Denmark's economic growth slowed to 0.3 percent in second quarter

Denmark's economic growth slowed down significantly in the second quarter.

Gross domestic product grew by just 0.3 percent.

This is down from 1.5 percent growth in the first quarter.

The new figures come from Danmarks Statistik.

Consumer spending has started to decline across the country.

Danish Chamber of Commerce chief economist Tore Stramer commented on the trend.

He stated that cautious consumers are a major reason for the slowdown.

However, he still considers growth in early 2024 to be reasonable.

The pharmaceutical sector also saw a sharp change in momentum.

Drug manufacturers drove most of the growth during the first quarter.

Danmarks Statistik reported that pharmaceuticals barely contributed to growth in the second quarter.

This shift directly reduced overall national economic output.