Research Briefing | Nov 18, 2021

Denmark | Economy heats up as GDP surprises to the upside in Q3

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According to the advance estimate, Q3 GDP exceeded expectations with a 2% expansion. While this figure is subject to revision, Denmark is on course for very strong growth this year after the 2.1% GDP decline in 2020.

What you will learn:

  • Another pickup in consumer activity is expected to have driven growth over the summer, while output in pharmaceuticals helped offset some weakness in manufacturing more broadly.
  • We have raised our 2021 GDP growth forecast by 0.5ppts to 5%, which will be followed by 3.3% growth in 2022.
  • Inflation rose further to 3% y/y in October from 2.2% in September as electricity prices soared over the month.

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