Denmark GDP Q2 2019

Denmark

Denmark: Flash estimate shows economic growth revved up in second quarter

August 14, 2019

According to Statistics Denmark’s preliminary GDP estimate which is based on production data, the economy grew 0.8% in seasonally-adjusted quarter-on-quarter terms in Q2 2019, accelerating from the 0.1% expansion registered in the first quarter. In year-on-year terms, the economy grew 2.1% in Q2, up from Q1’s 1.9% expansion. 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 stronger outturn in Q2 was driven by a pick-up in industrial production, despite the sharp month-on-month decline in June, while construction activity also gained steam. Moreover, foreign trade contributed to the acceleration, underpinned by robust exports of services, particularly for maritime services. On the other hand, merchandise exports continued to falter in the quarter, likely dragged on by mounting headwinds from the U.S.-China trade dispute and a downturn in the Eurozone.

Comprehensive Q2 data will be published on 30 August.

The Central Bank expects the economy to grow 1.7% in both 2019 and 2020. FocusEconomics Consensus Forecast panelists also see growth reaching 1.7% in 2019, which is down 0.1 percentage points from the previous month’s forecast, and 1.6% in 2020.


Author:, Economist

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Denmark GDP Q2 2019

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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