Helge J. Pedersen, analyst at Nordea Markets, notes that the Danish economy grew by as much as 0.8% in the second quarter and at the same time, growth in the first quarter was upgraded by 0.1 percentage points to 0.2%.
“Growth is not least driven by a large increase in exports, but private consumption has also increased. By contrast, investment activity declined, as did inventories. And it even so much that they pulled out a whole 0.5 percentage point of growth over the quarter.”
“This is surprising in light of the marked slowdown in the international economy. To put it mildly, it is impressive that exports of both goods and services manage to grow significantly in a time of trade war, Brexit uncertainty and slowdown in our most important markets in Germany and Sweden.”