mid-point in the target range for the Swiss National Bank’s base rate)?
© 2019. For information, contact Deloitte AG.

8. 8
Contacts
Reto Savoia
Deputy CEO Deloitte Switzerland
+41 58 279 6000
rsavoia@deloitte.ch
Alessandro Miolo
Managing Partner Audit & Assurance und
CFO Programme Leader
+41 58 279 7227
amiolo@deloitte.ch
Contacts and authors
Authors
Dr. Michael Grampp
Chief Economist and Head of Research
+41 58 279 6817
mgrampp@deloitte.ch
Follow me on Twitter
@michaelgrampp
Dennis Brandes
Senior Economic Analyst
+41 58 279 65 37
dbrandes@deloitte.ch
Acknowledgement
We would like to thank all participating CFOs for their
support in completing the Survey.
The Deloitte CFO Survey is supported by the CFO Forum
Schweiz, the independent association of Chief Financial
Officers in Switzerland.
Participating in our Survey
If you would like to take part in our Survey or would like
to receive copies of this report, please contact us:
cfosurvey@deloitte.ch
© 2019. For information, contact Deloitte AG.

9. 9
This publication has been written in general terms and we recommend that you obtain professional advice before acting or refraining from action on any of the
contents of this publication. Deloitte AG accepts no liability for any loss occasioned to any person acting or refraining from action as a result of any material in
this publication.
Deloitte AG is an affiliate of Deloitte NWE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). DTTL
and each of its member firms are legally separate and independent entities. DTTL and Deloitte NWE LLP do not provide services to clients. Please see
www.deloitte.com/ch/about to learn more about our global network of member firms.
Deloitte AG is an audit firm recognised and supervised by the Federal Audit Oversight Authority (FAOA) and the Swiss Financial Market Supervisory Authority
(FINMA).
© 2019 Deloitte AG. All rights reserved.
About the Deloitte CFO Survey
The Deloitte CFO Survey is a half-yearly survey of Chief Financial Officers and Group
Finance Directors that was launched in Switzerland in September 2009. The European CFO
Survey compiles results from 20 countries in a single report. This presentation and the
Swiss report show a selection of results. Full European results are available at:
www.deloitte.com/europeancfosurvey
The 36th Survey, the First Half-Year 2019 Survey, was conducted between 27 February and
27 March 2019. A total of 102 CFOs participated, representing listed companies as well as
privately owned firms from every major sector of the Swiss economy.
Some of the charts in the survey show the results in the form of a net balance. This is the
percentage of respondents reporting, for instance, that bank credit is attractive, minus the
percentage saying that bank credit is unattractive. This is a standard method of presenting
survey data. Due to rounding percentages may not add up to 100.
To access the full Swiss report please visit
www.deloitte.com/ch/cfosurvey