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Fast Comment Denmark

Fast Comment Denmark — Consumer confidence rose as expected

  1. Consumer confidence rose from 5.8 to 7.1 in June - in line with our expectations
  2. Seasonally adjusted consumer confidence rose from 4.9 to 6.5 following two months of decline
  3. Indicates that the weakness in private consumption in Q1 hopefully was temporary

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

Fast Comment Denmark — Energy pulls down inflation

  1. Consumer prices fell 0.1 percent m-o-m in May, in line with our expectation
  2. Annual inflation fell from 1.1 percent to 0.8 percent
  3. Price pressures still subdued

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

Fast Comment Denmark — Exports still dragging

  1. Exports of goods fell 1.8% m-o-m in April; weaker than expected (-0.5%)
  2. Imports of goods fell 0.8% m-o-m and the trade surplus declined from DKK 5.8bn to DKK 5.3bn
  3. Exports of goods outside the Danish borders also disappointed in April

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

Fast Comment Denmark — Strong overall GDP growth - but the devil is in the detail

  1. GDP growth was 0.6% q-o-q in Q1 - stronger than expected
  2. Inventory build-up and public consumption were the main drivers - excluding these, the economy contracted
  3. Strong overall GDP-growth masks underlying weakness in private consumption, exports and investments

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

Fast Comment Denmark — Mixed signals from business barometers

  1. The industrial business barometer disappointed, falling from 1 to -5 in May
  2. The service barometer however rose from 7 to 10 and is back at the high point from January
  3. Construction stayed unchanged at -6

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

Fast Comment Denmark — Consumer prices rise more than expected

  1. Consumer prices rose 0.2% m-o-m in April, a little above our expectations (0.1%)
  2. Annual inflation rose from 1.0% to 1.1%, the highest since February 2013
  3. Higher service inflation behind the increase

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