Denmark: Economic growth rises in the third quarter of 2025
GDP growth accelerates in Q3: Denmark’s GDP grew 2.3% on a seasonally adjusted quarter-on-quarter basis in Q3, almost doubling a 1.2% expansion in the prior quarter. Q3’s reading was the strongest since Q4 2021.
In seasonally adjusted annual terms, the economy grew 3.9% in Q3, following 2.0% growth in the prior quarter.
Pharma sector drives improvement: The acceleration was driven by notable growth in the pharmaceutical sector throughout the third quarter: Novo Nordisk, the Danish pharma giant, bolstered both industrial production and exports.
Compared with the prior quarter’s data, figures in Q3 improved for government consumption (+0.9% on a seasonally adjusted quarter-on-quarter basis vs +0.4% in Q2), fixed investment (+0.1% vs 0.0% in Q2) and exports of goods and services (+4.1% vs +3.8% in Q2). In contrast, the reading for imports of goods and services softened in Q3 (-0.2% vs +2.5% in Q2). Finally, the variation in private consumption was the same as in the prior quarter (+0.1% in Q3 and Q2).
Sequential GDP growth to grind to a near halt in Q4: Our panel of economists expects the Danish economy to clock slower GDP growth in Q4 2025. In 2026 as a whole, economic growth should remain close to 2025’s reading and among the fastest in the Nordic region for a fourth consecutive year. Stronger domestic demand and exports compared to 2025 will support economic momentum. The pharmaceutical sector’s performance is key to monitor.