Switzerland: Consumers turn optimistic
February 6, 2014
The consumer confidence indicator published by the State Secretariat for Economic Affairs (SECO) climbed from minus 5 points in the August-October period to plus 2 points in the November-January period. The improvement exceeded market expectations of an increaseto minus 1 point. The index reached the highest level since the three-month period from November 2010 to January 2011 and now rests above the 0-point threshold separating optimism from pessimism.
According to SECO, consumers are notably more optimistic regarding both the general economic situation and the outlook for the economy in the next 12 months. In addition, consumers indicated that they feel more optimistic about their own financial prospects. Consumers' willingness to make major purchases also improved 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