Denmark: Manufacturing production falls at the sharpest pace on records in January
Latest reading: Manufacturing production shrank 11.9% month on month in seasonally adjusted terms in January, contrasting December’s 4.5% increase and marking the weakest result since records began in 2000. Looking at the details of the release, January’s downturn reflected a sharper decline in the pharmaceutical industry; this, in turn, drove non-durable consumer goods—which account for around two-fifths of manufacturing output—to fall nearly 20%. Moreover, investment goods swung into contraction. More positively, intermediate goods output rebounded in January.
On a seasonally adjusted annual basis, manufacturing output dropped 6.7% in January (December: +4.4% yoy). Accordingly, annual average manufacturing production growth slowed to 7.4% in January (December: +8.7%), signaling a deteriorating trend in the manufacturing sector.