Denmark | Strong consumer spending should power the recovery

We’ve raised our 2021 GDP growth forecast by 0.2ppts to 3.4%, following the full release of the Q2 national accounts. While the consumer rebound fell short of expectations, strong wage growth and an unwinding of excess savings should power economic growth in H2.

What you will learn:

• Manufacturing contributed negatively to growth in Q2 as firms continue to see extended delivery times amid the global supply-chain disruption.
• With Covid cases under control and vaccine coverage high, strong consumer demand should power growth.
• Inflation in August reached 1.8%, a nine-year high.