MR 2018

15

Copenhagen Property Market Report 2018

Danish unemployment rate at structural low

Danish inflation edging up

4.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

3.0%

2.0%

1.0%

0.0%

-1.0%

08 09 10 11

12 13 14 15 16 E17 E18

08 09 10 11

12 13 14 15 16 E17 E18

Denmark

Eurozone

Denmark

Eurozone

Sources: Statistics Denmark, Eurostat and Danske Bank

Sources: Eurostat and Danske Bank

Historically low interest rates

7.0%

5.0%

3.0%

1.0%

-1.0%

08 09 10 11

12 13 14 15 16 17

Eurozone (3M) Denmark (3M)

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

Note: Short-term interest rates (3M) and 10-year government bonds. Source: Eurostat

Macroeconomic key indicators: Continued upturn in Danish economy

Unemploy- ment 2

Consumer spending 1

Public debt 3

10-year swap yield 4

Year

GDP 1

Exports 1

Inflation 1

Denmark 2017

2.0%

4.3%

1.7%

3.6%

1.2%

36.0%

1.06%

2018

2.0%

4.1%

2.0%

2.7%

1.2%

35.1%

1.45%

2019

1.9%

4.0%

2.5%

2.6%

1.4%

33.9%

na%

Eurozone 2017

2.4%

9.1%

1.8%

4.8%

1.5%

88.1%

0.91%

2018

2.0%

8.4%

1.9%

3.7%

1.3%

87.2%

1.20%

2019

1.8%

8.0%

1.9%

3.4%

1.4%

85.2%

na%

1 Growth (% y/y), 2 % of workforce, 3 % of GDP, 4 End-year. Sources: Danske Bank og Eurostat