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Financial News: Denmark Industrial Production Falls In March

Denmark Industrial Production Falls In March

05/07/2020 - 09:08:00 (RTTNews)

(RTTNews) - Denmark's industrial production fell in March after rising in the previous month, figures from Statistics Denmark showed on Thursday.

Industrial production fell a seasonally adjusted 0.4 percent month-on-month in March, after a 2.4 percent rise in February. In January, output decreased 4.2 percent.

The latest decline cannot be directly related to COVID-19 and its consequences, as the restrictions imposed by COVID-19 were first announced on March 11 and, relative to other professions, only affected the industry to a lesser extent, the agency said.

That said, confidence indicators suggest that industry expects a sharp decline in production in the coming months, the agency added.

Production fell in eight out of twelve sub-industries in March. The largest decline was in the transportation industry, by 13.0 percent. The biggest contribution to the overall decline came from the metal industry, which fell by 7.6 percent.

Production in pharmaceutical industry rose 3.6 percent in March, and furniture and other industries increased 7.8 percent.

In the first quarter, industrial production fell 0.5 percent compared to the previous three months.

Industrial turnover declined 0.4 percent monthly in March and fell 2.1 percent in the first quarter.

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