After a 2016 that brought accelerating growth and falling unemployment rates, Romanian CFOs are looking with confidence for the year to come.
According to the eight edition of Deloitte Romania CFO Survey 2017, 70 percent of the Romanian CFOs expect their revenues to increase in the year ahead and almost half of the CFOs who took part in the Deloitte survey estimate a GDP growth of over 2.6 percent, which makes them among the most optimistic in the region.
“With the highest economic growth in Europe in 2016, Romania experienced a period of stability and prosperity that has reached a peak last year. However, we are experiencing a testing environment with multiple risk factors that may slow down the Romanian economy,” said Ahmed Hassan, Partner Deloitte Romania and CFO program leader.
External events such as Brexit have raised mixed feelings, half of the surveyed Romanian CFOs expecting a negative effect on their businesses, and another 39 percent expecting a positive impact, most likely due to an increase in retaining local workforce in the market.
63 percent of the local CFOs are considering the current environment as having a normal level of uncertainty.
“Local CFOs are more interested to maintain the current operational performances, rather than embark on risky activities and we expect this trend to continue,” Hassan added.
Two major areas of concern for the local CFOs are the shortage of qualified workforce as well as a market pressure for price decrease of offered goods and services.
According to the survey, Romanian CFOs are more cautious and risk averse as 70 percent of them consider this is not a good time to be taking greater risk onto their company’s balance sheets. In addition, 74 percent of the local CFOs consider cost control as a priority for their businesses and 42.2 percent think it is important to reduce direct and indirect costs.