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Fast Comment Denmark

Fast Comment Denmark — Consumer confidence still waning

  1. Consumer confidence rose from 2.9 to 3.9 in January, which was weaker than expected
  2. Seasonally-adjusted confidence declined to the lowest level in two years
  3. Waning confidence indicates increased cautiousness in consumption

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment Denmark — The Danish economy was a European powerhouse in Q3

  1. GDP growth was a solid 0.7 percent q-o-q in Q3
  2. Thus, the Danish economy outpaced growth of several main trading partners
  3. We still see growth as having peaked

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment Denmark — Industry defies global weaknesses

  1. The business barometer for industry rose from -2 to -1 in November - better than expected
  2. The service barometer declined, as expected, from 10 to 8 - the lowest level since April 2017
  3. Construction sentiment defied signals of slowdown, with an increase from -2 to 1

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment Denmark — Surprisingly strong GDP-growth in Q3

  1. The GDP indicator showed growth of 0.7 percent q-o-q in Q3 - much stronger than we had expected
  2. Growth was more than twice as strong as in the eurozone
  3. The GDP indicator is however surrounded by uncertainty

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment Denmark — Inflation still remarkably low

  1. Consumer prices rose 0.3 percent m-o-m in October - slightly above our expectations (o.2%)
  2. Annual inflation rose from 0.6 to 0.8 percent - first increase since May
  3. Inflation still considerably lower than in the eurozone - supports real wage growth

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment Denmark — Weak GDP growth, but the labour market is still performing well

  1. Muted GDP growth of 0.2 percent q-o-q in Q2 was confirmed in the revised figures
  2. We maintain our GDP growth estimate of 0.8% for this year
  3. Labour market still performing strongly with a new albeit small drop in unemployment in August

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk