Denmark: Flash estimate shows economic growth eased in the third quarter
November 14, 2019
The economy grew 0.3% in seasonally-adjusted quarter-on-quarter terms in Q3 2019, easing from the 0.9% expansion registered in the second quarter (previously reported: +0.8% quarter-on-quarter), according to Statistics Denmark’s preliminary GDP estimate, which is based on production data. Meanwhile, in year-on-year terms, the economy grew 2.3% in Q3, down slightly from Q2’s upwardly revised 2.6% expansion (previously reported: +2.1 year-on-year). The preliminary reading should be taken with a pinch of salt, however, given that Statistics Denmark estimates uncertainty regarding the final print to be at least plus or minus 0.5 percentage points.
The weaker outturn in Q3 was mainly owing to weak construction and public sector activity, while a slowdown in industrial production growth also weighed on the headline figure. On the external front, merchandise exports were strong in the third quarter, likely the result of robust exports of services and despite a subdued global growth outlook.
Comprehensive Q3 data will be published on 29 November.
Author: Steven Burke, Economist