Business confidence across Europe has fallen in the last quarter, according to the latest edition of the Global Economic Conditions Survey (GECS), released today.

However, the outlook for the Eurozone remains better than it has been for some time, according to the quarterly survey of global CFOs and finance professionals, conducted by ACCA (the Association of Chartered Certified Accountants) and IMA (the Institute of Management Accountants).

‘It was surprising to see a fall in confidence across Europe this quarter, given the rebound during Q1,’ said Narayanan Vaidyanathan, senior business analyst at ACCA.

‘The outlook for the Eurozone is better than it has been for some time, thanks to a combination of eased austerity, low interest rates and increasing exports. However, there are still some concerns around the wider impact of UK political developments, including Brexit and the recent general election, which may partly contribute to business hesitation.’

The survey also notes that the election of Emmanuel Macron in France this quarter has quelled some business’ fears of a ‘wave of populism’:

‘Victories for mainstream candidates in crucial presidential elections in the Netherlands and France have helped to boost investor and consumer confidence,’ added Vaidyanathan.

‘There are hopes that Macron’s victory will lead to a new wave of economic reforms that will kick start economic growth in France. If Macron is able to get his plans through parliament they should help to boost growth and bring down the unemployment rate, but he faces challenges to making his plans a reality.’

Globally, the GECS results were quite positive, with many economies set for reasonable growth over the coming years.

‘Global confidence fell from the previous quarter, but is still above levels seen throughout last year. Healthy employment prospects in the US and a gentler than expected slowdown in China will help, ‘added Vaidyanathan.

The full GECS report is available here.

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Notes to Editors

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 198,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,291 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here:www.accaglobal.com