2023.12.2209:47:00UTC+00Denmark GDP Contracts 0.7%, More Than Estimated

The Danish economy contracted more than initially estimated in the third quarter, the latest data from Statistics Denmark showed on Friday.

Gross domestic product dropped 0.7 percent sequentially in the September quarter, the same as in the June quarter. In the initial report, the rate of fall was 0.1 percent.

The second quarter figure was also revised from a 0.9 percent fall.

With this decrease, the economy has now entered a technical recession in the third quarter.

The downward trend was primarily driven by a significant conraction in industry, especially the pharmaceutical industry, the agency said.

On the other hand, maritime transport had a significant positive effect on GDP growth.

On the expenditure side, household consumption rose 0.3 percent, revised down from 1.3 percent. Gross fixed investments grew by 2.9 percent. Both exports and imports climbed by 4.2 percent and 8.3 percent, respectively.

On a yearly basis, the economy shrank 0.3 percent in the third quarter.