A survey conducted for the Chartered Professional Accountants of Canada (CPA Canada) shows that many accountants in leadership positions are pessimistic about how the Canadian economy will perform over the next 12 months.

According to the latest CPA Canada Business Monitor, there has been a significant increase the number of accountants who think the economic outlook is bleak. In the second quarter of 2015 only 20% of respondents said they were pessimistic about the future, but in the third quarter that number doubled to 40%. CPA Canada notes that the last time pessimism levels were this high was in 2009.

However, 46% of the accountants who participated in the survey said they are optimistic about how their own companies will perform, with 57% expecting to see growth in their own businesses over the next 12 months and 36% planning to hire more staff during the period. These are similar to the results recorded during the previous quarter.

"What a difference a year makes," comments CPA Canada president and CEO Kevin Dancey. "So far this year, pessimism levels have been higher than usual. However, more recently, there have been mixed indicators about where the Canadian economy is heading, including signals of growth, so it will be interesting to see what the next quarterly results reveal."