The Danish economy contracted by 0.5 percent on quarter in the three months to March of 2022, worse than the preliminary reading of a 0.1% contraction, and reversing from a downwardly revised 2.8% expansion in the previous period. It was the first contraction in the GDP since the first quarter of 2021, due to imposing COVID-19 restrictions. The contraction in the economy was dragged down by a decline in both household consumption (-2.1% vs -0.5% in Q4) and government spending (-1.8% vs 3.4%), while net external demand contributed negatively to the GDP, as exports fell 3.0 percent (vs 4.1% in Q4) while imports dropped at a softer 2.6% (vs 2.9% in Q4). In the meantime, fixed investment grew faster (4.0% vs 2.4% in Q4). Year-on-year, the economy advanced by 6.2 percent, following a downwardly revised 6.7 percent growth in the fourth quarter. source: Statistics Denmark
GDP Growth Rate in Denmark averaged 0.45 percent from 1991 until 2022, reaching an all time high of 6.10 percent in the third quarter of 2020 and a record low of -6.40 percent in the second quarter of 2020. This page provides the latest reported value for - Denmark GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Denmark GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.
GDP Growth Rate in Denmark is expected to be -0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Denmark GDP Growth Rate is projected to trend around 0.60 percent in 2023 and 0.50 percent in 2024, according to our econometric models.