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Consumer confidence at 10-year high

Consumers in Switzerland are in confident mood

(Keystone)

Consumers in Switzerland are more confident about the economy than they have been for more than 10 years, according to the State Secretariat for Economic Affairs (SECO).

SECO's quarterly survey of some 1,100 households shows that consumer confidence rose to plus 25 points, matching the record peak of January 1989.

The index, published on Thursday, is watched closely by economists to gauge whether consumer demand will remain an engine for growth.

In a statement, SECO said households continued to view expected economic developments over the next year as positive and they are even more optimistic about job security.

People who took part in the SECO poll remain confident that they can build up savings. However, they say that the timing for purchases of expensive goods, such as cars, appliances and furniture, is less favourable than had been the case from mid-1998 to mid-2000.

SECO noted that the overall economic climate in Switzerland is today far more positive than it was in January 1989.

It said the Swiss economy was then at risk of overheating with strong upward pressure on prices amid a tight labour market. Monetary policy was restrictive and interest rates were heading for a peak.

SECO added that in contrast there were hardly any macroeconomic imbalances today.

swissinfo with agencies


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