Macro - Country Economic Forecasts - Denmark

We expect the Danish economy will grow by 1.9% in 2025. But quarterly growth will be flat as we assume that the US government will impose a 25% tariff on its imports of pharmaceuticals from Denmark in late Q2. Exceptional business uncertainty will also weigh on investment planning more than we expected last month, so we have lowered our 2026 GDP growth forecast by 0.5ppts to 1.6%.


Denmark: US pharmaceutical tariff will limit quarterly growth this year
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Risk warnings
What to watch out for
Exposure to key global risks
Long-term prospects
Alternative long-run scenarios
Background
Economic development
Structure of the economy
Balance of payments and structure of trade
Policy and politics

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