July 23, 2019 / 6:31 AM / a month ago

Danish consumer confidence drops to 2.9 points in July

July 23 (Reuters) - Consumer confidence in Denmark fell to 2.9 points in July, half of June’s 5.8 points, the statistics office said on Thursday.

The monthly survey asks a cross-section of the population its views on current personal and national economic trends, along with consumer intentions for the coming months.

“Almost all indicators, which the consumer confidence is calculated on, are falling. Especially the confidence in Denmark’s economic situation in a year,” the Danish statistics office said.

Respondents answer on a scale between plus 100 and minus 100, with 100 being “much better”, 50 being “slightly better”, 0 being “unchanged”, minus 50 being “slightly worse” and minus 100 being “much worse”.

Asked how the respondents thought the Danish economy would fare in a year compared to now, the July number dropped to minus 4.1 from a positive 3.5 in June.

“We need to go as far back as 2012 to find a period where Danes had a more negative view on the Danish economy over the following year,” Danske Bank economist Louise Aggerstrom Hansen said in a note.

“There is no doubt, that the worsened outlook for the international economy has made us less optimistic about how the Danish economy will fare,” Hansen added.

July’s consumer confidence number is the lowest since December 2018, according to data from the statistics office.

Reporting by Nikolaj Skydsgaard; Editing by Catherine Evans

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