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Financial News: Denmark Economy Grows 2.0% In Q4

Denmark Economy Grows 2.0% In Q4

02/20/2024 - 03:47:00 (RTTNews)

(RTTNews) - The Danish economy expanded strongly in the fourth quarter amid a strong contribution from the pharmaceutical industry, preliminary data from Statistics Denmark showed on Tuesday.

Gross domestic product advanced 2.0 percent sequentially in the December quarter, following a 0.4 percent recovery in the September quarter, which was revised from a 0.7 percent fall.

Further, this was the strongest growth since the second quarter of 2022, when the economy had expanded 3.4 percent.

During the whole year 2023, the Danish economy expanded 1.8 percent compared with 2022.

The pharmaceutical industry has been the main driving force in the Danish economy in both the fourth quarter and for the whole of 2023, the agency said. The pharmaceutical industry showed quarterly growth of 1.8 percent. 

On the expenditure side, household consumption rose 1.7 percent, while gross fixed investments dropped by 6.3 percent. Both exports and imports climbed by 5.7 percent and 1.1 percent, respectively.

On a yearly basis, the economy expanded 3.1 percent in the final quarter of 2023.

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