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Fast Comment Denmark

Fast Comment Denmark — Somewhat slower economic expansion

  1. Preliminary GDP indicator showed growth of 0.3 percent q-o-q in Q1
  2. Slightly stronger than our expectations of +0.1 percent q-o-q
  3. However, it is still a more subdued growth rate than we have become used to over recent years

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

Fast Comment Denmark — Exports disappoint again

  1. Exports of goods fell 0.4 percent m-o-m in February; fourth month in a row without improvement
  2. Imports of goods fell 3.4 percent m-o-m; surplus on the trade balance picked up from DKK 5.6bn to 7.0bn
  3. Disappointing that exports do not appear to be benefiting more from improvement in global economy

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

Fast Comment Denmark — Solid growth in Q4, but overall picture still murky

  1. Despite a small downward revision, GDP growth ended 2017 on a strong note
  2. One-off payment from abroad still clouds the picture
  3. Labour market in good health with new drop in unemployment in February

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

Fast Comment Denmark — Strong finish to 2017, but a messy picture

  1. GDP grew 1.0 percent q-o-q in Q4 - stronger than expected
  2. Large inventory fluctuations have affected the outcome, and in H2 quarterly GDP growth averaged only 0.1 percent
  3. For 2017 growth ended at 2.1 percent, but without a one-off payment from abroad growth would only have been 1.7 percent

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

Fast Comment Denmark — No crisis in the Danish economy

  1. Preliminary GDP indicator showed growth of 0.9 percent q-o-q in Q4 last year
  2. Thus, the economy ended the year on solid footing and grew 2 percent in 2017
  3. This confirms our view that the negative growth in Q3 was a temporary glitch

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

Fast Comment Denmark — Stalling exports

  1. Exports of goods fell 1.5 percent m-o-m in October - a smaller drop than expected
  2. Imports of goods rose 0.5 percent m-o-m and the trade surplus fell from DKK 7.6bn to DKK 6.6bn
  3. The current account surplus fell as expected from DKK 17.1bn to DKK 14.8bn

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