Denmark: Consumer confidence drops to near two-year low in November
November 22, 2018
The consumer confidence index released by Statistics Denmark fell to 4.3 points in November from 5.1 points in October, the lowest level since February 2017. Despite the dip, the index remained comfortably above the crucial zero-point mark that separates optimism from pessimism among consumers, where it has been since January 2017.
The deterioration was largely driven by consumers’ markedly weaker confidence in the general economic outlook over the next 12 months. Consumers were also less upbeat about their current financial situation and savings at present and thus, remained wary about making major purchases now or in the future. On the flipside, households were more optimistic about their future financial situation and their assessment of the labor market in the next twelve months was less negative.
Denmark Private Consumption Forecast
FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.4% in 2019, which is up 0.1 percentage points from last month’s forecast. In 2020, panelists expect private consumption to grow 2.2%.
Author: Lindsey Ice, Economist