Switzerland: Consumers sentiment edges down
May 8, 2014
The consumer confidence indicator published by the State Secretariat for Economic Affairs (SECO) inched down from 2 points in the November-January period to 1 point in the February-April period. The fall contrasted market expectations of an increase to 3 points, but it is still above the 0-point threshold separating optimism from pessimism.
Although SECO stated that consumer confidence in Switzerland “was little changed”, consumers were less optimistic regarding both the country's economic situation and the outlook for the economy in the next 12 months. In addition, consumers indicated that they felt less optimistic about their own financial prospects. Households' willingness to make major purchases also deteriorated over the previous period.
Panelists polled by FocusEconomics expect private consumption to expand 1.8% in 2014, which is unchanged from last month's projection. For 2015, the panel expects private consumption to increase 2.0%.
Author: Ricardo Aceves, Senior Economist