GDP reading: Spain’s GDP increased 0.8% in seasonally adjusted quarter-on-quarter terms in Q4, following 0.6% growth in the previous quarter....
Economic Growth in Denmark
Denmark's economy recorded an average growth rate of 2.0% in the decade to 2024, compared to the 1.7% average for Nordic Economies. In 2024, real GDP growth was 3.5%. For more GDP information, visit our dedicated page.
Denmark GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Denmark from 2014 to 2025.
Source: Macrobond.
Denmark GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | -1.8 | 6.5 | 0.4 | 0.6 | 3.5 |
| GDP (USD bn) | 356 | 406 | 400 | 405 | 424 |
| GDP (EUR bn) | 312 | 343 | 381 | 374 | 392 |
| GDP (DKK bn) | 2,327 | 2,553 | 2,831 | 2,788 | 2,927 |
| Economic Growth (Nominal GDP, ann. var. %) | 1.0 | 9.7 | 10.9 | -1.5 | 5.0 |
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 contraction expected in Q4: Our panel of economists expects the Danish economy to contract 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.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Danish GDP projections for the next ten years from a panel of 19 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Danish GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Danish GDP projections.
Want to get access to the full dataset of Danish GDP forecasts? Send an email to info@focus-economics.com.
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