Danish economy continues to grow, but future remains uncertain
New figures: Denmark’s GDP grew by 0.8 per cent between the first and second quarter of 2019, and employment continued to rise significantly, show new figures from Statistics Denmark.
Despite economic slowdown and downgraded forecasts in our neighbouring countries, new GDP figures from Statistics Denmark show that growth is continuing in Denmark. Very positive news, says DI, but it remains uncertain whether this growth can continue.
“The Danish economy continued grow in the second quarter, thereby continuing to defy the slowing growth we see in many neighbouring countries, including Germany, Sweden and the UK,” says Chief Economist Morten Granzau, the Confederation of Danish Industry.
But the dark clouds hanging over the world economy are also looming above Denmark.
“Growth is driven by exports in particular. Here, Denmark’s pharmaceutical and wind power industries, among others, help boost exports. However, the US-China trade war and a potential no-deal Brexit threaten to impact companies’ exports,” says Morten Granzau.
“Denmark’s GDP growth is generally threatened by the fact that the international economy continues to disappoint. The countries surrounding us - our major export markets - continue to downgrade economic forecasts. If this does not stop soon, we won’t be able to maintain relatively high growth in Denmark. Our exports cannot continue to grow unless growth in our export markets resumes,” says Morten Granzau.
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