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Denmark

Macro View

Markets

Finance & Banking

Key Indicators

National Accounts
Gross domestic product
(Millions of 2000 DKK-price level chain figures, SA)
350112,346420,337068,340541,340162 340,162
Consumer Price Index
Total
(2000=100, NSA)
120.1,120.1,119.9,120.2,121.6 121.6
Labor Force Survey
Unemployment Rate
(%, NSA)
3.5,5.2,6,6.1,6.8 6.8
Nationalbank's Official Interest Rates
The Nationalbanks discount rate
(% per annum)
1,1,1,0.75,0.75 0.75
Consumer Confidence Indicator
Consumer confidence
(% Point, NSA)
-0.9,-2.4,-3.6,1.1,1.8 1.8
Price Index of Sales of Real Property
Total
(2006=100 NSA)
87.9,84.6,79.5,73,73.7 73.7
data by Moody's

RGE's Q1 2010 Denmark Outlook

Denmark, the first EU member to enter into recession, is going through a long and deep downturn. Before the global slump hit the economy in the latter half of 2008, the economy was already in contraction as the overheated property market began to correct in 2007. Since early 2006, the Danish economy has contracted more than the other Nordic economies. In Q2 2009, GDP decreased by 2.6% q/q—the biggest contraction in over three decades—but returned to growth in Q3 (0.6% q/q) with the help of public consumption. Due to weak prospects for both private consumption and external demand, RGE expects the economy to grow a moderate 0.7% in 2010, after a contraction of nearly 5% last year. As a point of comparison, Denmark’s annual GDP growth rates averaged 2.2% in the decade to 2007.

Private consumption tumbled in the year to Q2 2009, contracting more than 6% y/y. The equivalent figure for the euro area, by contrast, was just over 1%. Danish private consumption...

Read the Q1 2010 Denmark Outlook.

RGE Analysis

Denmark: Q1 2010 Outlook

By Mikko Forss Jan 30, 2010

Denmark Economic Outlook, Q3 2009

Mary Stokes Jul 24, 2009

EconoMonitors

Finance & Markets Monitor

The Swedish Banking Crisis Response or the Bailout Hustle?

Edward Harrison Feb 22, 2010

Daily Digest

Analysis

Nordic Credit Quarterly - March 2010

SEB  Ebba Lindahl et al Mar 10, 2010

News

Danish Mortgage Banks Boost March Bond Sales to Lure Buyers

Bloomberg  Bo Nielsen Mar 4, 2010

News

Denmark Unemployment Surprises With Unchanged Rate

Dow Jones Newswires (subscription required)  Anna Molin Mar 4, 2010

News

Danish Q4 GDP shows modest recovery on track

Reuters  Anna Ringstrom and John Acher Mar 1, 2010

Analysis

Europe finance: Northern exposure

Economist Intelligence Unit  Mar 1, 2010

News

Danish Finance Minister: We need 31 billion

Politiken  Julian Isherwood Feb 24, 2010

Analysis

Denmarks Convergence Programme has been sent to the EU

Ministry of Finance, Denmark  Feb 25, 2010

Analysis

Danish Government Borrowing and Debt 2009

Danmarks Nationalbank  Feb 16, 2010

News

Greek crisis emboldens euro critics

Financial Times  Feb 23, 2010

Analysis

Euro zone: Single currency, multiple worries

Danske Research  Feb 16, 2010

Analysis

Danish Opposition Consolidates Advantage

Angus Reid Global Monitor  Feb 15, 2010

News

Denmark: Unions - Moderation in wage demands

Politiken  Julian Isherwood Feb 15, 2010

Analysis

Denmark economy: No time to relax

Economist Intelligence Unit  Feb 9, 2010

News

Denmark’s $75 Billion ATP Fund May Cut Stakes in Danish Shares

Bloomberg  Adam Ewing and Christian Wienberg Feb 4, 2010

News

Denmark to propose doubling of max debt framework

Reuters  Erik Matzen Feb 2, 2010

RGE Writings

Bremmer-Roubini 2010 Global Forecast

RGE Analysts' EconoMonitor  Nouriel Roubini and Ian Bremmer Jan 28, 2010

Analysis

Denmark: Monetary Review 4th Quarter 2009

Danmarks Nationalbank  Jan 26, 2010

News

Denmark: Support for the Liberal Party drops in latest poll

Politiken  Julian Isherwood Jan 25, 2010

Analysis

Danish monetary policy: The lending rate may not be reduced further

Danske Bank  John Hydeskov Jan 21, 2010

Analysis

Denmark: Back on track?

Economist Intelligence Unit  Jan 15, 2010

News

Danish PM says plans fiscal tightening from 2011

Reuters  Erik Matzen Jan 17, 2010

Analysis

Denmark economy: Back on track?

Economist Intelligence Unit  Jan 18, 2010

News

Denmark’s Central Bank Lowers Benchmark Interest Rate to 1.05%

Bloomberg  Bo Nielsen Jan 14, 2010

Analysis

Denmark: Interest rate reduction, Jan 14, 2010

Danmarks Nationalbank  Jan 14, 2010

News

Danish Inflation Rate Fell to 16-Year Low in 2009

Bloomberg  Gelu Sulugiuc Jan 11, 2010

Analysis

Government Bond outlook: Eurozone and Scandinavia

Danske Bank  Jan 8, 2010

News

Denmark’s Central Bank Lowers Benchmark Interest Rate to 1.15%

Bloomberg  Gelu Sulugiuc Jan 7, 2010

Analysis

Denmark: Interest rate reduction

Danmarks Nationalbank  Jan 7, 2010

News

Danish Unemployment Rises Further In November

Dow Jones Newswires (subscription required)  Anna Molin Jan 7, 2010

Analysis

Sustainability Report 2009

European Commission  Mar 14, 2010

Analysis

Nordic Outlook - December 2009

Danske Markets Research  Steen Bocian Dec 24, 2009

News

Denmark: Economy better than expected

Copenhagen Post  Dec 22, 2009

Analysis

Danish Government Debt Management Policy

Danmarks Nationalbank  Dec 14, 2009

News

Denmark Mortgage-Auction Yields Fall to Lowest Level Since 1996

Bloomberg  Bo Nielsen Dec 14, 2009

Blogs

Danish krona: Fixed Exchange Rates Are Fixed

Stefan Karlsson's blog  Stefan Karlsson Dec 12, 2009

Analysis

Scandinavia: Update and market movers

Danske Bank  Dec 11, 2009

Analysis

Danmarks Nationalbank: Interest rate reduction

Danmarks Nationalbank  Dec 10, 2009

News

Danish Central Bank Lowers Benchmark Rate to 1.2%

Bloomberg  Christian Wienberg Dec 10, 2009

Analysis

Overview of developments in Denmark

Bis Review  Governor of the National Bank of Denmark Nils Bernstein Dec 4, 2009

Analysis

Monetary Policy in Denmark

Danmarks Nationalbank  Nov 26, 2009

Analysis

Danmarks Nationalbank governor on recession and financial stability in Denmark

Danmarks Nationalbank  Nils Bernstein Nov 30, 2009

Analysis

Danish Bond Market in Essence

SEB  Bo M. Andersen and Henrik Arp Nov 30, 2009

Analysis

Scandinavia: Denmark - Crisis in the labour market; Sweden - Not so conclusive; Norway - Weak consumption growth – is it possible?

Danske Bank  Frank Jullum, Roger Josefsson and Tore Damgaard Stramer Nov 27, 2009

News

Denmark: Jobless still rising

Politiken  Julian Isherwood Nov 26, 2009

Analysis

Nordic Outlook, November 2009

SEB  Nov 24, 2009

Analysis

Scandinavia: Denmark - Wage growth still unsustainable; Sweden - Stockbuilding GDP; Norway - Growth rebound

Danske  Frank Jullum, Roger Josefsson and Steen Bocian Nov 20, 2009

Analysis

Denmark: Economic Outlook

OECD  Nov 19, 2009

News

Denmark Mortgage Bonds Attract Pimco as Annual Auctions Begin

Bloomberg  Bo Nielsen Nov 18, 2009

Analysis

Scandinavia: Denmark - A costly budget agreement; Sweden - When reality is surpassed by statistics; Norway - Global assistance soon?

Danske Bank  Frank Jullum, Roger Josefsson and Tore Damgaard Stramer Nov 13, 2009

News

Danish govt secures expansionary 2010 budget

Reuters  Anna Ringstrom Nov 12, 2009

Analysis

Denmark: Wise Men call for additional stimulus

Economist Intelligence Unit  Nov 11, 2009

Analysis

Denmark: Country forecast summary

Economist Intelligence Unit  Nov 10, 2009

News

Norway seeks representation at G20

Financial Times  Andrew Ward Nov 8, 2009

Analysis

Denmark: Economic Survey 2009

OECD  Nov 5, 2009

Analysis

Denmark: Fiscal stimulus and private consumption underpin recovery

European Commission  Nov 3, 2009

News

Denmark: Unemployment rises to 4.1 percent

Politiken  Julian Isherwood Oct 29, 2009

Analysis

The Danish Economy - Autumn 2009

Danish Economic Councils  Oct 26, 2009

Blogs

Danish mortgage model is one to back

Kathleen Barrington  Oct 25, 2009

Analysis

Danmarks Nationalbank governor's comments on fiscal policy

Danmarks Nationalbank  Oct 26, 2009

Opinions

Denmark's 'Wise Men' report: A story of economic vandalism

Politiken  Stig Ørskov Oct 23, 2009

News

Danish Q3 house prices dip but freefall seen over

Reuters  Peter Starck Oct 22, 2009

News

Danish wise men urge more fiscal stimulus

Reuters  John Acher Oct 22, 2009

Opinions

International Freight – A Lynchpin of the Economy in Denmark

Limed  Stephen Willis Oct 21, 2009

Analysis

Nord Stream Pipeline Receives Clearance from Denmark

Global Insight  Oct 21, 2009

Analysis

Denmark's National Reform Programme

Ministry of Finance, Denmark  Oct 15, 2009

Analysis

Denmark: Monetary review 2009, 3rd Quarter

Danmarks Nationalbank  Oct 20, 2009

News

Danish FinMin says sticks to 2015 fiscal targets

Reuters  Erik Matzen Oct 16, 2009

Analysis

Nordic Outlook - October 2009

Danske Bank  Sep 8, 2009

News

Danish Premier Signals May Abandon Euro Vote Pledge

Bloomberg  Christian Wienberg and Gelu Sulugiuc Oct 6, 2009

Analysis

Denmark: Economy in poorer shape than feared

Danske Bank  Steen Bocian Aug 30, 2009

Analysis

Another imminent Danish rate cut on the cards

Danske Bank  John Hydeskov Sep 22, 2009

Analysis

Nordic Outlook: On More Solid Ground

SEB  Sep 1, 2009