The remaining respondents in the report, which was carried out in co-operation with the German firm Centre for European Economic Research, think the economy will continue at current pace.

Better news is that half of the surveyed experts think the Alpine state’s economy is in a healthy state, and no respondents consider it to be bad. However, it still demonstrates a sharp decline from 70 per cent in June.

The negative response in the Financial Market Report in July was the most marked decline since September 2009.

Following an improvement of almost 15 percentage points last month, the balance of expectations for the trend of the Swiss stock market lost ground by more than double the amount of points, down 31.1 points to the 38.3 level.

On the heels of the strong appreciation of the Swiss franc this month, the respondents in the survey anticipate the currency to tip over to the weaker side again; the indicator for the Swiss franc exchange rate versus the euro dipped by 7.1 percentage points from June.  

Credit Suisse and the Centre for European Economic Research have conducted the Financial Market Report in Switzerland since 2006. The latest survey was based on the views of 69 experts from different banks in the Alpine state.