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Financial News: Denmark Industrial Production Rises In May

Denmark Industrial Production Rises In May

07/07/2022 - 06:19:00 (RTTNews)

(RTTNews) - Denmark's industrial production increased at a faster pace in May, despite the global uncertainties due to the war in Ukraine and the rising inflationary pressures due to the soaring commodity prices, data from Statistics Denmark showed on Thursday.

Industrial production grew a seasonally adjusted 2.8 percent monthly in May, following 0.1 percent rise in April

Production grew for the fifth month this year and this shows that the Danish industry is defying the uncertainty in the industry due to the invasion of Ukraine, rising commodity prices and supply difficulties, the statistical office said.

However, there are signs that the rising trend may reverse in coming months, the statistical office said.

Production in the metal industry, which has significant weight on the overall index, gained 7.6 percent monthly in May, while production in wood and paper industry, fell by 4.2 percent.

Excluding pharmaceuticals, production increased 2.0 percent in May.

Production in the plastic, glass and concrete industry grew 5.7 percent and that of chemical industry and oil refineries gained 4.8 percent.

Production of pharmaceutical and transport industries increased by 4.7 percent, each.

Compared to May last year, the production index rose a non-adjusted 19.4 percent.

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