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Denmark GDP Q2 2023

Denmark: GDP growth moderates in the second quarter

A second national accounts release revealed the Danish economy tallied a stronger-than-initially-estimated expansion in the second quarter, when GDP grew 0.3% in seasonally adjusted quarter-on-quarter terms. The result came in above the preliminary estimate of 0.2% but was still less than half the prior period’s 0.7% increase.

Domestically, waning growth in public spending drove the deceleration (Q2: +0.1% s.a. qoq; Q1: +1.0% s.a. qoq). More positively, household spending growth doubled to 0.4% in the second quarter (Q1: +0.2% s.a. qoq), which marked the best reading since Q4 2021. The acceleration in private consumption was likely supported by softer price pressures and a 0.2% increase in employment in the quarter. Lastly, fixed investment rebounded, growing 1.4% in Q2, contrasting the 14.3% contraction in the prior quarter.

On the external front, exports of goods and services increased 2.2% on a seasonally adjusted quarterly basis in the second quarter, which was below the first quarter’s 3.4% expansion. Conversely, imports of goods and services bounced back, growing 2.0% in Q2 (Q1: -2.4% s.a. qoq).

On an annual basis, economic growth moderated to 1.5% in Q2 from the previous period’s 2.0% increase. Q2’s result was also an improvement from the preliminary estimate of 1.2% growth.

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