Deloitte study: companies in Romania expect a challenging year, marked by cautious optimism and a focus on managing risks and costs

Companies in Romania expect a challenging year, marked by cautious optimism and a focus on managing risks and costs, according to the Deloitte 2025 Romania CFO Survey, conducted at the end of last year among approximately 130 Chief Financial Officers (CFOs) based in our country. Most of the Romanian CFOs predict increase in revenues for this year (58%), but their share has been continuously declining over the past years, from 73% in 2021. Their expectations are in line with their Central European peers’.

The study underscores a significantly higher level of cautiousness about capital expenditures (CAPEX) compared to the previous year and to the regional consensus. The share of those who anticipate CAPEX increase has dropped from 46% in the previous edition to 34%, while the proportion of those who expect decrease has risen sharply from 19% in the previous year to 33%.

When it comes to the number of employees, 26% of the local CFOs predict an increase, a significant drop from 37% last year, while 28% forecast a decline in employment, up from 18% in the last survey.

Risk aversion has intensified, with 87% of respondents agreeing that 2025 is not the time to take on greater balance sheet risk, in line with regional trends. Top risks for Romanian businesses identified by the survey are related to reserved economic outlook, which will impact demand both domestically (44% of respondents expect a decrease) and from abroad (33% expect foreign demand reduction), increasing regulations (mentioned by 44% of the respondents), talent shortage (39%) and geopolitics (35%). Among the most severe geopolitical risks, the conflict in Ukraine was mentioned by almost half of the respondents (47%).

Inflation is also a major concern for Romanian companies, even if their projected rates have been decreasing from 11.2% two years ago, to 5.4% in this survey, which is more pessimistic than the National Bank of Romania and the National Institute of Statistics estimations. For the euro area, they estimate an inflation rate of 3.1% over the next 12 months. Romanian CFOs are aligned with their regional peers when it comes to their views on inflation, which are more cautious than those issued by national and international financial institutions and macroeconomists.

In this context, cost management is the main business priority, reflected by 37% of survey respondents. Other areas on which companies in Romania will focus in 2025 are organic growth (24%), followed by growth in existing markets (8%) and the introduction of new products and services (also 8%).

“Amid expected measures for decreasing the budget deficit, when we conducted this year’s survey, we also asked the Romanian CFOs about their expectations regarding the tax system. As expected, most of them foresee increases. They also see possible increase in cost of financing, due to the level of economic and political uncertainty. This explains partially their cautious approach to investments in Romania and is a reminder that the business environment needs political stability and legislative predictability more than anything else,” said Zeno Caprariu, Audit Partner, Deloitte Romania, and Leader of the CFO Programme in Romania.

The Deloitte 2025 Romania CFO Survey was conducted between September and October 2024. Local answers are compared to the aggregated data gathered from over 650 CFOs based in 14 Central European countries – Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Serbia, Slovakia, and Slovenia.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world.

Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.
Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.