GDP in Denmark
Denmark - GDP
GDP accelerates in Q1 but domestic demand remains weak
Revised data confirmed that Denmark’s economy started the year on a slightly stronger note than it finished the previous year: GDP grew 0.6% in Q1 over the previous quarter when adjusted for price and seasonality, marginally above Q4’s 0.5% growth. Q1’s reading is the highest in six months and came on the back of an upswing in government consumption. In annual terms, GDP rose 3.6%, up from 2.9% in the previous quarter, and marks the best result in over 10 years.
On the domestic side of the economy, public consumption recorded a rebound in the first quarter, increasing from Q4’s 0.5% contraction to a 0.8% expansion in Q1. Private consumption, however, decelerated: it grew 0.7% compared to Q4’s 1.4%, a rather weak performance. Meanwhile, fixed investment contracted 2.0% in Q1, contrasting Q4’s 1.1% increase, and recorded the worst reading in more than seven years. Lower investments in machinery and equipment offset a strong increase in residential investments, as the real estate market booms.
On the external side of the economy, both exports and imports of goods and services had a significantly weak first quarter. Exports of goods and services dropped minus 0.9%, the largest contraction in more than four years and contrasting Q4’s revised 4.4% expansion (previously reported: +4.1% qoq). Imports also deteriorated markedly from Q4’s 3.6% expansion (previously reported: +3.7% qoq) to a 1.8% fall in Q1, which marks the worst result in more than seven years.
The Central Bank expects GDP to grow 1.6% in both 2017 and 2018l. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.5% in 2017, which is unchanged from last month’s estimate. In 2018, the panel sees the economy accelerating to 1.7%.
Denmark - GDP Data
|Economic Growth (GDP, annual variation in %)||1.3||0.2||0.9||1.7||1.6|
5 years of economic forecasts for more than 30 economic indicators.
Denmark GDP Chart
Source: Statistics Denmark (DST) and FocusEconomics calculations.
|Bond Yield||0.67||-2.47 %||Jul 18|
|Exchange Rate||6.44||-0.66 %||Jul 18|
|Stock Market||1,008||-0.44 %||Jul 18|
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July 20, 2017
The consumer confidence index released by Denmark Statistics came in at 10.5 points in July, which is up significantly from the previous month’s 7.1 points and the highest reading since May 2015. The improvement was sufficiently broad-based as sentiment regarding nearly all sub-indices improved compared to June.
July 10, 2017
In June, consumer prices declined 0.1% compared to the previous month for the second consecutive month, the lowest reading in seven months.
June 30, 2017
Revised data confirmed that Denmark’s economy started the year on a slightly stronger note than it finished the previous year: GDP grew 0.6% in Q1 over the previous quarter when adjusted for price and seasonality, marginally above Q4’s 0.5% growth.
June 29, 2017
The business confidence for manufacturing, developed by the Denmarks Statistik (DST), swung up from minus 6 points in May (previously reported: minus 5 points) to 2 points in June, marking the best result since May 2014.
June 22, 2017
The consumer confidence index came in at 7.1 points in June up from 5.8 points in May and is now above the rolling six-month average of 6.0 points. Households reported better economic circumstances compared to a year ago, though they were a bit less optimistic than in May regarding the economic situation of their family in the next 12 months.