FILE PHOTO – Danish flags hang from a store near Nyhavn, the popular tourist harbor in the center of Copenhagen. (is associated with: «Denmark’s Q1 GDP growth revised lower») Steffen Trumpf/dpa
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% sequentially in the first quarter, after a 0.5% rise in the fourth quarter. In the flash report, the rate of growth was 1.9%.
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%.
The expenditure breakdown showed that household consumption grew 0.6%, driven by 12.4% more vehicle purchases.
Meanwhile, public consumption and gross fixed capital formation declined by 4.3% and 3.8%, respectively. The decline in investments was more evident in the other construction and civil engineering, which fell by 7.2%.
Exports of goods and services climbed 1.9%, while imports were 1.5% lower.
On a yearly basis, the economic growth quickened to 6.2% from 3.1%. In the flash estimate, the rate of expansion was 5.9%.
Separate official data showed that Denmark’s gross unemployment rate remained stable at 3.1% in May. The youth unemployment rate, which applies to the 16-24 age group, also held steady at 1.6%.