Denmark GDP


Denmark: Economic growth deteriorates in Q3

November 30, 2015

In the third quarter, the economy contracted a seasonally-adjusted 0.1% over the previous quarter, according to data released by Statistics Denmark (DST) on 30 November. The reading contrasted the 0.2% expansion tallied in the previous quarter and came in below the flat reading the markets had expected. In annual terms, GDP rose 0.9%, which marked a deceleration over the 2.0% decrease seen in Q2.

In Q3, private consumption grew 0.2%, which matched the previous quarter’s expansion. In addition, fixed investment expanded 0.8%, which was also in line with the previous quarter’s figure. Conversely, government consumption deteriorated from a flat reading in Q2 to a 0.3% contraction in Q3.

On the external side of the economy, exports of goods and services contracted 1.7% over the previous quarter, which followed the 2.9% decrease seen in Q2. However, imports expanded 0.5%, which contrasted the previous quarter’s 3.0% contraction. As a result, the external sector’s net contribution to overall economic growth decreased from plus 0.3 percentage points in Q2 to minus 1.1 percentage points in Q3.

The Central Bank expects GDP to grow 1.8% in 2015 and 2.1% in 2016. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.7% this year, which is unchanged from last month’s estimate. Next year, the panel sees the economy accelerating to 2.0%, which is up 0.1 percentage points from last month’s forecast.

Author:, Senior Economist

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Denmark GDP Chart

Denmark GDP Q3 2015

Note: Quarter-on quarter changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: Statistics Denmark (DST) and FocusEconomics Consensus Forecast

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