Denmark GDP Q2 2016


Denmark: Economy slows in Q2

In the second quarter, GDP expanded a revised seasonally-adjusted 0.4% over the previous quarter (previously reported: +0.5% quarter-on-quarter), according to data released by Statistics Denmark (DST) on 30 September. The reading marked a slowdown compared to Q1’s 0.7% expansion. The deceleration was driven by a contraction in fixed investment and weaker private consumption. In annual terms, GDP grew 0.8% in Q2, rebounding from Q1’s 0.3% drop.

Concerning the domestic economy, private consumption growth slowed from 0.6% in Q1 to 0.4% in Q2. By contrast, public spending strengthened from Q1’s 0.8% rise to a remarkable 1.3% expansion in Q2, which marked the fastest pace of growth since Q4 2007. Fixed investment deteriorated from Q1’s 0.4% rise to a 1.2% contraction in Q2.

On the external side of the economy, exports of goods and services grew 1.2% over the previous quarter, improving from the 0.7% increase seen in the previous quarter. Imports growth also picked up, albeit to a lesser extent, accelerating from 0.2% in Q1 to 0.3%. As a result, the external sector’s net contribution to overall economic growth increased from 0.2 percentage points in Q1 to 0.4 percentage points in Q2, which represented the largest contribution since Q1 2015.

The Central Bank expects GDP to grow 1.0% in 2016 and 1.6% in 2017. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.0% this year, which is down 0.1 percentage points from last month’s estimate. Next year, the panel sees the economy accelerating to 1.4%.

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Denmark Economic News

  • Denmark: Business confidence remains low in November

    November 29, 2016

    The business confidence indicator developed by Statistics Denmark (DST) came in at minus 8 points in November, which marked a slight improvement from October’s minus 9 points, although it is still below the zero-point threshold that separates optimistic from pessimistic sentiment.

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  • Denmark: Consumers become even more pessimistic in November

    November 22, 2016

    The mood among Danish consumers became more pessimistic in November, when the consumer confidence indicator produced by Statistics Denmark (DST) slipped further from October’s multi-year low of 1.2 points to 0.9 points. November’s gloomy reading reflected consumers’ poorer assessment of the economy in the last twelve months and a more downbeat outlook for the general economy in the next year.

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  • Denmark: Inflation climbs up in October

    November 10, 2016

    In October, consumer prices in Denmark edged up 0.2% on a monthly basis, which came in above September’s flat reading.

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  • Denmark: Business confidence weakens further in October

    October 28, 2016

    The business confidence indicator developed by Statistics Denmark (DST) came in at minus 9 points in October, which marked a deterioration from September’s minus 8 points.

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  • Denmark: Consumer confidence deteriorates in October to over three-year low

    October 21, 2016

    The mood among Danish consumers turned more pessimistic and fell to the lowest level in over three years in October, as the consumer confidence indicator produced by Statistics Denmark (DST) fell from September’s 1.8 points to 1.2 points. October’s drop reflected that consumers were more downbeat about Denmark’s economic outlook in one year than they were in September and that their families’ financial situation had deteriorated compared to a year ago.

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