"The latest economic surveys indicate a more positive mood on a broad front over recent months"
- Economists at the State Secretariat for Economics (SECO)
The UBS consumption indicator rose slightly in March, as higher domestic demand for hotel accommodations offset the drop in new car registrations and weak retail trade, the Swiss bank's economists said Wednesday. Index, which combines readings of 5 major economic indicators such as consumer confidence, consumer spending, tourism, new car sales, and retail activity, rose to 1.25 last month, after 1.24 in the prior month. After some strong gains in the beginning of the year, new car registrations collapsed in March, falling 12.1% on a yearly basis. At the same time, the number of overnight hotel stays, during the winter months, by Swiss residents rose 1%, fuelling hopes that nation's tourism industry could improve somewhat in 2013 after a bad year in 2012.
"The latest economic surveys indicate a more positive mood on a broad front over recent months," economists at the State Secretariat for Economics (SECO) said. "In view of the continuing stability in the domestic economy and a brighter outlook for exports, the opportunities for a further increase in economic growth during the course of this and next year look good."
"There is no deflation though there is still a disinflationary tendency in some of the CPI components," said ZKB economist David Marmet.
© Dukascopy Bank SA