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Financial News: Swiss Private Consumption Rising At Subdued Pace: UBS

Swiss Private Consumption Rising At Subdued Pace: UBS

08/30/2017 - 02:29:00 (RTTNews)

(RTTNews) - Switzerland's consumption indicator suggests that private consumption is rising at a subdued pace in July, data from the UBS investment bank showed Wednesday.

The UBS consumption indicator came in at 1.38 points in July.

The indicator was held back by the relatively weak growth in employment and the fall in new car registrations, while the decline in the value of the franc contributed slightly positive.

In July, car registrations decreased 4.6 percent year-on-year. The weaker figures from the car market were offset by the number of overnight hotel stays by Swiss nationals.

The bank noted that the decline in the value of currency enhances the competitiveness of retail trade and tourism in Switzerland relative to neighboring countries.

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