Denmark: Consumer confidence plunges to over one-and-a-half year low in October
October 23, 2018
The consumer confidence index released by Statistics Denmark fell to 5.1 points in October from 6.9 points in September, the lowest level since February 2017. Despite the drop, 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 came on the back of consumers’ less optimistic perspective about their current and future financial situation and a less upbeat outlook on the general economic situation over the next 12 months. Moreover, consumers’ assessment of the labor market in the next 12 months worsened and households were less willing to make major purchases now or over the next year. Nevertheless, their view on the general economy over the last year improved.
Denmark Private Consumption Forecast
FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.3% in 2019, which is unchanged from last month’s forecast. In 2020, panelists expect private consumption to grow 2.1%.
Author: Lindsey Ice, Economist