Financial News: Danish Economy Rebounds More Than Estimated

Danish Economy Rebounds More Than Estimated

09/30/2024 - 04:42:00 (RTTNews)

(RTTNews) - The Danish economy expanded more than intially estimated in the second quarter, the latest data from Statistics Denmark showed on Monday.

Gross domestic product advanced 1.1 percent sequentially in the June quarter, reversing a revised 0.8 percent fall in the first quarter. In the flash report, the rate of growth was 0.6 percent.

The upward revision was largely due to the incorporation of updated information on imports and exports, where net exports have been adjusted upwards by DKK 11 billion, the agency said.

Quarterly growth in GDP was driven by the pharmaceutical industry, while trade, transport, and business services had a negative impact on growth.

On the expenditure side, household consumption dropped 0.4 percent, and public consumption slid by 0.2 percent. Meanwhile, gross fixed investments grew by 1.2 percent on the back of more housing investments. Both exports and imports climbed by 3.9 percent and 1.4 percent, respectively.

On a yearly basis, the economy expanded 3.4 percent in the second quarter, revised up from 2.5 percent.

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