Denmark Economic Growth Eases More Than Estimated

(RTTNews) - Denmark's economic growth eased more than estimated in the third quarter on a sharp fall in investment, revised data from Statistics Denmark revealed Friday.

Retail sales recovered in November as there was a notable increase in clothing turnover, another data showed.

The economy grew only 0.3 percent sequentially, which was revised down from 0.5 percent. The pace of growth was also weaker than the third quarter's 0.8 percent increase.

The expenditure-side breakdown showed that the slowdown was driven by falling investment and consumption.

Household spending was down 0.7 percent and government consumption decreased 1.2 percent. Gross investment plunged 7.9 percent.

Regarding foreign trade, data showed that exports gained 2.5 percent, while imports fell 0.2 percent.

On a yearly basis, gross domestic product expanded 3.2 percent in the third quarter, revised down from 3.4 percent.

Retail sales gained 0.2 percent from October, when turnover was down 1.7 percent. Sales of food and other groceries slid 1.3 percent and that of other consumables by 0.1 percent. Offsetting these declines, clothing sales surged 8.0 percent in November.

Compared to the same month last year, retail sales declined 7.3 percent in November but this was slower than the 9.8 percent decrease in October.