Denmark Economy Contracts 0.1% In Q3

(RTTNews) - The Danish economy contracted for the second straight quarter in the third quarter, primarily due to a significant decline in the pharmaceutical industry, preliminary data from Statistics Denmark showed on Thursday.

Gross domestic product dropped 0.1 percent sequentially in the September quarter, following a 0.9 percent fall in the June quarter.

With this decrease, the economy has now entered a technical recession in the third quarter.

The downward trend was primarily driven by a significant fall in industry, where the pharmaceutical industry in particular has been the main driving force behind the decline in GDP, the agency said.

On the other hand, maritime transport had a significant positive effect on GDP growth.

On the expenditure side, household consumption rose 1.3 percent, and gross fixed investments grew by 3.6 percent. Both exports and imports climbed by 5.1 percent and 11.3 percent, respectively.

On a yearly basis, the economy expanded 1.3 percent in the third quarter.