
Macro - Country Economic Forecasts - Denmark
Description
We have raised our 2025 GDP growth forecast for Denmark by 0.6ppts to 0.7% but lowered our 2026 forecast by 1.1ppts to 0.8%. A US tariff on imports of EU pharmaceuticals looks set to be imposed at 15%, although the exact magnitude and timing is contingent on the outcome of the US national security investigation into pharmaceutical tariffs. We think a 15% tariff imposed in Q4 is the most likely outcome. This, coupled with signs that the Danish economy held slightly firmer than expected in Q2, has shifted the growth impact further into H1 2026 and out of H2 2025.
Table of Contents
8 Pages
- Denmark: Pharma tariffs loom despite signs of resilience
- 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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