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Fast Comment Denmark

Fast Comment Denmark — Upbeat Danish consumers

  1. The miserable Danish summer so far has had little impact on consumers' moods
  2. Consumer confidence increased from 7.1 to 10.5 in July - the highest reading in more than two years
  3. Indicates that private consumption will continue to act as a driver for the economy

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

Fast Comment Denmark — Retail sales weaker than expected

  1. Retail sales were flat in May, which was weaker than our forecast (0.3% m-o-m)
  2. Clothing sales increased as expected, but food sales disappointed with a drop
  3. Revisions leave the impression of weaker momentum in retail sales

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

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