Denmark's economy grew by 3.4 percent in 2022: statistics agency
Denmark's economy grew by a healthy 3.4 percent last year, with strong production figures for the pharmaceuticals industry in the final months of the year pushing up the final result.
The first preliminary GDP report from Statistics Denmark comes out about 45 days after the year is over, with the GDP number then further revised after 60 and 90 days, with the final result only ready after as long as three years.
Niklas Praefke, chief economist at the Lederne business organisation, said that the strong growth number could be an illusion created by accounting.
"The strong growth in the fourth quarter is largely due to a very large increase in the pharmaceutical industry's production in December," he said. "However, it may well turn out to cover a technical change, where production abroad is now counted at home, and thus it does not indicate a real increase in production."
Danske Bank's chief economist, Las Olsen, also recommended caution before drawing any conclusions.
"In November, Statistics Denmark registered an import of a patent worth 17 billion Danish kroner and in December production in the pharmaceutical industry increased by 46.2 percent," he wrote.
"It could be because a Danish company to have paid for the right to production, that takes place abroad, but which is now being counted as Danish, possibly in a transaction within the same group."
Denmark's economy grew 1.1 percent between the third and fourth quarters of last year, beating the US's 0.7 percent and zero percent growth in the EU as a whole.
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The first preliminary GDP report from Statistics Denmark comes out about 45 days after the year is over, with the GDP number then further revised after 60 and 90 days, with the final result only ready after as long as three years.
Niklas Praefke, chief economist at the Lederne business organisation, said that the strong growth number could be an illusion created by accounting.
"The strong growth in the fourth quarter is largely due to a very large increase in the pharmaceutical industry's production in December," he said. "However, it may well turn out to cover a technical change, where production abroad is now counted at home, and thus it does not indicate a real increase in production."
Danske Bank's chief economist, Las Olsen, also recommended caution before drawing any conclusions.
"In November, Statistics Denmark registered an import of a patent worth 17 billion Danish kroner and in December production in the pharmaceutical industry increased by 46.2 percent," he wrote.
"It could be because a Danish company to have paid for the right to production, that takes place abroad, but which is now being counted as Danish, possibly in a transaction within the same group."
Denmark's economy grew 1.1 percent between the third and fourth quarters of last year, beating the US's 0.7 percent and zero percent growth in the EU as a whole.
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