Project Westfield

PROJECT WESTFIELD

Macroeconomic indicators After many years of record-low Danish un employment levels, the unemployment rate has slowly started to increase. Danske Bank expects unemployment to increase from 2.6% in 2022 to 2.9% in 2023. This is a rela tively small increase considering the expec tations for the overall economy, and there is still likely an unfulfilled demand for labour. Consumer spending decreased by 1.6% in

2022, but there are prospects of increases in 2023 and 2024 at 0.6% and 1.7%, respectively. The positive outlook in consumer spending is highly affected by positive trends in both wages and inflation expectations. Wages has increased by 3.6% in Q2 2023 compared to Q2 2022, and inflation is expected to de crease from 7.7% in 2022 to 4.1% in 2023 and 3.2% in 2024, which will result in an increased purchasing power.

DENMARK

EUROZONE

2022

2023E

2024E

2022

2023E

2024E

Unemployment 1

2.6

2.9

3.4

6.7

6.7

6.7

Private consumption 2

-1.6

0.6

1.7

N/A

N/A

N/A

Export 2

10.8

5.7

1.2

N/A

N/A

N/A

Inflation 2

7.7

4.1

3.2

8.4

5.3

2.8

Public debt 3

30.1

27.4

25.7

N/A

N/A

N/A

Note: 1. % of labour force, 2. % y/y, 3. % of GDP. Source: Danske Bank per 30. June 2023

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