Macro - Country Economic Forecasts - Denmark

Macro - Country Economic Forecasts - Denmark

We have lowered our 2023 GDP growth forecast for Denmark by 0.3ppts to 0.3%. National accounts revisions showed stronger growth in 2022 than previously thought, lowering the annual growth figure for 2023. The economy will contract sharply in Q1, but this will be driven largely by fluctuations in industrial production after an exceptionally strong Q4. Further ECB tightening, which will be mirrored by Danmarks Nationalbank, and high inflation will result in a weak recovery towards the end of this year and into 2024, when we see GDP growth of 2%.