Confidence is rising among Greek chief financial officers (CFOs) as insecurity declines, according to the 8th edition of the Deloitte European CFO Survey for autumn 2018 released this week. So much so, that Greece is the only country where CFOs said they were willing to take on more risk, up by 12 percentage points to 32 percent since 2016.
More specifically, 39 percent of Greece’s CFOs (up by 3 percent) said they feel more optimistic about the financial prospects of their companies compared to three months ago – the highest rate in Europe, with uncertainty about business performance recording the largest decline, down by 37 points.
According to the report’s analysts, “Greece can finally start to focus on growth again.”
Although, more than half (51 percent) of Greek CFOs admitted the level of uncertainty their business was facing was high, the figure dropped by 32 percent compared to the previous edition of the Deloitte survey.
Greece is the only country, according to the report, where “the mood is less frightened” compared to the previous edition.
The report is based on the views of 1,373 CFOs from 19 European countries besides Greece, including Austria, Belgium, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Sweden, Switzerland, as well as in Russia, Turkey, the US and UK.
Greek CFOs said that financial prospects for development, geopolitical issues and a complex regulatory framework are the three leading factors impacting business risk.
With regards to increasing revenue, 66 percent of Greek CFOs are optimistic compared to 41 percent in the rest of Europe. Prospects for profit margins are also in the positive (27 percent) against the European average of 12 percent.
In terms of skills, one in two Greek CFOs said soft skills/problem solving and adaptability were the hardest to find.