Denmark Economic Forecast

Denmark Economic Outlook

July 24, 2018

Data from the second quarter suggests that GDP growth picked up in year-on-year terms from the previous quarter’s weak performance, but it likely remained mediocre due to mounting external headwinds. Consumer confidence improved throughout the quarter, reaching an over three-year high in June. Growing confidence among consumers largely reflects higher wages and a strengthening labor market, with the unemployment rate at a multi-year low in May. In addition, business confidence moved back into positive territory in Q2 following several negative readings in Q1. However, the three-month average of the manufacturing PMI in the second quarter was significantly below the average recorded in the first quarter, largely due to declining new orders. A drop in new orders is indicative of weaker overseas demand and could hurt not only exports growth but also manufacturing activity in the second half of the year.

Denmark Economic Growth

Prospects of a global trade war and slower growth among Denmark’s main trading partners will impact the external sector and drag on the economy in 2018. Nevertheless, the domestic economy should remain resilient, propelling growth this year and next on the back of strong growth in private consumption and fixed investment. Met the why particular panelists expect GDP to increase 1.6% in 2018, down 0.1 percentage points from last month’s estimate. For 2019, the panel projects growth of 1.9%.

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Denmark Facts

Bond Yield0.28-1.54 %Aug 15
Exchange Rate6.57-0.57 %Aug 15
Stock Market994-0.39 %Aug 15

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