Denmark GDP Growth Improves In Q4

(RTTNews) - The Danish economy expanded at an accelerated pace in the final quarter of 2024, largely on the back of the pharmaceutical industry, preliminary data from Statistics Denmark showed on Thursday.

Gross domestic product advanced 1.6 percent sequentially in the fourth quarter, following a 1.3 percent expansion in the third quarter.

Growth in the Danish economy was primarily driven by significant progress in industry, especially in the pharmaceutical industry.

On the expenditure side, exports grew 4.6 percent amid more demand for outflows from the pharmaceutical industry and maritime transport. Imports showed an increase of 0.7 percent.

Household consumption rose 0.6 percent compared to last year, linked to increases in vehicle purchases and consumption of other goods. Public consumption increased 1.6 percent, while investments dropped by 0.8 percent.

During the year 2024, Denmark's economy logged a significant growth of 3.6 percent as the pharmaceutical industry's gross value added increased by over 30 percent.

Separate official data showed that confidence among Danish consumers worsened to -14.5 in February from -11.7 in January.

The deterioration in February was primarily due to the decline in consumers' expectations of the future economic situation of families and Denmark, as well as the assessment of Denmark's current economic situation, the survey said.