Economic confidence in Switzerland increased for the fifth consecutive month in November, continuing the upward trend seen in recent months, data from a monthly survey conducted by the Centre for European Economic Research (ZEW) and Credit Suisse (CS) showed Wednesday.

The ZEW-CS Indicator of economic expectations climbed to 31.6 points in November from 24.9 points in October, which was the highest reading in three years. The indicator reflects expectations of surveyed financial market experts regarding economic development in Switzerland on a six-month time horizon.

In November, 41.4 percent of the surveyed experts said they expect Switzerland's economic conditions to improve in the next six months, which is 10.2 percentage points higher than in the previous month.

Meanwhile, the share of analysts who were upbeat about the country's current economic situation decreased by 12 percentage points during the month.

With regard to the Eurozone, the majority of the respondents said they expect an improvement in economic activity in the bloc in the coming months, data showed.