BRUSSELS (dpa-AFX) - A measure of Swiss consumption increased in June, underpinned by a better performance in the tourism sector, survey data from the UBS investment bank showed Wednesday.
The UBS consumption indicator climbed to 1.34 points in June from 1.24 in May, which was revised down from 1.35. Moreover, the latest reading again signaled an upward trend in Swiss private consumption.
The situation of domestic tourism in the country strengthened in June, mainly attributable to domestic visitors.
Retail trade sector logged a slight improvement in June despite the sharp decline in sales in the order of almost 10 percent on year in the clothing and footwear areas.
Private consumption increased by 2.8 percent annualized in the first quarter.
'Although in the next few months of the year, private consumption is expected to remain a pillar of growth, it is difficult to record the sharp increase in the first quarter,' the UBS bank said.
'Moreover, both the tension on the labor market and the immigration slowdown represent an evolution of the restraining factors for more dynamic consumption.'
Copyright RTT News/dpa-AFX