Pharmaceuticals fuel Danish economy’s growth

Denmark’s economy saw progress in the third quarter largely due to strong pharmaceutical production. The country’s gross domestic product (GDP), the prime measure of economic size and growth, increased by 1.2 percent from the previous quarter, rebounding from a 0.7 percent decline earlier in the year. The growth is attributed primarily to the continuation of progress in the pharmaceutical industry. Although overall exports remained stable, there were significant differences within sectors; service exports, including maritime transport, dropped by 6.1 percent, while goods exports rose by 4.4 percent. Beneficially, private consumption grew by 0.3 percent in the third quarter after previous negative developments. With an expectation of restored purchasing power and lower interest rates stimulating consumption, economists foresee potential for further growth. Denmark’s GDP is now 3.9 percent higher than the same period last year, with prospects of rising household purchasing power and increased demand from China and the USA.