Denmark GDP Q3 2019


Denmark: Second estimate confirms economic growth eased in the third quarter

November 29, 2019

The economy grew 0.3% in seasonally-adjusted quarter-on-quarter terms in Q3 2019, easing from the 1.1% expansion registered in the second quarter (previously reported: +0.9% quarter-on-quarter), according to Statistics Denmark’s second GDP estimate. Meanwhile, in year-on-year terms, the economy grew 2.2% in Q3 (previously reported: +2.1%), up slightly from Q2’s downwardly revised 2.0% expansion (previously reported: +2.6% year-on-year).

The weaker outturn in the third quarter was mainly owing to a 2.8% decrease in gross fixed capital formation in seasonally-adjusted quarter-on-quarter terms (Q2: -0.9% qoq). Meanwhile, private consumption growth was stable at 0.3% in Q3, while government consumption was flat after declining 0.1% in Q2.

On the external front, exports of goods and services slumped from 4.8% in Q2 to 1.2% in the third quarter. Meanwhile, imports of goods and services increased 0.3%, down from the second quarter’s 1.3% expansion.

Looking ahead, economic growth should slow next year as fragile global and regional demand is expected to weigh on export growth. However, domestic demand should support growth as a tight labor market and robust wage growth seem set to stoke household spending and credit growth. Furthermore, the recent increase in housing prices will likely support construction investment.

The Central Bank expects the economy to grow 1.5% in both 2020 and 2021. FocusEconomics Consensus Forecast panelists, meanwhile, see growth of 1.4% in 2020, which is unchanged from the previous month’s forecast, and 1.5% in 2021.

Author:, Economist

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Denmark GDP Chart

Denmark GDP Q3  2019 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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