Despite their gloomy outlook for the Canadian economy, 56% of executive chartered accountants are optimistic about how their company will perform over the next 12 months, according to the third quarter CICA/RBC Business Monitor.

Only 39% of executive CAs surveyed are optimistic about how the Canadian economy will perform over the next 12 months, a steep decline from the 57% who had a positive view in the second quarter of 2010.

When compared with survey esults from a year ago, optimism about the national economy is down 7%, marking the first year-over-year decrease since the first quarter of 2009.

Fifty-eight per cent of respondents expect their company to grow faster than the Canadian economy, while 21% anticipate growth at the same rate and another 21% expect growth to be slower.

“Since the executive CAs have more direct impact on their respective companies, it appears they have greater faith in how those companies will perform,” says Kevin Dancey, president and CEO, Canadian Institute of Chartered Accountants (CICA).

The level of optimism among executive CAs with respect to their company’s performance has held steady since the third quarter of 2009, running between 55 and 62%. Results for this quarter are consistent with the 58% recorded in the second quarter of 2010 when allowing for the margin of error. “Collectively, the continued company optimism is encouraging,” added Dancey. “It represents a solid base with an optimistic viewpoint as Canadian companies navigate through economic uncertainty.”

The survey also shows positive projections for the next 12 months relating to revenues (+4.1%), profits (+4.1%) and employment numbers (+1.6%).

The CICA/RBC Business Monitor is issued quarterly, based on a survey conducted by the CICA. The report draws upon business insights of CAs in leadership positions in privately and publicly held companies across Canada.

IE