CEOs of companies in the United Kingdom are more upbeat about the growth prospects for their own companies than they were 12 months ago, according to PwC’s 20th annual CEO Survey presented at the World Economic Forum in Davos.

Almost nine out of 10 (89 percent) of the CEOs surveyed say they are confident of their company’s growth in the year ahead, and 41 percent describe themselves as being ‘very confident.’ The positive outlook among the UK’s CEOs is higher than the 77 percent of CEOs in Germany, and beats the 85 percent of CEOs globally who are positive about growth.

However only 17 percent of the CEOs surveyed expect global economic growth to improve this year, down from 30 percent in 2016, and significantly below the 29 percent global figure. In fact, nearly a third (31 percent) of UK CEOs expect the global economy to decline in the year ahead, compared to 17 percent globally, 14 percent in the US and 10 percent in Germany.

“Despite an eventful 2016, it’s encouraging to see growth firmly on the agenda of UK plc,” Kevin Ellis, chairman and senior partner of PwC, said. “We may face a period of uncertainty, but the economic fundamentals remain positive.”

The survey of more than 1,300 global leaders included 126 UK CEOs.