Denmark: Manufacturing activity growth ebbs in September

Manufacturing output rose 1.3% month on month in seasonally-adjusted terms in September (August: +3.0% mom). Looking at the details of the release, September's notable moderation largely reflected a marginal growth slowdown in investment goods. Additionally, non-durable consumer goods output also eased. Conversely, intermediate goods production rebounded in September, although not enough to offset softer production in other sectors.

On an annual basis, manufacturing output grew 23.0% in seasonally adjusted terms in September, nearly doubling August’s 13.0% expansion. Accordingly, the trend improved sizably, with the annual average growth of manufacturing production coming in at 14.6% in September, up from August's 13.1%.

FocusEconomics panelists projects that industrial production will increase 1.6% in 2023, which is down 0.4 percentage points from last month’s projection.