• Skip to content
  • Skip to navigation
Global site
  • Global site
  • Algeria
  • Botswana
  • Cameroon
  • Egypt
  • Ethiopia
  • Gabon
  • Guinea
  • Kenya
  • Libya
  • Malawi
  • Mauritius
  • Morocco
  • Namibia
  • Nigeria
  • Senegal
  • South Africa
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe
  • Anguilla
  • Antigua
  • Argentina
  • Aruba, Bonaire, Curacao and St. Maarten
  • Bahamas
  • Barbados
  • Bolivia
  • Brazil
  • British Virgin Islands
  • Canada LLP
  • Canada RCGT
  • Cayman Islands
  • Chile
  • Colombia
  • Costa Rica
  • Dominica
  • Ecuador
  • El Salvador
  • Grenada
  • Guatemala
  • Honduras
  • Mexico
  • Montserrat
  • Nicaragua
  • Panama
  • Paraguay
  • Peru
  • Puerto Rico
  • St Kitts
  • St Lucia
  • St Vincent and the Grenadines
  • Trinidad & Tobago
  • Turks and Caicos Islands
  • United States
  • Uruguay
  • Venezuela
  • Afghanistan
  • Australia
  • Bangladesh
  • Cambodia
  • China
  • Hong Kong
  • India
  • Indonesia
  • Japan
  • Korea
  • Malaysia
  • Mongolia
  • Myanmar
  • New Zealand
  • Pakistan
  • Philippines
  • Singapore
  • Taiwan
  • Thailand
  • Vietnam
  • Albania
  • Armenia
  • Austria
  • Azerbaijan
  • Belarus
  • Belgium
  • Bosnia and Herzegovina
  • Bulgaria
  • Channel Islands
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Georgia
  • Germany
  • Gibraltar
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Isle of Man
  • Israel
  • Italy - Bernoni
  • Italy - Ria
  • Kazakhstan
  • Kosovo
  • Kyrgyzstan
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Moldova
  • Monaco
  • Netherlands
  • North Macedonia
  • Northern Ireland
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russia
  • Serbia
  • Slovak Republic
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Tajikistan
  • Turkey
  • Ukraine
  • UK
  • Uzbekistan
  • Bahrain
  • Egypt
  • Jordan
  • Kuwait
  • Lebanon
  • Oman
  • Qatar
  • Saudi Arabia
  • United Arab Emirates
  • Yemen
Grant Thorton Logo

Grant Thornton Logo Grant Thornton logo

EN EL
  • Insights
  • Services
  • Industries
  • Meet our people
  • Careers
  • Our offices
  • Advisory Services
  • Assurance Services
  • Tax Services
  • Outsourcing Services
  • China Europe Business Group
Advisory Services Home
  • Transactional Advisory Services
  • Technology Intelligence & Performance Services
  • Strategy and Investments Services
  • Business Risk Services
  • ESG & Sustainability Services
Assurance Services Home
  • Audit Services
  • Tax Audit Services
  • IFRS Reporting
  • Forensic and Investigation Services
Tax Services Home
  • Corporation Tax
  • Corporate tax compliance
  • International tax services
  • Transfer pricing
  • Tax controversy
  • Ιndividual tax services (High Net-worth Individuals)
  • Indirect taxes
  • Tax restructuring
  • Diagnostic Tax Review
  • Tax efficient supply chain planning
Outsourcing Services Home
  • Payroll outsourcing services
  • Financial Services
  • Public Sector
  • Energy & resources
  • Food and beverage industry
  • Hospitality and tourism industry
  • Not for Profit
  • Real Estate and Construction Industry
  • Technology sector
  • Retail Industry
  • Manufacturing industry
  • Healthcare
Financial Services Home
  • Banking & Securities
  • Insurance financial services
  • Asset management
Public Sector Home
  • Central Government
  • Public Corporations and Organizations
  • Local Government
  • NSRF Managing Authorities and Special Services
  • Public Health Services
  • Social Security Services
Hospitality and tourism industry Home
  • Hotels & tourism services
  • Transportation
Technology sector Home
  • Information Technology
  • Media
  • Telecommunications
  • Audit Tax Advisory Services | Grant Thornton Greece
  • Press releases
  • Press releases 2016
  • Brexit fears are affecting the optimism of European businesses

Brexit fears are affecting the optimism of European businesses

21 Apr 2016
  • Brexit fears are affecting the optimism of European businesses

Global survey finds Brexit fears and continued deflation affecting European business optimism

  • Business optimism in EU at net 34% in Q1 2016, lowest since Q4 2014
  • UK business optimism falls 29pp in Q1 – biggest of any EU country surveyed
  • Globally, business optimism at three-year low
  • Only 35% of businesses globally expect to increase revenue over the next 12 months – lowest since Q2 2012

New research from Grant Thornton’s International Business Report (IBR), a quarterly global business survey of 2,500 businesses in 36 economies, finds that optimism among firms in Europe has fallen away in the first quarter of 2016 as the referendum on the UK’s membership of the EU approaches. Globally, business optimism has dropped to its lowest level in three years with most regions reporting a slump in confidence.

The IBR finds that optimism among businesses across the European Union has fallen to 34% in Q1 2016, down from 38% in Q4 2015 and the lowest figure since Q4 2014. Contributing significantly to this fall is the UK, where business optimism fell from 73% to 44% - the biggest fall of any EU nation in the research. However, optimism has increased in Italy (32% to 50%) and Germany (35% to 38%).

The research also finds that a potent combination of fragile financial markets, volatility in oil prices, concerns over terrorist attacks and political uncertainty including the prospect of the UK leaving the EU and the US Presidential race has led to the majority of regions globally reporting a fall in their economic outlook. Expectations for revenue, exports and R&D investment have also fallen.

Vassilis Kazas, Managing Partner at Grant Thornton Greece, said:

“A web of factors is creating uncertainty and affecting European business sentiment, not least the upcoming referendum on the UK’s EU membership. Optimism over the outlook for the UK economy has plummeted, reflecting wider uncertainty over which way the vote will go, and evidence suggests this is having a knock-on effect across the continent.

“However, the Brexit question is not the only factor affecting businesses. Growth in Europe remains slow and the spectre of deflation continues to loom large. Plans to increase selling prices among EU businesses have almost ground to a halt, which reflects the extent of the pressures firms currently face.”

The IBR finds that the proportion of businesses across the EU expecting revenue to increase over the next 12 months has fallen to 40% in Q1, driven by big falls in the UK (63% to 51%), Italy (46% to 34%) and Greece (38% to 28%). Expectations that selling prices will increase have fallen to just 7% in the EU in Q1, the lowest figure recorded since Grant Thornton switched from annual to quarterly research in 2010.

Globally, business optimism fell to net 26% in Q1, the lowest quarterly figure since Q4 2012. The trend is evident across the globe, including the G7 (down 7 percentage points in Q1), EU (down 4pp), North America (down 6pp) and Asia Pacific (down 10pp). 

For more information, please contact:

Marketing & Business Development Department

T: 210 72 80 069-70

E: marketing@gr.gt.com

Share this page
  • Share on Facebook LinkedIn
  • Share on Twitter Twitter
  • Share on LinkedIn LinkedIn
  • Share on WhatsApp WhatsApp
  • Share via Email Email
  • facebook icon
  • linkedin icon
  • twitter icon
  • youtube icon
CONNECTclose
  • Meet Our People
  • Contact us
  • Global reach
ABOUTclose
  • About us
  • Career
  • Press
  • Corporate Social Responsibility
LEGALclose
  • Privacy
  • Cookie policy
  • Disclaimer
  • Site map

© 2021 Grant Thornton Greece - All rights reserved. “Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Greece is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions.

    • EN
    • EL