Denmark Economic Outlook
September 28, 2021A second reading of national accounts data showed that GDP rose at a faster-than-initially-estimated pace in Q2, returning the economy to pre-pandemic levels. A strong bounce-back in private consumption led the upturn, aided by a falling unemployment rate and the lifting of restrictions. However, the external sector dragged on the overall reading. Momentum spilled over into Q3: In July, industrial output rebounded in monthly terms and retail sales were upbeat. Moreover, the unemployment rate fell to an over 12-year low in July, pushing up consumer confidence, which hit an over three-year high in September. Additionally, the rapid vaccine rollout allowed authorities to fully reopen the economy—except some entry restrictions—on 10 September. Lastly, on 30 August, authorities tabled the 2022 draft budget, which focuses on green investment and avoiding an overheated economy, and sees a deficit of 0.2% of GDP.
Denmark Economic GrowthThe economy is seen expanding at the sharpest rate in over ten years in 2021, while growth will remain robust in 2022. A strong improvement in private consumption and investment will bolster domestic demand, while the external sector should also contribute to growth. Uncertainty over new Covid-19 strains clouds the outlook, however. FocusEconomics analysts see the economy growing 3.3% in 2021 and 3.1% in 2022, which is down 0.1 percentage points from last month’s projection.
Denmark Economy Data
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Denmark Economic News
September 22, 2021
Consumer confidence came in at 8.2 in September, up from August's 4.4 and marked the best reading since July 2018.
September 10, 2021
Consumer prices fell a seasonally-adjusted 0.19% in August over the previous month, swinging from July's 0.67% rise.
September 7, 2021
Industrial output increased 3.4% in month-on-month seasonally-adjusted terms in July, which contrasted June's 4.3% decrease.
August 31, 2021
A second national accounts release confirmed that economic activity rebounded in the second quarter, increasing 2.3% on a seasonally-adjusted quarter-on-quarter basis (previously reported: +2.2% s.a.
August 30, 2021
Business confidence fell to a four-month low of 3.0 in August from July's over seven-year high of 7.0.