Deloitte Belgian CFO Survey Q1-2010
After a strong recovery in the second half of 2009 CFO optimism saw a stabilisation, continuing in the first quarter of 2010. The modest improvement in the first quarter is still consistent with the general mood of uncertainty about the pace of the recovery of the Belgian economy.
CFOs expect a sluggish recovery in the economy. Expecations on the timing of accelerated demand for products and services have been significantly postponed in the first quarter of 2010: whereas three months ago 65% of the CFOs were expecting the recovery to accelerate in 2010, the percentage has decreased to less than 50% in the first quarter.
CFOs risk appetite remains at low levels and – though gradually improving - has not seen a significant change over the past 12 months.
Cashlow evolution expectations have deteriorated for the first time in a year. Though a number of corporates start to recover, the CFO survey suggests that others might be going through a second dip.