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Fast Comment Denmark

Fast Comment Denmark — Change of government likely to be drawn out

  1. Danish voters move to the left
  2. Does not change the overall outlook for the economy
  3. Difficult negotiations ahead

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

Fast Comment Denmark — GDP growth disappoints; lowest in 1½ years

  1. Growth dragged down by rising imports
  2. Look out for more stable moderate growth
  3. Continued positive development in the labour market

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

Fast Comment Denmark — The year began with weak retail sales

  1. Retail sales fell 0.3 percent m-o-m in January - close to our expectation (-0.5 percent)
  2. Sales were revised down in both November and December
  3. Consumer confidence indicates continued cautious consumers ahead

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

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