Danish industry more positive on eurozone prospects

The latest economic Tendency Survey from Statistics Denmark for April points to rising confidence by Danish manufacturers in prospects for the eurozone, but this is not repeated in the services sector, where confidence remains poor.

The figures suggest a marginal increase in the manufacturing confidence indicator to +4 from +2 in March. Danske Bank says in its analysis of the figures that although the eurozone continues to teeter on the brink of recession, it means Danish manufacturers are positive towards their biggest export market.

For services the change is to -6 from -7 the previous month, that is, confidence remains poor. Similarly the outlook for the construction sector remains downbeat at a score of -14, a marginal improvement on March’s figure of -15.

However, Danske Bank adds that there are some signs that domestic demand could be getting a slight lift compared to that part of the economy focused on exports, which still faces headwinds.

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