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Denmark: Economic growth edges up in Q2

September 30, 2014

In the second quarter, the economy expanded a seasonally-adjusted 0.2% over the previous quarter, according to more detailed data released on 30 September. The reading contrasted the previously reported 0.3% contraction and market expectations of a 0.3% decrease. In addition, the expansion was above Q1’s 0.1% increase. In annual terms, GDP grew 0.3%, which was below Q1’s 1.4% rise.

Q2’s expansion reflected an improvement in both domestic demand and the external sector. The improvement in domestic demand was driven by private consumption, which rose 0.6% in Q2 over the previous quarter (Q1: +0.1% seasonally-adjusted quarter-on-quarter). In contrast, government consumption deteriorated from flat growth in Q1 to a 0.1% contraction in Q2 and fixed investment fell 1.0%, which contrasted the 2.9% expansion tallied in the previous quarter.

In the external sector, exports of goods and services fell 0.8% in the second quarter (Q1: -0.1% quarter-on-quarter). Imports swung from a 2.3% rise in Q1 to a 1.0% contraction in Q2. As a result, the external sector’s net contribution to overall economic growth rose to plus 0.1 percentage points in Q2 from minus 1.3 percentage points in Q1.

The statistical office released Q2 data calculated with the new standard European System of Accounts 2010 (ESA2010). In accordance with European legislation, an adaptation of a new statistical standard was performed, for which data on GDP were revised in the entire time series from 1990.

The Central Bank estimates growth of 0.8% in 2014 and 1.7% in 2015. FocusEconomics Consensus Forecast panelists foresee economic growth of 1.0% in 2014, which is down 0.5 percentage points from last month’s forecast. For 2015, panelists expect an expansion of 1.7%.


Author: Angela Bouzanis, Senior Economist

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Denmark GDP Q2 2014 0

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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