Macro - Country Economic Forecasts - Denmark
We have raised our 2022 GDP growth forecast for Denmark by 0.5ppts to 2.7% after national accounts showed a stronger H1 performance. However, we have cut our 2023 forecast by 0.4ppts to 0.1%, and we now believe the Danish economy is set to contract for three consecutive quarters. We expect a less frontloaded recession than previously, with GDP falling by 0.3%-0.4% q/q in each quarter and recovering only gradually once inflation has fallen back. Faster monetary policy tightening, higher inflation, and weaker external demand are behind our downward revisions.
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