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
|Economic Growth (GDP, annual variation in %)||2.3||3.3||2.0||2.4||2.4|
5 years of economic forecasts for more than 30 economic indicators.
Denmark GDP Chart
Source: Statistics Denmark (DST) and FocusEconomics calculations.
|Bond Yield||-0.15||-1.54 %||Jan 01|
|Exchange Rate||6.66||-0.57 %||Jan 01|
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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.
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.
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.
May 30, 2022
Business sentiment came in at minus 3.0 in May, down from April's 4.0.
May 20, 2022
Consumer confidence deteriorated to minus 22.4 in May from April's minus 20.9.