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Denmark GDP

Denmark GDP

Economic Growth in Denmark

The Danish economy recorded an average growth rate of 2.1% in the decade to 2022. In 2022, real GDP growth was 2.7%. For more GDP information, visit our dedicated page.

Denmark GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Denmark from 2017 to 2016.
Source: Statistics Denmark.

Denmark GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 2.0 1.5 -2.4 6.8 2.7
GDP (USD bn) 357 346 355 405 400
GDP (EUR bn) 302 310 311 343 381
GDP (DKK bn) 2,253 2,311 2,321 2,551 2,832
Economic Growth (Nominal GDP, ann. var. %) 2.8 2.6 0.4 9.9 11.0

GDP growth steps on the gas in Q4

A revised national accounts data release for the fourth quarter of 2023 showed GDP growth accelerated to 2.6% on a seasonally adjusted quarter-on-quarter basis, up from both the 0.4% increase recorded in the third quarter and the preliminary estimate of a 2.0% rise. Q4's reading marked a two-and-a-half-year high. Similarly, on an annual basis, economic growth sped up to 3.5% in Q4, improving from both the previous period's 0.6% expansion and the preliminary estimate of a 3.1% increase. Q4's reading marked the fastest expansion since Q1 2022. Consequently, 2023 GDP growth was upwardly revised by 0.1 percentage points to 1.9% (2022: +2.7%).

Domestically, the quarterly improvement reflected household spending growth hitting an over two-year high of 2.0% in the final quarter of 2023 (Q3: +0.1% s.a. qoq). While employment levels were unchanged, purchasing power recovered as nominal wage growth notably outpaced the inflation rate in Q4, supporting consumption. Meanwhile, public spending flatlined in Q4, improving from the 0.4% decline in Q3. Less positively, fixed investment swung to contraction, falling 6.8% in Q4, contrasting the 3.1% expansion recorded in the previous quarter. On the external front, exports of goods and services growth accelerated to 7.5% in Q4 (Q3: +5.4% s.a. qoq). Conversely, imports of goods and services growth waned to 2.5% in Q4 (Q3: +7.1% s.a. qoq).

In Q1, sequential GDP growth will decelerate notably from Q4, largely reflecting a high base of comparison. Afterward, growth will gain steam through Q4. Overall, in 2024, the economy should expand at a roughly similar pace to that of 2023, to a great extent supported by a notably stronger domestic demand amid lower inflation and interest rates later in the year.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Danish GDP projections for the next ten years from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Danish GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Danish GDP projections.

Want to get access to the full dataset of Danish GDP forecasts? Send an email to info@focus-economics.com.

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