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Denmark: Q4 growth revised slightly upward, economy grows for sixth consecutive period

March 31, 2015

In the fourth quarter, the economy expanded a seasonally-adjusted 0.5% over the previous quarter, according to revised data released by Statistics Denmark (DST) on 31 March. The reading was slightly higher than the 0.4% growth reported in the first release but still a notch below the 0.6% expansion tallied in Q3. The Q4 result, which was driven by an acceleration in private consumption and fixed investment, marks the sixth consecutive period of growth. In annual terms, GDP rose 1.5%, which was above the 1.3% expansion observed in the previous quarter.

Private consumption surged from a flat reading in Q3 to a 1.0% expansion over the previous quarter in Q4 (previously reported: +0.7% quarter-on-quarter). In addition, fixed investment accelerated from a 1.2% increase in Q3 to a 2.5% expansion in Q4 (previously reported: 1.6% qoq). However, government consumption deteriorated from a 0.6% expansion in Q3 to a flat reading in Q4.

Exports of goods and services contracted 0.4% in Q4 over the previous quarter, which contrasted the 0.8% growth reported in the preliminary estimate and the 0.5% growth tallied in Q3. Imports also fell 0.4%, which greatly contrasted the 1.0% growth registered in Q3. As a result, the external sector’s net contribution to overall economic growth improved from minus 0.3 percentage points in Q3 to a flat reading in Q4.

For the full year 2014, the economy expanded 1.0% (previously reported: 1.0%), which marked the first positive reading after two years of a contracting GDP.

The Central Bank estimates growth of 2.0% in 2015 and 2.1% in 2016. FocusEconomics Consensus Forecast panelists foresee economic growth of 1.6% in 2015, which is unchanged from last month’s forecast. For 2016, panelists expect an expansion of 2.0%.


Author:, Economist

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Denmark GDP Q4 2014 0

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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