Denmark Economic Forecast

Denmark Economic Outlook

August 27, 2019

Economic growth gained traction in the second quarter according to a flash GDP report. A strong industrial sector and resilient external sector, despite a more challenging global environment and broader slowdown in Europe, led the acceleration. Moreover, household spending should have continued to rise, supported by a relatively healthy labor market and low inflation. Turning to the third quarter, however, available data suggests the economy may be losing some steam. The manufacturing PMI remained mired in contractionary territory in July, although improved from June thanks to a pick-up in new orders. That said, consumer confidence rebounded in August after falling in July, which bodes well for private consumption in Q3.

Denmark Economic Growth

The outlook for 2019 remains favorable. A tighter labor market and historically low interest rates should support private consumption, while sustained momentum in the external sector, powered by a strong pharmaceutical industry, should also buttress growth. However, a global downturn and a no-deal Brexit are serious downside risks to growth for the trade-reliant economy. FocusEconomics analysts expect growth of 1.7% in 2019, which is unchanged from last month’s forecast, and 1.5% in 2020.

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Denmark Facts

Bond Yield-0.64-1.54 %Sep 04
Exchange Rate6.76-0.57 %Sep 04
Stock Market1,052-0.39 %Sep 04

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