Denmark: Revised figures confirm GDP growth decelerated in Q4 2025
Revision confirms the weakest GDP growth in three quarters: According to recently revised figures, Denmark’s GDP expanded 0.2% in seasonally adjusted quarter-on-quarter terms in Q4, following the previous quarter’s nearly four-year high of 2.3% growth. Q4’s print, which matched the preliminary reading, was the weakest in three quarters.
In annual terms, GDP expanded 3.1% in Q4, following a 4.0% expansion in the prior quarter.
Finally, over 2025 as a whole, economic growth clocked in at 2.9% (2024: +3.5%) and exceeded the prior decade average.
Drivers: The revised print shows that relative to the prior period’s data, figures in Q4 worsened for private consumption (+0.5% in seasonally adjusted quarter-on-quarter terms vs +1.0% in Q3), fixed investment (-1.9% vs +1.6% in Q3), exports of goods and services (-0.7% vs +3.7% in Q3) and imports of goods and services (-0.6% vs +0.0% in Q3). That said, the reading for government spending improved (+5.0% vs +1.4% in Q3).
Sequential GDP growth to ease in Q1: Our panelists expect GDP to contract sequentially in Q1. Looking at 2026 as a whole, GDP growth is set to hit a three-year low—but should still remain among the fastest in the Nordics region; low interest rates and unemployment plus greater fiscal stimulus will boost domestic demand. The main two-sided risk to the outlook is volatility in the pharmaceutical sector’s performance.