Denmark Economic Outlook
October 27, 2020The economy likely recovered somewhat in Q3, after Q2’s pandemic-induced contraction. The unemployment rate eased further in August from May’s peak, boding well for household spending. Meanwhile, the manufacturing PMI remained in expansionary territory throughout the quarter, increasing notably in September. However, both consumer and business sentiment turned more pessimistic in September, likely impacted by a surge in new Covid-19 cases, which led to the announcement of new restrictions midway through the month. The restrictions were extended in early October until the end of the month, which could weigh on momentum in Q4. As such, consumer sentiment remained pessimistic in October, albeit improving slightly. Meanwhile, on 31 August the government tabled the 2021 draft budget, which focuses on safeguarding employment and local businesses, mitigating the fallout from the pandemic.
Denmark Economic GrowthIn 2021, the economy is expected to grow strongly after this year’s significant downturn caused by the pandemic. Growth will be supported by the reopening of economies globally and recovering domestic demand, as well as the resumption of international travel. However, uncertainty over the evolution of the pandemic still lingers, clouding the outlook. FocusEconomics analysts see the economy growing 3.6% in 2021, which is down 0.3 percentage points from last month’s projection, and 2.6% in 2022.
Denmark Economy Data
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|Bond Yield||-0.15||-1.54 %||Jan 01|
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Denmark Economic News
February 15, 2021
Economic activity lost some momentum in the final quarter of 2020, according to a preliminary release, with GDP growth clocking in at 0.6% in seasonally-adjusted quarter-on-quarter terms, slowing from Q3’s record quarterly growth of 5.2%.
February 10, 2021
Consumer prices rose a seasonally-adjusted 0.19% in January over the previous month, swinging from the 0.19% drop recorded in December.
January 28, 2021
Business confidence among firms in the manufacturing sector fell to minus 3 in January from December's minus 2.
January 21, 2021
Consumer confidence came in at minus 4.1 in January, slightly below December’s five-month high of minus 3.8.
January 11, 2021
Consumer prices fell 0.19% in December over the previous month, worsening from November’s 0.10% drop and marking the sharpest price decrease in four months.