Research Briefing | Nov 18, 2021

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

Ipad Frame - Denmark-Economy-heats-up-as-GDP-surprises-to-the-upside-in-Q3

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.

Back to Resource Hub

Related Services

Post

Why an ageing population doesn’t mean soaring inflation

What’s the future for inflation? Joachim Nagel, the new president of Germany's central bank, believes the rapidly ageing global population will play a key role – ramping up pressure on prices in the medium term. While we agree slowing labour supply will stifle output growth, in his recent discussion Nagel failed to fully consider the demand side of the argument.

Find Out More

Post

Surging global food prices could drive eurozone core inflation higher

Along with energy prices, global food prices have emerged as a key driver of the eurozone's current inflationary surge. Like other advanced economies, eurozone countries tend to be less exposed to global food price fluctuations. But if persistent and combined with strong demand, high food prices could result in a higher pass-through to core inflation.

Find Out More