Denmark Economic Forecast

Denmark Economic Outlook

December 20, 2019

Growth moderated in the third quarter, mainly due to a steeper fall in fixed investment, while exports also eased markedly. Private consumption, however, rebounded robustly in Q3 due to strong wage growth. Turning to the fourth quarter, the economy likely remains soft. Consumer and business confidence remained depressed in November and industrial production eased to a fourteen-month low in October. Furthermore, on the external front, merchandise exports contracted for the first time in three months in October amid muted growth in the Euro area. In contrast, retail sales perked up in October, which, coupled with ultra-low interest rates, should be fueling household spending. Moreover, the manufacturing PMI hit a seven-month high in November.

Denmark Economic Growth

Momentum is expected to soften significantly in 2020, as slightly weak economic growth in the Euro area will likely weigh on exports. Nevertheless, fundamentals remain solid and stronger domestic demand due to a healthy labor market, elevated house prices and a looser fiscal stance, will buttress the economy. FocusEconomics analysts expect growth of 1.4% in 2020, which is unchanged from last month’s forecast, and 1.5% in 2021.

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Denmark Facts

Value Change Date
Bond Yield-0.15-1.54 %Jan 01
Exchange Rate6.66-0.57 %Jan 01

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