Denmark Q1 GDP Growth Revised Lower

(RTTNews) - The Danish economic growth accelerated less than estimated in the first quarter, the latest data from Statistics Denmark showed on Tuesday.

Gross domestic product advanced 1.5 percent sequentially in the first quarter, after a 0.5 percent rise in the fourth quarter. In the flash report, the rate of growth was 1.9 percent.

The overall increase in the first quarter was due to a large increase in industry, especially driven by the pharmaceutical industry, the agency said. Excluding this, the remaining part of the economy grew by only 0.5 percent. 

The expenditure breakdown showed that household consumption grew 0.6 percent, driven by 12.4 percent more vehicle purchases. Meanwhile, public consumption and gross fixed capital formation declined by 4.3 percent and 3.8 percent, respectively. The decline in investments was more evident in the other construction and civil engineering, which fell by 7.2 percent.

Exports of goods and services climbed 1.9 percent, while imports were 1.5 percent lower.

On a yearly basis, the economic growth quickened to 6.2 percent from 3.1 percent. In the flash estimate, the rate of expansion was 5.9 percent.

Separate official data showed that Denmark's gross unemployment rate remained stable at 3.1 percent in May. The youth unemployment rate, which applies to the 16-24 age group, also held steady at 1.6 percent.