Accountants remained cautious in Q3, but survey points to resilient global economy

U.S. indicators point to strengthening economy in Q3, but cost pressures remain elevated

WASHINGTON & MONTVALE, N.J., Oct. 21, 2026 (GLOBE NEWSWIRE) — The ACCA (Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants) Global Economic Conditions Survey (GECS) showed a small decline in confidence among accountants globally in Q3. While confidence remains higher than the near-record low in Q1 amid the outbreak of the conflict in the Middle East, it remains in the low range it has moved in since late 2024. Confidence improved somewhat among chief financial officers (CFOs) but caution appears to remain the order of the day.

The other key indicators remain consistent with a resilient global economy though. The Global New Orders Index improved and is just above its historical average and broadly similar to other readings in the aftermath of Russia’s invasion of Ukraine. There were also small gains in the Global Capital Expenditure and Employment indices, although both remain below series averages. The AI boom continues to provide major support to global growth and stock markets.

Downside risks are growing though, amid the renewed rise in energy prices and inflation in recent months, large increases in government bond yields, and tighter monetary policy. Cost pressures remain a major challenge for firms—almost 70% of surveyed accountants globally reported increased operating costs in Q3—down from Q2, but significantly above the series average. 82% of CFOs experienced higher costs, barely lower than in Q2. Meanwhile, almost 50% of respondents expect interest rates to rise in their country over the next three months, up from 42% in Q2.

Economic pressures remain accountants’ top risk priority globally in Q3 (24%), followed by geopolitical instability (18%), and then regulatory/compliance risks and cybersecurity (c.13%).

Confidence rose in North America in Q3, driven by a marked rise among U.S. based accountants. There was also a sharp rise in the U.S. Capital Expenditure Index and a decent increase in the Employment Index, although there was a very small fall in the New Orders Index. Overall, the indices point to some strengthening in the U.S. economy in Q3, although the key indicators remain below their historical averages by varying degrees, particularly the Employment Index, likely reflecting the sluggish jobs market.

Commentary from survey participants highlights the various headwinds still facing U.S. firms, including import tariffs, high energy prices and inflation, geopolitical and policy uncertainty, and elevated interest rates. Among U.S.-based respondents, 77% reported increased operating costs in Q3, down slightly from Q2, but very high by historical standards. Moreover, likely reflecting the headwinds and elevated uncertainty, 45% of U.S. survey respondents ranked economic pressures as their top risk priority, way ahead of the other risks.

“There is something of a tug of war going on in the global economy at the present time, with the AI boom a major driver of growth and equity markets, while higher energy prices, inflation and government bond yields are pulling in the other direction,” said Alain Mulder, Region Head Europe & Central Asia, Senior Director Global B2B, IMA. “Further significant gains in energy prices and government borrowing costs would be increasingly challenging for global growth.”

“While the global economy has shown remarkable resilience this year, downside risks remain prevalent,” said Jonathan Ashworth, Chief Economist, ACCA. “The longer energy and other prices remain elevated, the greater the pressure on firms to pass on their cost increases, which would weigh on consumers and increase the likelihood of further monetary tightening by the Fed and other central banks.”

Ashworth concluded: “Despite various headwinds, U.S. economic growth is benefitting significantly from the AI boom. Anything that fuelled a meaningful slowing in that over coming quarters, would clearly be problematic.”

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About ACCA

We are ACCA (the Association of Chartered Certified Accountants), the only truly global accountancy body. Since we were founded in 1904, we’ve been breaking down barriers to the accountancy profession. Today we proudly support a diverse community of over 257,900 members and 530,100 future members in 180 countries.

We’re redefining accountancy. Our cutting-edge qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to lead and drive sustainable value in organizations and economies worldwide.

Guided by our purpose and values, we’re leading the accountancy profession for a changed world. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that focuses on people, planet and prosperity to create value for all.

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ACCA is not affiliated with any Chartered Accountant (CA) organization or Chartered Professional Accountant (CPA) organization.

About IMA® (Institute of Management Accountants)

IMA® is a global association at the intersection of accounting, finance, and business strategy, setting a new standard of financial competency across the workforce to drive better career and business outcomes. Through expert-led content, industry-vetted credentials, and a global professional community, IMA equips organizations and individuals at any stage of their career with the knowledge, tools, and connections needed to advance their careers and achieve sustainable success.

IMA supports future-proofed skill development through its IMA Competency Framework, continuing education, and certificates, including the CMA® (Certified Management Accountant), CSCA® (Certified in Strategy and Competitive Analysis), and FMAA™ (Financial and Managerial Accounting Associate).

Twice named Professional Body of the Year by The Accountant/International Accounting Bulletin, IMA’s reach stretches across a global network of approximately 125,000 members in 150 countries and 200+ professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its six global regions: The Americas, China, Europe, Middle East/North Africa, India, and Asia Pacific.

For more information about IMA, please visit https://www.imaglobal.org/

About GECS

The Global Economic Conditions Survey (GECS), carried out jointly by ACCA and IMA, is the largest regular economic survey of accountants around the world, in both the number of respondents and the range of economic variables it monitors. The GECS has been conducted every quarter since 2011. Its main indices are good lead indicators of economic activity and provide a valuable insight into the views of finance professionals on key variables, such as investment, employment and costs. The risk culture survey began in Q4 2022 and has been included in GECS since Q2 2023.

Fieldwork for the 2026 Q3 survey took place between September 1-17 2026, gathering 699 responses, including 66 from CFOs.