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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 2014 to 2023.
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 contracts at softer-than-expected pace in Q3

A second national accounts release revealed the Danish economy fell at a smaller rate than initially estimated in the third quarter, with GDP contracting 0.1% on a seasonally adjusted quarter-on-quarter basis. The result was both an improvement from the 0.9% contraction recorded in the second quarter and above the preliminary estimate of a 0.3% decline. Despite the mild improvement, the economy still entered a technical recession in Q3.

The smaller quarterly decline reflected an improvement in domestic demand: Household spending rose by 1.3% in seasonally adjusted quarter-on-quarter terms in the third quarter (Q2: +0.7% s.a. qoq), which marked the best reading in two years. Similarly, fixed investment growth accelerated to 3.6% in Q3 from the 1.2% expansion recorded in the prior quarter. Moreover, public consumption bounced back, growing 0.8% in Q3 (Q2: -0.3% s.a. qoq). On the external front, growth in exports of goods and services improved to 5.1% in seasonally adjusted qoq terms in the third quarter (Q2: +3.2% s.a. qoq), which marked the best reading since Q4 2021. In addition, growth in imports of goods and services picked up to 11.3% in Q3 (Q2: +4.9% s.a. qoq). Consequently, the external sector detracted from the overall GDP reading. On an annual basis, economic growth lost momentum, cooling to 0.3% in Q3 from 0.8% in the previous period. Q3's reading was the weakest since Q4 2020.

Our Consensus is for the economy to exit technical recession and post a shallow quarter-on-quarter expansion in Q4 2023. The economy is still expected to tally a healthy increase in 2023 as a whole.

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 16 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

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