Analytics, Baltic, Banks, Business, Financial Services

"The findings of the new CFO survey are well consistent with global trends. Slower growth of the global economy has made businesses a bit more cautious about the future," Artjom Sokolov, head of corporate banking at the Estonian operation of SEB, said. 

Although according to the forecast the economies of also the Baltic countries are faced with a slowdown, economic growth here will continue to be much faster than in Europe on the average, offering growth opportunities for business operators, Sokolov said.

It appears from the survey taken in October that in Estonia financial managers have become a bit more skeptical, with the ratio of managers who see the business environment as favorable dropping to 48% from 51%  in a similar survey a year ago.

In Latvia businesses have become much more pessimistic, however. In that country the ratio of positive answers dropped from 52% in 2018 to just 39%  in October this year.

In Lithuania the change was marginal and the ratio of CFOs believing that the business climate will be favorable for their company in the next 12 months was 51%. 

Estonia stands out in this year's survey with the highest ratio of pessimists believing that business conditions will be unfavorable for their company in the next 12 months. Such responses made up 19 percent of all responses in Estonia, compared with roughly 10 percent in the other two Baltic countries.

This was the seventh time for SEB to organize the survey looking at CFOs' assessment of the situation of the economy and the main  problems and opportunities offered by the business environment. In this year's survey 209 companies with annual sales of at least 20 mln euros took part.