Switzerland: Consumer confidence increases, remains in pessimistic territory
November 7, 2013
The consumer confidence indicator published by the State Secretariat for Economic Affairs (SECO) rose from minus 9 points in the in the May-July period to minus 5 point in the August-October period. The reading fell short of market expectations of a rise to minus 4 points. The index remains under, although closer to, the 0-point threshold separating pessimism from optimism.
According to SECO, the quarterly increase reflects consumers' more optimistic views regarding both the general economic situation and the situation of the labor market in the next 12 months. In addition, consumers indicated that they see their personal financial situations improving in the year ahead. Conversely, consumers' willingness to make major purchases deteriorated over the previous period.
Panelists polled by FocusEconomics expect private consumption to expand 2.4% this year, which is unchanged from last month's projection. For 2014, the panel expects private consumption to increase 1.8%, which is also unchanged from last month's forecast.
Author: Ricardo Aceves, Senior Economist