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Accountants are feeling less optimistic about Canada’s economy, according to a survey from the Chartered Professional Accountants of Canada (CPA Canada).

The CPA Canada Business Monitor Q1 2019 report found that only 22% of professional accountants surveyed in the first quarter of 2019 felt optimistic about the economy over the next 12 months — down from 26% at the end of Q4 2018.

However, pessimism about the economy was also down, with only 31% of accountants expressing a negative outlook (down from 35% in Q4 2018). A plurality of respondents took a “wait and see” approach to Canada’s economic prospects, with 47% having a neutral outlook.

The biggest challenges to the Canadian economy reported by accountants were uncertainty (22%, up from 15% in Q4 2018), protectionism in the U.S. (17%) and the U.S. economy (9%).

“Economic growth has slowed significantly over the course of the last year and uncertainty in the global political landscape clearly continues to weigh on sentiment,” Joy Thomas, president and CEO of CPA Canada, said in a statement.

Close to half (49%) of survey respondents were optimistic about the prospects for their businesses over the next 12 months. Almost two-thirds (62%) predicted increased revenues, 55% predicted increased profits and 42% expected to increase their number of employees.