Swiss private consumption stable post-Brexit, rises in July

Survey data from the UBS bank showed on Wednesday that Switzerland's private consumption increased in July, mainly driven by car sales. Data showed that     UBS Consumption Indicator rose to 1.32 from a revised 1.21 in June.

The June figures were revised lower due to the much lower number of overnight hotel stays of Swiss guests during the month than estimated earlier, the bank said. Private consumption is set remain one of the main growth drivers for the rest of the year, the bank added.

UBS economists lowered the Swiss growth projection for 2016 to 0.9 percent and 2017 to 1.3 percent after the "Brexit" vote. The revision was mainly due to the fact that growth prospects in the Eurozone have deteriorated slightly, which will probably constrain the Swiss export industry.

"The fact that the Brexit decision has only had a mild effect on the Swiss economy so far is partly due to the stability of private consumption here," UBS said.