Financial News: Danish Economy Grows 1.2% In Q3

Danish Economy Grows 1.2% In Q3

11/20/2024 - 03:10:00 (RTTNews)

(RTTNews) - The Danish economy expanded for the second straight quarter in the three months ending September, largely on the back of the pharmaceutical industry, preliminary data from Statistics Denmark showed on Wednesday.

Gross domestic product advanced 1.2 percent sequentially in the third quarter, following a 1.3 percent rebound in the second quarter.

Growth in the Danish economy was primarily driven by significant progress in industry, especially in the pharmaceutical industry. On the other hand, sea transport had a significant negative effect on growth.

On the expenditure side, household consumption recovered 0.3 percent, and public consumption advanced by 0.5 percent. Gross fixed investments grew by 0.9 percent, while exports of goods and services remained flat amid weak service demand, and imports dropped by 0.7 percent.

On a yearly basis, the economy expanded 3.9 percent in the third quarter.

The revised figure for the third quarter will be published on December 20.

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