Denmark GDP


Denmark: Economy expands unexpectedly in Q3

November 28, 2014

In the third quarter, the economy expanded a seasonally-adjusted 0.5% over the previous quarter according to Statistics Denmark (DST). The reading was an improvement over the 0.1% expansion tallied in the previous quarter and overshot market expectations of a 0.1% contraction. In annual terms, GDP rose 0.9%, which was above the 0.2% expansion observed last quarter.

Fixed investment accelerated, expanding 1.2% in Q3 over the previous quarter, up from Q2’s 1.0% rise. In addition, government consumption improved, rising 0.1% (Q2: 0.0% quarter-on-quarter). However, private consumption deteriorated, swinging from a 0.5% expansion in Q2 to a 0.5% contraction in Q3.

Exports of goods and services fell 0.2% in Q3 over the previous quarter, which was an improvement over Q2’s 1.2% contraction. Imports fell 0.3%, which was a smaller contraction over Q2’s 0.4% decrease. As a result, the external sector’s net contribution to overall economic growth improved from minus 0.3 percentage points in Q2 to a flat reading in Q3.

The Central Bank estimates growth of 0.8% in 2014 and 1.7% in 2015. FocusEconomics Consensus Forecast panelists foresee economic growth of 0.9% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, panelists expect an expansion of 1.6%, which is also down 0.1 percentage points from last month’s forecast.

Author: Angela Bouzanis, Senior Economist

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Denmark GDP Chart

Denmark GDP Q3 2014

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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