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Fast Comment Denmark

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

Fast Comment Denmark — Rise in inflation takes a breather

  1. Consumer prices fell 0.3 percent m-o-m in November - more than expected (-0.1 percent)
  2. Annual inflation fell from 1.5 percent to 1.3 percent
  3. Low inflation still supporting household purchasing power - but to a lesser degree

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

Fast Comment Denmark — Industrial production up in October - but the trend is still negative

  1. Industrial production rose 2.5 percent in October, close to our expectation
  2. However, the trend in production is still negative
  3. We expect production to pick up further in coming months

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

Fast Comment Denmark — Danish economy in reverse in Q3; not the beginning of a new downturn

  1. GDP contracted 0.6% q-o-q in Q3, weaker than expected
  2. Not the beginning of a new downturn, as the labour market remains strong
  3. Still, we will probably have to lower our GDP-growth forecast for 2017 from 2.2% to 1.8%

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

Fast Comment Denmark — Solid signals from the Danish business sector

  1. The business barometer for the industrial sector was unchanged at 2 in November
  2. Service sector sentiment improved from 10 to 12, while construction fell slightly from -1 to -2
  3. Overall, the signals from barometers underpin our view that Q3 negative growth was temporary

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

Fast Comment Denmark — Consumer confidence remains reasonably optimistic

  1. Consumer confidence rose from 7.1 to 7.6 in November, better than expected
  2. Solid labour and housing market, low interest rates and a strong global economy underpin confidence
  3. Confidence indicator points to private consumption continuing to support economic growth

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