Denmark GDP Q2 2020


Denmark: Economy contracts notably in Q2

August 14, 2020

According to the preliminary release, GDP dived 7.4% in the second quarter in seasonally-adjusted quarter-on-quarter terms (Q1: -2.0% s.a qoq), reflecting the impact of Covid-19 and the measures implemented to contain it. The reading marked the steepest contraction since the start of the series in the early 1990s. Nevertheless, the economy performed better than the average for the Euro area (-12.1% s.a. qoq), likely due to less severe lockdown restrictions. In annual terms, the economy dived 8.5% in the second quarter in seasonally-adjusted terms (Q1: -0.2% yoy), also marking the lowest reading since at least the early 1990s.

The contraction appears to have been broad-based, although trade, transport, and hotels and restaurants were especially affected due to a decline in global demand. Employment levels declined 3.1% as a result of the contraction.

FocusEconomics Consensus Forecast panelists see the economy contracting 5.1% in 2020, which is unchanged from the previous month’s forecast, before expanding 4.0% in 2021.

Author:, Junior Economist

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Denmark GDP Chart

Denmark GDP Q2  20 20

Note: Quarter-on quarter changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: Statistics Denmark (DST) and FocusEconomics Consensus Forecast.

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