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Denmark GDP Q3 2021

Denmark: GDP growth softens in Q3

A second national accounts release revealed that the economy grew at a softer pace than initially expected in the third quarter. GDP expanded 0.9% in seasonally-adjusted quarter-on-quarter terms in Q3, down from the 2.0% expansion announced in the preliminary estimate (Q2: +2.2% s.a. qoq). On an annual basis, the economy grew 3.6%, down from the 5.4% estimated in the preliminary reading and moderating from the previous quarter’s 8.8% expansion.

The quarterly slowdown was broad-based. Private consumption growth came in at 2.1%, down from the 6.9% expansion recorded in Q2. This came despite an increase in employment levels in Q3, which will have supported spending in the quarter. Moreover, fixed investment expanded at a more moderate pace in the quarter (Q3: +0.2% s.a. qoq; Q2: +3.0% s.a. qoq). Lastly, government spending swung to a 2.5% contraction over the prior quarter in Q3 (Q2: +1.2% s.a. qoq).

Turning to the external sector, exports of goods and services declined at a softer rate of 0.5% in Q3 following Q2’s 1.4% fall. Meanwhile, imports of goods and services swung from a 2.7% expansion in Q2 to a 0.7% contraction in Q3.

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