Confidence despite global uncertainties
The Deloitte CFO Survey Switzerland – second half-year 2025
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.
Summary
In the 50th edition of our CFO survey, CFOs are cautious in their assessment of the economic outlook. However, business prospects for companies remain optimistic, with positive revenue expectations and a cautious spending policy. Geopolitical risks, trade conflicts, and currency risks dominate the concerns of CFOs this half-year. The international environment is turbulent but also offers opportunities. India is a bright spot, even though few companies are active there yet. Swiss companies are calling for measures in response to trade barriers and are responding to global uncertainties with price adjustments and reducing costs.
Key results of the Swiss survey
Economic outlook: cautious, with a glimmer of hope
The severe tariff shock has been overcome, but uncertainty remains, and economic expectations are correspondingly weak: slightly negative for Switzerland, and deeply negative for the USA. Expectations for Germany and especially for China are improving.
Economic expectations for Switzerland and Switzerland's most important trading partners
Net balance of CFOs who assess the economic outlook for Switzerland and its main trading partners positively/negatively over the next 12 months
Company outlook: optimism prevails
In contrast to the negative economic outlook, company prospects are mostly optimistic. Although expectations for revenue growth are lower, they remain clearly in positive territory. Margin expectations remain slightly positive, despite sales price adjustments. Greater caution is evident in spending. A majority expect employment to decrease in Switzerland but to rise abroad.
Expectations for corporate development far exceed economic outlooks for Switzerland
Proportion and net balance of CFOs who assess the financial outlook for their company over the next 12 months as positive/negative
Company performance indicators: tariff shock overcome, but with consequences
Net balances of CFOs expecting these indicators for their company to rise/fall over the next 12 months. Employee numbers split between Switzerland and abroad for the first time in this edition
Company risks: international risks dominate
Geopolitical risks remain the greatest concern from the CFOs’ perspective, followed by trade conflicts and currency risks. Worries about an economic slowdown follow in fourth place. These four clearly dominate perceptions of risk.
Risks for companies from the perspective of Swiss-based CFOs
The greatest internal and/or external risks for companies over the next 12 months
International environment: turbulent, but with opportunities
Despite increasing challenges, CFOs see more opportunities than risks in the international environment, with the USA and France as exceptions among key trading partners. India remains a beacon of hope, while the outlook for the Swiss market is mixed. The effects of the tariff shock continue to be felt.
More opportunities than risks among most key trading partners
Net balance of expected change in business conditions over the next three years
Location Switzerland: measures needed for the international environment
The attractiveness of Switzerland as a business location is under pressure. Swiss CFOs overwhelmingly call for measures to protect it, foremost among them a reduction of US tariffs on Swiss exports and further trade agreements.
How can the attractiveness of the location be secured?
Indication of up to five measures that, from the CFOs’ perspective, Switzerland should implement to secure the attractiveness of its location
Trade barriers: how companies are responding
The most important measure companies are taking in response to increased trade barriers and tariffs is to adjust sales prices. Cost reductions, personnel measures, and relocating production abroad are other common responses. Many companies also view the crisis as an opportunity to invest in technology and new business areas.
Corporate measures in response to trade restrictions, tariffs and supply chain disruptions
Indication of up to five measures taken in response to additional trade restrictions, tariffs or supply chain disruptions
CFO interviews
For this 50th edition, we conducted several interviews with CFOs in addition to the online survey. The following CFOs have participated in an interview.
