Survey shows North/South split for CFO optimism in Europe

A biannual survey that collates results of other surveys run by its member firms across 15 European countries has found a North/South split when it comes to how optimistic European CFOs are about the future.

Deloitte's latest European CFO Survey takes into account the views of 1,298 CFOs and reveals a distinct geographic line that divides those who have a positive outlook and those who think things are less likely to go well.

Financial prospects

A quarter (25%) of the CFOs who took part said that the financial prospects for their company were better than they were three to six months ago, a fall from 33% in the first quarter of the year. There was a corresponding increase in those who felt less optimistic, up to 23% in Q3 from 18% in Q1.

More than half of CFOs in Ireland and Spain were more positive, whereas only 14% of CFOs in both France and Norway felt the same, with their German and UK counterparts only being slightly more hopeful at 18%.

Effect on sentiment

Chief economist at Deloitte UK Ian Stewart said: "This survey shows concerns about global growth have had a marked effect on sentiment in northern Europe, but we are seeing a rebalancing of prospects within Europe from north to south."

Citing the continuing Greek debt crisis and wider concerns over the global economic recovery due to China's on going financial woes, Stewart said many of Europe's CFOs now had a sense of heightened uncertainty.