GDP in Denmark

Denmark - GDP
GDP records marginal contraction in the first quarter
A second national accounts release confirmed that momentum was set back in the first three months of the year: GDP contracted 0.1% on a seasonally-adjusted quarter-on-quarter basis in the first quarter, below the 3.0% expansion logged in the fourth quarter of last year. Q1's reading marked the weakest reading since Q2 2020. Meanwhile, on an annual basis, economic growth moderated to 6.7% in Q1 (Q4: +6.8% yoy), slightly below Q1’s preliminary reading.
The marginal quarterly contraction was largely due to private consumption sliding at a steeper pace of 1.2% in seasonally-adjusted quarter-on-quarter terms in Q1, following a 0.7% contraction in Q4. The result came on the back of the reinstatement of Covid-19 containment measures as the Omicron variant started spreading in December 2021. Additionally, mounting price pressures dampened spending. However, the 1.0% increase in employment levels likely prevented a larger decline in spending. Moreover, government spending dropped, contracting 1.8% in Q1 (Q4 2021: +2.6% s.a. qoq). The reduction in public expenditure was largely due to a statistical effect; it had been elevated in the final quarter of last year. Fixed investment growth accelerated modestly to 2.6% in Q1, from the 2.4% expansion recorded in the previous quarter.
On the external front, exports of goods and services contracted 1.1% in Q1, marking the worst result since Q2 2020 (Q4 2021: +4.8% s.a. qoq). Similarly, imports of goods and services also swung into a contraction, declining 2.1% in Q1 (Q4 2021: +1.1% s.a. qoq).
FocusEconomics Consensus Forecast panelists see the economy expanding 2.9% in 2022, which is up 0.2 percentage points from the previous month’s forecast, and growing 1.8% in 2023.
Denmark - GDP Data
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Economic Growth (GDP, annual variation in %) | 2.3 | 3.3 | 2.0 | 2.4 | 2.4 |
Denmark GDP Chart

Source: Statistics Denmark (DST) and FocusEconomics calculations.
Denmark Facts
Value | Change | Date | |
---|---|---|---|
Bond Yield | -0.15 | -1.54 % | Jan 01 |
Exchange Rate | 6.66 | -0.57 % | Jan 01 |
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Economic News
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Denmark: Consumer sentiment deteriorates to fresh record low in June
June 22, 2022
Consumer sentiment fell further in June, dropping to a fresh record low of minus 24.8, down from May’s minus 22.4.
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Denmark: Manufacturing production growth moderates in April
June 7, 2022
Manufacturing output rose 1.1% in month-on-month seasonally-adjusted terms in April, which was a deterioration from March's 4.6% increase.
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Denmark: GDP records marginal contraction in the first quarter
May 31, 2022
A second national accounts release confirmed that momentum was set back in the first three months of the year: GDP contracted 0.1% on a seasonally-adjusted quarter-on-quarter basis in the first quarter, below the 3.0% expansion logged in the fourth quarter of last year.
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Denmark: Business sentiment deteriorates to 17-month low in May
May 30, 2022
Business sentiment came in at minus 3.0 in May, down from April's 4.0.
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Denmark: Consumer confidence falls to fresh record low in May
May 20, 2022
Consumer confidence deteriorated to minus 22.4 in May from April's minus 20.9.