UBS released its consumption index for Switzerland on Wednesday. The UBS consumption index increased to 1.73 in May from 1.67 in April.

April's figure was revised up from 1.25.

The increase was driven by a rise in new car registrations and retailer sentiment. New car registrations rose 6.0% in May, while the retailer sentiment index increased to -11 in May from -12 in April.

These figures indicate robust growth in private consumption.