This page has economic forecasts for Denmark including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Denmark economy.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.20 0.6 0.4 0.6 0.4 0.5 percent
Unemployment Rate 3.90 4 4.5 4.6 4.5 4.9 percent
Inflation Rate 0.80 1.4 1.8 1.9 2.1 2.1 percent
Interest Rate -0.65 -0.5 -0.5 -0.5 -0.25 0.25 percent
Balance of Trade 5388.20 1461 9500 7400 3210 1566 DKK Million
Government Debt to GDP 36.40 36 35.7 35.7 35.7 35.4 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 6.53
6.51 6.55 6.58 6.62 6.78
Stock Market 911.34
points
967 957 946 936 895
Government Bond 10Y 0.34
percent
0.45 0.48 0.52 0.56 0.75
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.20
percent
0.6 0.4 0.6 0.4 0.5
GDP Annual Growth Rate 0.60
percent
3 2.4 2.3 2 2.1
GDP 324.87
USD Billion
320 340 340 340 348
GDP Constant Prices 502126.00
DKK Million
514485 513210 513675 512169 537371
Gross National Product 514051.00
DKK Million
528491 526876 525874 524332 552000
Gross Fixed Capital Formation 116638.00
DKK Million
109119 110675 119321 118971 113973
GDP per capita 61582.17
USD
62500 63200 63200 63200 64700
GDP per capita PPP 46682.51
USD
46997 46106 46106 47155 47597
GDP From Agriculture 4864.00
DKK Million
6624 4863 4976 4961 6919
GDP From Construction 23374.00
DKK Million
23709 21930 23912 23841 24763
GDP From Manufacturing 66970.00
DKK Million
63062 61139 68510 68309 65867
GDP From Mining 6277.00
DKK Million
6774 6140 6421 6403 7076
GDP From Public Administration 98514.00
DKK Million
101615 100678 100780 100484 106135
GDP From Transport 89895.00
DKK Million
90692 82108 91963 91693 94726
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 3.90
percent
4 4.5 4.6 4.5 4.9
Employed Persons 2795.00
Thousand
2785 2776 2795 2787 2791
Unemployed Persons 106573.90
105382 104472 103761 103209 101483
Long Term Unemployment Rate 1.00
percent
1.05 1 0.96 0.97 0.93
Youth Unemployment Rate 9.50
percent
9.34 9.31 9.31 9.29 9.29
Labour Costs 108.77
Index Points
109 110 110 110 111
Productivity 126.05
Index Points
127 127 126 126 126
Wages 40953.70
DKK/Month
41151 41800 42171 42371 42200
Wages in Manufacturing 141.50
Index Points
143 145 145 144 155
Population 5.78
Million
5.78 5.82 5.82 5.82 5.87
Retirement Age Women 65.00
65 65 65 65 65
Retirement Age Men 65.00
65 65 65 65 65
Job Vacancies 35171.00
30933 33007 35258 33504 32192
Labor Force Participation Rate 69.20
percent
69.2 69.23 69.22 69.22 69.22
Part Time Employment 699.40
Thousand
691 694 695 692 693
Employment Change 0.40
percent
0.42 0.44 0.41 0.42 0.42
Employment Rate 65.80
percent
65.84 65.87 65.87 65.87 65.87
Full Time Employment 2094.50
Thousand
2109 2089 2112 2134 2124
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 0.80
percent
1.4 1.8 1.9 2.1 2.1
Harmonised Consumer Prices 102.30
Index Points
102 103 104 104 107
Consumer Price Index CPI 102.70
Index Points
103 104 104 105 107
Core Consumer Prices 102.70
Index Points
102 103 103 103 103
Core Inflation Rate 0.60
percent
0.57 0.58 0.58 0.58 0.58
GDP Deflator 107.45
Index Points
108 108 108 109 110
Producer Prices 111.30
Index Points
114 112 114 114 118
Export Prices 115.90
Index Points
116 116 116 116 116
Import Prices 117.70
Index Points
118 118 118 118 118
Food Inflation -0.80
percent
-0.3 1.2 1.9 2.2 2
Inflation Rate Mom 0.30
percent
0.2 0.06 0.1 0.08 0.08
Producer Prices Change 2.20
percent
3.6 3.1 2.6 2.5 1.5
CPI Transportation 103.80
Index Points
102 102 105 105 106
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate -0.65
percent
-0.5 -0.5 -0.5 -0.25 0.25
Interbank Rate -0.30
percent
-0.15 -0.15 -0.15 0.1 0.6
Money Supply M0 63003.80
DKK Million
63150 63071 63078 63072 63074
Money Supply M1 1223267.00
DKK Million
1228064 1223703 1226437 1225248 1226375
Money Supply M2 1320753.00
DKK Million
1328113 1326311 1328831 1328872 1330758
Money Supply M3 1484543.00
DKK Million
1491240 1490484 1490678 1490725 1490741
Banks Balance Sheet 3745284.70
DKK Million
3696435 3705515 3687136 3703044 3687691
Foreign Exchange Reserves 467600.00
DKK Million
467415 467400 467397 467397 467397
Loans to Private Sector 360.19
DKK Billion
360 359 359 359 359
Private Debt to GDP 275.62
percent
277 277 276 276 275
Central Bank Balance Sheet 509.28
DKK Billion
509 509 508 508 508
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade 5388.20
DKK Million
1461 9500 7400 3210 1566
Exports 55694.60
DKK Million
54000 68000 61500 56487 58000
Imports 50306.40
DKK Million
50600 58500 54100 51847 54500
Current Account 17102.00
DKK Million
10600 5100 16400 10200 6200
Current Account to GDP 7.90
percent
7.9 7.6 7.6 7.6 7
External Debt 1404.00
DKK Million
1378 1375 1376 1378 1392
Terms of Trade 100.00
Index Points
98.79 98.79 98.82 98.82 98.82
Capital Flows 79.00
DKK Million
80.67 80.67 80.63 80.63 80.63
Gold Reserves 66.50
Tonnes
66.48 66.46 66.46 66.46 66.42
Crude Oil Production 123.00
BBL/D/1K
119 119 119 119 119
Weapons Sales 12.00
USD Million
18.22 19.89 21.56 23.23 27.54
Terrorism Index 1.51
1.51 1.51 1.51 1.51 1.51
Foreign Direct Investment 684.90
DKK Billion
713 717 721 725 747
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 36.40
percent
36 35.7 35.7 35.7 35.4
Government Budget 1.00
percent of GDP
-0.5 -0.5 -0.5 -0.5 1.8
Government Budget Value 4005.00
DKK Million
1402 -7248 699 -6904 -3320
Government Spending 128710.00
DKK Million
133267 132449 131670 131284 139195
Government Spending to GDP 51.90
percent
51.5 51.1 51.1 51.9 51
Government Revenues 288998.00
DKK Million
290730 277972 288636 278863 287234
Government Debt 684.76
DKK Billion
687 686 686 686 686
Fiscal Expenditure 284993.00
DKK Million
287822 285220 287938 285768 290554
Military Expenditure 3700.51
USD Million
3656 3650 3644 3638 3627
Asylum Applications 305.00
persons
373 347 344 349 349
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence -2.00
Index Points
3 4 2 2 -2
Industrial Production 1.20
percent
4.5 9.5 1.2 1.19 2.5
Industrial Production Mom 1.60
percent
1 -0.6 0.7 -1.6 0.7
Manufacturing Production 0.30
percent
1.96 1.78 1.81 1.81 1.81
Capacity Utilization 80.80
percent
80.97 80.73 80.71 80.73 80.88
New Orders 12.00
Index Points
11.74 14.59 12.06 14.59 12.1
Changes in Inventories 3792.00
DKK Million
3442 3474 3397 3349 3226
Bankruptcies 601.00
Companies
610 552 566 565 563
Car Registrations 16650.00
16914 18311 17937 18010 18019
Internet Speed 20105.69
KBps
23699 24194 24684 25169 29344
IP Addresses 2624652.00
IP
2633510 2633992 2632720 2633399 2633970
Manufacturing Pmi 67.10
56 55.4 55.1 57.38 54
Mining Production -22.70
percent
-11.12 -9.07 -8.86 -8.85 -8.85
Competitiveness Index 80.62
Points
81.12 81.12 81.12 81.12 83.62
Competitiveness Rank 10.00
10 10 10 10 10
Corporate Profits 269838.00
DKK Million
273197 275238 277279 279320 307367
Ease of Doing Business 3.00
2 3 3 3 3
Electricity Production 2225.00
Gigawatt-hour
3536 3164 2272 2429 2768
Corruption Index 88.00
Points
88 88 88 88 88
Corruption Rank 2.00
2 2 2 2 2
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence 5.10
Index Points
9.1 7.8 7.7 7.5 5.3
Retail Sales MoM 0.50
percent
0.2 0.3 0.2 0.3 0.1
Retail Sales YoY 0.70
percent
1.1 1.5 2.1 2.5 0.8
Consumer Spending 229300.00
DKK Million
232986 233882 234574 233886 243350
Disposable Personal Income 1095269.86
DKK Million
1124823 1132453 1140083 1147713 1216893
Personal Savings 14.44
percent
8.46 16.71 14.05 10.07 10.53
Consumer Credit 19631.00
DKK Million
19977 20104 20283 20353 20737
Gasoline Prices 1.92
USD/Liter
1.89 1.86 1.82 1.79 1.66
Households Debt To GDP 117.30
percent of GDP
117 117 117 117 117
Households Debt To Income 240.58
percent
224 224 224 224 211
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Construction Output 4.00
percent
4.32 4.28 4.35 4.34 4.34
Housing Index 115.80
Index points
115 117 118 118 122
Home Ownership Rate 62.20
percent
62.88 63.07 63.27 63.47 65
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 22.00
percent
22 22 22 22 22
Personal Income Tax Rate 55.80
percent
55.8 55.8 55.8 55.8 55
Sales Tax Rate 25.00
percent
25 25 25 25 25
Social Security Rate 8.00
percent
8 8 8 8 8
Social Security Rate For Companies 0.00
percent
0 0 0 0 0
Social Security Rate For Employees 8.00
percent
8 8 8 8 8
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature -3.78
celsius
-24.88 -29.55 -15.05 -18.87 -18.49



Denmark - Economic Forecasts - 2018-2020 Outlook