Financial News: Denmark Economy Grows Less Than Estimated In Q3

Denmark Economy Grows Less Than Estimated In Q3

12/20/2024 - 08:57:00 (RTTNews)

(RTTNews) - The Danish economy expanded less than initially estimated in the third quarter, the latest data from Statistics Denmark showed on Friday.

Gross domestic product advanced 0.9 percent sequentially in the third quarter, following a revised 1.2 percent rebound in the second quarter. In the flash report, the rate growth for the third quarter was also 1.2 percent.

The overall growth in the Danish economy was primarily driven by a significant increase in industry, where the pharmaceutical industry in particular has been the main driver, the agency said.

On the expenditure side, household consumption recovered 0.1 percent, and public consumption advanced by 0.4 percent. Gross fixed investments grew by 1.0 percent, and exports of goods and services grew by 0.8 percent, driven by higher outflows of goods.

On a yearly basis, the economy expanded 3.1 percent in the third quarter, revised down from 3.9 percent.

Separate official data showed that Danish consumers were more pessimistic in December. The consumer confidence index weakened to -13.1 from -9.3 in November. Further, this was the lowest level during the year 2024.

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