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Fast Comment Denmark

Fast Comment Denmark — CPI inflation stays at zero in April

  1. Annual CPI inflation was unchanged at 0% in April, a bit less than our estimate of 0.1%
  2. Annual HICP inflation was also unchanged at -0.3% in April
  3. Underlying inflation dropped from 0.5% to 0.4%, the lowest on record (since 2001)

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

Fast Comment Denmark — Subdued GDP growth in Q4

  1. GDP grew 0.2% q-o-q in Q4 - slightly stronger than our expected flat trend, but only due to inventory being less of a drag than we expected
  2. Overall economy stalled in H2 2015 and full-year growth was 1.2% - close to our expectation
  3. Private consumption was the positive surprise in 2015 whereas exports clearly disappointing

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

Fast Comment Denmark — Foreign currency reserves back at post-crisis levels

  1. Foreign currency reserves decreased by DKK 49bn to 434.9bn in December
  2. Net sale of currency due to intervention was DKK 49.6bn: Biggest since the Lehman Brothers collapse
  3. Rate increase could still be some way off, though

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

Fast Comment Denmark — Danish economy contracted in Q3

  1. GDP-growth at -0.1% q/q was in line with our expectations - but slightly below consensus
  2. Net exports was the main culprit but private consumption also disappointed
  3. Underlying growth even weaker as inventories added 0.6%-points to overall GDP-growth

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

Fast Comment Denmark — CPI inflation a bit higher than expected in June

  1. Annual inflation rose from 0.6% to 0.7% in June - a bit more than our estimate of 0.6%
  2. CPI unchanged over June as food prices surprised on the upside
  3. HICP fell 0.1% m-o-m as expected - annual HICP inflation unchanged at 0.4%

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

Fast Comment Denmark — Industrial production plummeted in May

  1. Industrial production fell 3.6% m-o-m in May
  2. Turnover fell in both the export and domestic markets and was broad-based
  3. Contribution from industrial production to GDP will now most likely be negative in Q2

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