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Denmark’s Economy to Grow Faster in 2013, Danske Bank Estimates

Denmark’s gross domestic product will grow 0.3 percent this year as the $320 billion economy benefits from accelerating exports, investments and consumer spending, Danske Bank A/S (DANSKE) said.

Danske raised its 2013 forecast from a June estimate of a 0.1 percent expansion, according to a report distributed by e-mail today. The bank maintained a 1.5 percent growth forecast for 2014. Increased private demand and investments, combined with growing exports, will “be just enough” to increase employment, Danske said.

“We’re not getting carried away,” Danske Bank economists, headed by Steen Bocian, said in a note to clients. “The Danish economy has started to expand again, which may be a change from a long period without growth, but it isn’t anything like a real upturn.”

Danish second-quarter GDP grew 0.6 percent from the first three months of 2013 compared with an initial estimate of 0.5 percent, Copenhagen-based Statistics Denmark said yesterday. The economy expanded an annual 0.6 percent versus an August estimate of 0.4 percent.

The country is slowly emerging from a burst property bubble in 2008 that triggered a banking crisis and wiped out more than a dozen lenders. In some parts of Copenhagen, apartment prices have risen above pre-crisis levels, while property prices rose in all regions in the last quarter, the statistics office said.

To contact the reporter on this story: Peter Levring in Copenhagen at plevring1@bloomberg.net

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net

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