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Fast Comment Denmark

Fast Comment Denmark — Surprisingly strong GDP-growth in Q3

  1. The GDP indicator showed growth of 0.7 percent q-o-q in Q3 - much stronger than we had expected
  2. Growth was more than twice as strong as in the eurozone
  3. The GDP indicator is however surrounded by uncertainty

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

Fast Comment Denmark — Inflation still remarkably low

  1. Consumer prices rose 0.3 percent m-o-m in October - slightly above our expectations (o.2%)
  2. Annual inflation rose from 0.6 to 0.8 percent - first increase since May
  3. Inflation still considerably lower than in the eurozone - supports real wage growth

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

Fast Comment Denmark — Weak GDP growth, but the labour market is still performing well

  1. Muted GDP growth of 0.2 percent q-o-q in Q2 was confirmed in the revised figures
  2. We maintain our GDP growth estimate of 0.8% for this year
  3. Labour market still performing strongly with a new albeit small drop in unemployment in August

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

Fast Comment Denmark — Industry lost its shine

  1. The business barometer for industry fell from 5 to -1 in September as expected
  2. Service and construction barometers were unchanged at 10 and 0 respectively
  3. Barometers still indicate growth but at a subdued pace

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

Fast Comment Denmark — Retail sales bounced back as expected

  1. Retail sales rose 0.3 percent m-o-m - close to our expectations
  2. Sales of clothing and other consumption goods rose while sales of food declined
  3. Despite a pause in Q3, private consumption is still seen as a driver for economic growth

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

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