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Financial News: Swiss Consumption Indicator Rises Slightly In December

Swiss Consumption Indicator Rises Slightly In December

01/25/2017 - 02:34:00 (RTTNews)

(RTTNews) - Swiss consumption indicator improved slightly in December on the strong year-end results of the auto sector, data from the investment bank UBS showed Wednesday.

The consumption index rose to 1.50 in December from 1.45 in November.

The indicator signalized solid growth prospects for private consumption this year. New car registrations in the automobile sector, which were at an all-time high, remained the root of this positive outlook.

Nonetheless, the bank said the outlook for the retail sector remains pessimistic. Domestic tourism managed to maintain its robust November performance.

A long-term recovery of the Swiss tourism sector is not expected. The negative effects of the strong Swiss franc and the associated disadvantages vis-à-vis European competitors are simply too great, the UBS said.

However, there is some light at the end of the tunnel, the bank noted. A weaker Swiss franc, which UBS is predicting for the next 12 months significantly above EURCHF 1.10, should boost Swiss tourism, the UBS added.

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