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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Denmark Economic News
November 20, 2020
Consumer confidence came in at minus 7.6 in November, down from October’s minus 6.2 and marking the lowest reading in six months.
November 13, 2020
GDP rebounded 4.9% in the third quarter in seasonally-adjusted quarter-on-quarter terms (Q2: -6.8% s.a qoq), according to a preliminary release.
November 10, 2020
Consumer prices inched up 0.19% in October over the previous month, contrasting the 0.10% fall recorded in September.
November 3, 2020
Business confidence among firms in the manufacturing sector increased mildly in October to minus 7, from September’s minus 11.
October 22, 2020
Consumer confidence came in at minus 6.2 in October, up from September's minus 7.4.