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Fast Comment Denmark

Fast Comment Denmark — Waning optimism in households

  1. Consumer confidence fell from 7.8 to 6.9 in September - in line with our expectation
  2. Confidence has fallen three months in a row, but still at decent level
  3. We still expect private consumption to support overall growth

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

Fast Comment Denmark — Exports fell, but better overall picture

  1. Exports of goods fell by 1.5 percent m-o-m in July, which was weaker than expected
  2. Upward revisions to earlier months leave a better picture though
  3. Current account surplus rose from DKK 11.0bn to DKK 14.4bn

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

Fast Comment Denmark — Inflation still low

  1. Consumer prices fell by 0.4 percent m-o-m in August in line with our expectations
  2. Lower prices on summer house rentals, food and package tours drove the decline
  3. The annual inflation rate declined from 1.1 to 1.0 percent

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

Fast Comment Denmark — Warm summer was a boon for industrial production

  1. Industrial production rose 1.4 percent m-o-m in July; not far from our expectation (1.0 percent)
  2. Warm summer lifted production in the food and drink industry
  3. Industry seems resilient to global uncertainties so far

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

Fast Comment Denmark — Not much growth in the Danish economy

  1. GDP growth was 0.2 percent q-o-q in Q2 - in line with our expectation
  2. Weak exports, muted consumption and agricultural trouble dampen activity
  3. Labour market still performing strongly with a new fall in unemployment

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

Fast Comment Denmark — Industry powering ahead

  1. The business barometer for industry surprisingly increased from 3 to 5 in August
  2. Service sector barometer rose from 9 to 10, while construction was unchanged at 0
  3. Still signals of lack of labour in all sectors, but most prominently in construction

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