Denmark Economic Outlook
December 23, 2021Detailed national accounts data revealed that the economy expanded at a markedly softer pace than initially estimated in the third quarter. The slowdown was largely due to private consumption and fixed investment growth moderating notably, as well as government spending declining in the quarter. Regardless, the full reopening of the economy in early September played no small part in ensuring the continued albeit softer recovery. Momentum has likely waned further in the final quarter of the year: Consumers have turned pessimistic in Q4, markedly contrasting Q3’s upbeat optimism, which, coupled with higher price pressures in October–November, has likely dragged on household spending. Moreover, the government has been gradually reintroducing measures to contain the spread of the Omicron variant since early December, which has likely dragged on activity at the tail end of the year.
Denmark Economic GrowthGDP growth is seen cooling slightly next year following 2021’s projected bounce-back, although momentum will remain strong, boosted by a tighter labor market, continued wage growth and healthier private spending. Brisker export growth will also sustain activity. However, high household debt levels could cap the improvement and uncertainty over the pandemic remains a risk. FocusEconomics analysts see the economy growing 3.1% in 2022, which is up 0.1 percentage points from last month’s projection, and 2.1% in 2023.
Denmark Economy Data
5 years of Denmark economic forecasts for more than 30 economic indicators.
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Denmark Economic News
January 21, 2022
Consumer confidence rose to minus 1.5 in January from December's minus 2.1.
January 10, 2022
Consumer prices fell a seasonally-adjusted 0.47% over the previous month in December, contrasting the 0.28% increase recorded in November.
January 10, 2022
Manufacturing output expanded 3.0% in month-on-month seasonally-adjusted terms in November, accelerating from October’s 2.8% increase.
January 5, 2022
Business confidence was stable at November’s 6.0 in December.
December 21, 2021
Consumer sentiment fell to minus 2.1 in December from November's minus 2.0.