Denmark GDP


Denmark: Economy rebounds in Q1, grows at fastest pace in nearly four years

May 28, 2014

In the first quarter, the economy expanded a seasonally-adjusted 0.8% over the previous quarter according to more detailed data release on 30 June. The reading was slightly down from the 0.9% expansion reported in the preliminary estimate; however, it contrasted the 0.3% contraction tallied in the previous quarter. In addition, the expansion marked the fastest growth rate in more than three years. In annual terms, GDP grew 1.4%, which met the preliminary estimate and marked an improvement over the 0.7% expansion observed in the previous quarter.

Q1’s expansion came on the back of improving private consumption, which swung from a 1.1% contraction in Q4 to a 1.5% expansion in Q1—the fastest pace of growth since Q3 2007. In addition, fixed investment rose 3.6%, which contrasted the 2.9% contraction tallied in the previous quarter and reached the highest growth rate in nearly three years. Conversely, government spending contracted 1.1% in Q1 (Q4: +0.8% quarter-on-quarter).

Exports of goods and services rose 2.2% in the first quarter, which was well above the 0.1% increase recorded in Q4. In addition, imports rose 4.6% in Q1 (Q4: -2.9% qoq). As a result, the external sector’s net contribution to overall economic growth fell from plus 1.7 percentage points in Q4 to minus 1.5 percentage points in Q1.

The Central Bank estimates growth of 1.5% in 2014 and 1.6% in 2015. FocusEconomics Consensus Forecast panelists foresee economic growth of 1.3% in 2014, which is unchanged from last month’s forecast. For 2015, panelists expect an expansion of 1.8%.

Author:, Senior Economist

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Denmark GDP Chart

Denmark GDP Q1 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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