(Bloomberg) -- Denmark’s economy grew faster than previously expected due to booming output in the Nordic country’s pharmaceutical industry, which is spearheaded by Novo Nordisk A/S.
Gross domestic product expanded 1.1% in the second quarter from the previous three months, Statistics Denmark said on Monday, raising a reading of 0.6% published in August.
Denmark’s booming drugmaking industry, mostly known for Novo’s blockbuster weight-loss drugs and Bavarian Nordic A/S’s mpox vaccine, has been a key driver for growth in recent years. It was responsible for half of the economy’s expansion last year when Denmark was one of the fastest growing in western Europe.
Monday’s revision means that “the outlook for the whole year will be raised and with a strong autumn, growth can even end up higher than in both 2022 and 2023,” Jeppe Juul Borre, chief economist at Arbejdernes Landsbank, said in a note. 2024’s GDP growth rate “will easily” exceed 2% and could even get close to 3%, he said.
Exports rose 3.9% in the second quarter, the agency said, adding that an increase in goods traded was noted across several sectors, while the Danish shipping industry drove for an uptick in services sold to other nations.
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