Denmark Q2 GDP Rebounds Less Than Estimated

(RTTNews) - The Danish economy expanded less than initially estimated in the second quarter, the latest estimate from Statistics Denmark showed on Tuesday.

Gross domestic product rose 1.0 percent sequentially in the June quarter, reversing a 1.3 percent decline in the first quarter. In the flash estimate, the rate of increase was 1.3 percent.

The recovery was driven by the growth in the pharmaceutical industry along with positive growth contributions from public production and business services, the agency said.

The expenditure breakdown showed that household consumption rose 0.2 percent, and public consumption was 0.4 percent higher. Both exports and imports grew by 3.7 percent and 3.4 percent, respectively, compared to the first quarter.

Meanwhile, gross fixed capital formation rose 0.9 percent amid more investments in means of transport, construction other than housing, and machinery, including weapons systems.

The annual growth in GDP was 1.6 percent in the second quarter, revised downward from the 1.9 percent estimated initially.