Denmark Q2 GDP Rebounds More Than Estimated; Jobless Rate Rises

Denmark’s economy rebounded more than initially estimated in the second quarter, while the unemployment rate increased slightly in July, data published by Statistics Denmark showed on Wednesday.

Gross domestic product grew 0.9 percent sequentially, in contrast to the 1.1 percent decline in the first quarter. The second quarter figure was revised up from a 0.7 percent increase reported initially on August 15.

The progress was driven by developments in the hotel and restaurant industry. The agency said the end of the lockdowns especially boosted the hotel industry.

On the expenditure side, household consumption fell 0.7 percent amid rising prices. But the pace of decline was slower than in the first quarter.

Gross fixed investments fell 1.2 percent due to lower investments in transport, while exports of goods and services gained 0.7 percent..

Separate data from the statistical office showed that the unemployment rate rose to 2.7 percent in July from June’s stable rate of 2.6 percent.

The number of unemployed persons increased by 2,800 from the prior month to 77,800 in July.

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