
Pharma boosts Danish economy in 2023
Denmark’s economy progressed by 2% in the fourth quarter of 2023, largely driven by the pharmaceutical industry, as reported by Statistics Denmark. With an impressive growth rate, Tore Stramer, Chief Economist at Danish Business, acknowledges that without the pharma sector’s contribution, Denmark’s GDP would have declined by 0.1%. The construction, finance, and business services sectors experienced downturns, while the experience-related service industries saw growth. Revised statistics corrected the third quarter’s initial decline to a 0.4% growth, debunking the previously assessed technical recession. Novo Nordisk, Denmark’s largest pharmaceutical company, saw a revenue of 232 billion kroner in 2023 and continues to expand, including recent acquisitions and investments totaling 42 billion kroner in new facilities in Kalundborg. For 2024, a steady economic growth of 1.5% is anticipated, aided by an expected rise in private consumption and continued strong performance from the pharmaceutical sector.