Medicine and gas to boost Danish growth

The Danish National Bank forecasts a rise in the country’s economic growth in its biannual projection, expecting a 2.4% increase in 2024, up from the 1.3% annual growth predicted last September. The growth is partly attributed to the pharmaceutical industry, based on stock analysts’ expectations and the assumption that gains will be evenly distributed in Denmark and abroad under Danish ownership. Additionally, the reopening of the Tyra gas field is predicted to significantly enhance the economy, contributing 0.5 percentage points to the growth. Chief economist Tore Stramer from Dansk Erhverv highlighted the upgrade as rare and significant. Without the pharmaceutical sector’s contribution, Denmark’s economy would have contracted by 0.1% last year, despite the unexpected resilience displayed against high inflation and rising interest rates.