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Strong GDP growth in Denmark

Bright outlook for Danish consumer spending

-8% -6% -4% -2% 0% 2% 4% 6% 8% 10%

15%

10%

5%

0%

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-5%

16 17 18 19 20 Eurozone Denmark

21

22 23 24 E25 E26

-10%

14 15 16 17 18 19 20 21 22 23 24 E25 E26 Eurozone Denmark

Note: Growth in real GDP (year-on-year), Denmark vs eurozone Source: Eurostat, Statistics Denmark, Danske Bank, Colliers

Note: Growth in consumer spending (year-on year), Denmark vs eurozone. Source: Eurostat, Statistics Denmark, Danske Bank, Colliers

Danish unemployment at a stable low

Interest rates on a downward trajectory

5%

10% 12% 14%

4%

3%

0% 2% 4% 6% 8%

2%

1%

0%

-1%

16 17 18 19 20

21

22 23 24

16 17 18 19 20 Eurozone Denmark

21

22 23 24 E25 E26

Eurozone (3M) Denmark (3M)

Eurozone (10-year gov. bond) Denmark (10-year gov. bond)

Note: Unemployment rate, Denmark vs eurozone Source: Eurostat, Statistics Denmark, Danske Bank, Colliers

Note: Short-term interest rate (3M) and 10-year government bond yield, Denmark vs eurozone. Source: Eurostat, ECB, Nasdaq OMX Nordic, Colliers

Macroeconomic key indicators

Note: 1 Growth (% y/y), 2 As % of workforce, 3 As % of GDP.

Denmark

Eurozone

Year

2024

2025E

2026E

2024

2025E

2026E

Source figures for Denmark: Danske Bank, 21 March 2025.

3.6

3.9

2.9

0.8

0.9

1.3

GDP 1

2.9

2.9

3

6.4

6.4

6.5

Unemployment 2

0.9

1.9

2.3

1.0

1.2

1.5

Consumer spending 1

7.6

6.7

3.5

1.0

0.4

2

Exports 1

1.4

1.8

1.6

2.4

2.2

1.9

Inflation 1

32.3

29.5

27.9

89.1

90.2

90.5

Sovereign debt 3

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