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Government bond spread unaffected by ECB QE

The yield spread between Danish and German government bonds has not been affected by the 2015 announcement by the European Central Bank (ECB) that it planned to purchase government bonds in the market, working paper shows.


The Danish economy is in a strong upswing

The current upswing in the Danish economy is solid. The growth in GDP is expected to increase to 2.3 per cent in 2017 from 1.7 per cent in 2016. This is an upward adjustment compared with Danmarks Nationalbank's March forecast. So far the recovery during the upswing has been balanced. Although the employment rises rapidly and the pressure on the labour market – especially in the construction sector – intensifies, there is a good chance that the balanced development can continue.


The Danes' consumption and saving patterns are still affected by the financial crisis

7-8 years after the onset of the financial crisis, it is still affecting the Danes’ consumption and saving patterns. The vast majority of Danish households reduced their consumption immediately after the onset of the financial crisis, but since then diverging patterns have been seen for net savers and net borrowers among the households.


Good times in the banking sector but risk of speed blindness

Bank earnings are record high. In some areas, current developments are similar to developments in the period up to the financial crisis. Large Danish banks have a lower capital base than that of other Nordic banks.


China’s significance for Danish exports continues to grow

Danish exports to China are playing an ever increasing role. Accounting for just under 6 per cent of final demand for Danish exports, China is approaching the UK, Denmark’s fourth largest export market.


For the first time in at least 183 years, the Danish central government has no foreign currency loans

On 20 March 2017, the Danish central government will repay its last loan in foreign currency, totalling 1.5 billion dollars. Thus – for the first time in at least 183 years – the Danish central government has no foreign currency loans.


Prospects of continued balanced growth in the Danish economy

The Danish economy is in a balanced upswing and heading towards a moderate boom. Structural factors may dampen stronger dynamics and thus the growth outlook is more limited than previously. The growth in GDP is expected to increase to 1.6 per cent in 2017 from 1.1 per cent in 2016. The growth scenario in Danmarks Nationalbank's forecast assumes that labour supply will increase as a result of reforms already implemented. The growth scenario can be affected by a build-up of strong labour market pressure and the economy abroad including the US fiscal policy.


Low price for protecting the mortgage credit sector against crises

Today Danmarks Nationalbank publishes a response to the consultation on the European Commission’s proposal to revise the requirements for credit institutions. Danmarks Nationalbank recommends that mortgage institutions are subject to the same regulation that applies to banks.


Denmark's fixed exchange rate policy: 30th anniversary of unchanged central rate

The 12 January 2017 marks the 30th anniversary of the Danish central rate. Looking back, Denmark's fixed exchange rate policy has turned out to be very resilient, even through economic and financial crises along the way.


News from Danmarks Nationalbank 4th Quarter 2016 - No. 4

News from Danmarks Nationalbank: Higher indebtedness of homeowners in major cities; Risk of price falls for owner-occupied flats in Copenhagen; Prosperity growth in Denmark is among the highest