Summary

In the current CFO Survey, the mood has significantly deteriorated. Trade disruptions are leading to increasing economic concerns, rising cost pressures, and a cautious investment willingness among companies in Switzerland. The international environment currently presents a major challenge for Swiss companies. For key trading partners such as Germany or the USA, a majority expects an economic downturn. Companies' supply chains are under increasing pressure, and they are responding with a range of countermeasures.
 

About the Survey

The Swiss CFO Survey provides an overview of the economic attitudes of CFOs and Group Finance Directors of major companies based in Switzerland. It is published semi-annually, aligns with the European CFO Survey, and includes a mix of questions relevant to the CFO at business environment, company, and operational levels. In light of the disruptions in international trade policy, we conducted the spring survey in two waves, in March and early April.
 

Key Results of the Swiss Survey

Economic outlook

Before the announcement (and subsequent temporary suspension) of new US tariffs, a shift in optimism was evident: the USA was viewed more negatively, while China (and very slightly Germany) was viewed more positively. Trade disruptions are leading to consistently rising economic concerns, including for Switzerland.

Corporate outlook
 

The corporate outlook for companies in Switzerland fluctuated significantly between the March and April surveys. Revenue expectations remained relatively stable in both months. Rising cost pressures were evident in both survey periods. Companies are overall as cautious with investments, discretionary spending, and hiring as they have been since the pandemic year of 2020.

International Environment

The international environment currently presents a major challenge. Only for India is an improvement in business conditions expected over the next three years in both survey periods. For Germany and the USA, a majority expects a deterioration in both periods. Swiss development depends on future trade policies.

Supply Chains

The turbulence in the global trading system is putting pressure on companies' supply chains. However, they are not helpless in the face of the new situation and are implementing a range of countermeasures. Leading measures include investments in technology and cost reductions in other areas.