Denmark: GDP accelerates in Q2
September 30, 2013
In the second quarter, GDP expanded 0.6% over the previous quarter in seasonally and working-day adjusted terms, according to revised estimates released on 30 September. The figure slightly exceeded both the 0.5% expansion reported in the preliminary estimate and market expectations, which had GDP growing at a rate of 0.5%. In addition, the figure marks an improvement over the 0.2% contraction in the first quarter.
The Q2 expansion came on the back of further acceleration in total consumption; private consumption grew 0.1% quarter-on-quarter (previously reported: 0.0% qoq) and government consumption increased 0.7% qoq, as previously estimated. In addition, fixed investment grew 1.0% qoq (previously estimated: +0.9% qoq).
Exports of goods and services increased by 1.8% in the second quarter, which matched the preliminary estimate. Meanwhile, imports rose 0.6% over the first quarter (previously reported: +0.1% qoq). The external sector's net contribution to overall economic growth was revised down from the previously-estimated plus 0.8 percentage points to plus 0.6 percentage points.
The government expects the economy to expand 0.2% in 2013 and 1.6% in 2014. The Central Bank estimates growth will be 0.3% this year and 1.6% in 2014. FocusEconomics Consensus Forecast panelists are more optimistic and expect economic growth to reach 0.8% in 2013, which is down 0.1 percentage points from last month's forecasts. For 2014, panelists expect an expansion of 1.5%, which is up 0.1 percentage points from last month's estimate.
Author: Dirina Mançellari, Senior Economist