Denmark Economic Growth Improves In Q3

(RTTNews) - The Danish economy expanded at an accelerated pace in the third quarter, largely on the back of the pharmaceutical industry, preliminary data from Statistics Denmark showed on Thursday.

Gross domestic product advanced 2.3 percent sequentially in the third quarter, following a 1.2 percent rebound in the second quarter. Further, this was the quickest growth since the fourth quarter of 2021.

Growth in the Danish economy was primarily driven by significant growth in industry, especially the pharmaceutical sector, the agency said.

On the expenditure side, household consumption rose 0.1 percent, and public consumption grew by 0.9 percent. Gross fixed investments increased only 0.1 percent, while exports of goods and services logged a faster growth of 4.1 percent amid a 0.2 percent fall in imports.

Data showed that the pharmaceutical industry contributed to high growth in exports, which grew by 4.1 percent. 

On a yearly basis, the economy expanded 3.9 percent in the third quarter.