Switzerland: Consumer confidence remains virtually unchanged
May 7, 2013
The consumer confidence indicator published by the State Secretariat for Economic Affairs (SECO) inched up from minus 6 points in the November-January period to minus 5 points in the three-month period ending in April, disappointing market analysts, who had seen the indicator rising to minus 2 points. Despite the slight improvement, the index remains below the 0-point threshold, which indicates that pessimists outnumber optimists.
According to the SECO, the mild improvement reflects consumers' slightly more optimistic view of the future economic situation in the next 12 months. On the other hand, respondents to the April survey assessed their future financial situation as less positive compared to the three-month period ending in January. Meanwhile, consumers' expectations of a positive development in the labour market improved noticeably over the previous period.
Panellists polled by FocusEconomics expect private consumption to expand 1.6% this year, which is unchanged from last month's projection. For 2014, the panel expects private consumption also to increase 1.6%.
Author: Ricardo Aceves, Senior Economist