Denmark's Macroeconomic Analysis:
Nominal GDP of USD 400 billion in 2022.
Nominal GDP of USD 407 billion in 2023.
GDP per capita of USD 68,597 compared to the global average of USD 10,589.
GDP per capita of USD 68,122 compared to the global average of USD 10,589.
Average real GDP growth of 2% over the last decade.
Average real GDP growth of 2.2% over the last decade.
Sector Analysis
In 2021, services accounted for 79% of overall GDP, manufacturing 13%, other industrial activity 7%, and agriculture 1%. Looking at GDP by expenditure, private consumption accounted for 46% of GDP in 2021, government consumption 24%, fixed investment 23%, and net exports 7%.International trade
In 2021, manufactured products made up 72% of total merchandise exports, mineral fuels 4%, food 17%, ores and metals 2% and agricultural raw materials 2%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 74% of total merchandise imports, mineral fuels 8%, food 13%, ores and metals 2% and agricultural raw materials 2%, with other goods accounting for 1% of the total. Total exports were worth USD 131 billion in 2022, while total imports were USD 128 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 2.0% in the decade to 2022. To read more about GDP growth in Denmark, go to our dedicated page.
Fiscal policy
Denmark's fiscal surplus averaged 0.9% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 6.0% in the decade to 2022. For more information on Denmark's unemployment click here.
Inflation
Inflation averaged 1.6% in the decade to 2022. Go to our Denmark inflation page for extra insight.
Monetary Policy
Denmark's monetary policy rate ended 2022 at 1.75%, up from -0.20% a decade earlier. See our Denmark monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the krone weakened by 18.6% vs the U.S. dollar. For more info on the krone, click here.
Economic situation in Denmark
A preliminary release revealed that sequential growth edged down to 1.2% from Q2’s 1.3%, despite surprising markets on the upside. A softer increase in fixed investment and a deterioration in net trade outweighed recoveries in private and public spending. Moving to Q4, after recent forecast downgrades, our panel now sees GDP contracting. Available data for October supports this prediction: Manufacturing output weakened in monthly terms from Q3 levels, and retail sales rose at a softer clip compared to Q3; the latter was likely dented by an increase in inflation and hints at softer private spending. More positively, goods exports surged in the month, and economic sentiment climbed to a near three-year high in November. In other news, in December, Denmark failed to attract any bids in its largest wind-power tender to date, boding ill for investment and the green transition.Denmark Economic Forecasts
Projections out to 2034.46 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 14 expert analysts.
Want to get insight on the economic outlook for Denmark in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Denmark from a panel of 14 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Denmark economy. To download a sample report on the Denmark's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.