Danish industry grows without pharma contributions

While the pharmaceutical sector has long been the primary engine of growth in the Danish industry, recent statistics reflect a positive trend even when discounting the pharma industry’s contribution. A seasonally adjusted report from Statistics Denmark indicates a 7.3% increase in industrial production from June to July, with a 5.5% gain excluding the pharma sector. The surge has led to a new industrial production record, suggests Jeppe Juul Borre, Chief Economist at Arbejdernes Landsbank. The uptick was across 8 of 12 subsectors. The record high production suggests a strong, continuing growth for Denmark’s economy, outpacing neighboring nations, according to Palle Sørensen, Chief Economist at Nykredit. However, one-third of industrial companies report demand shortage as the main obstacle, more pressing than labor or material shortages.