Denmark Q4 GDP Growth Revised Higher To 1.8%

(RTTNews) - The Danish economic growth accelerated more than initially estimated in the final quarter of 2024, the latest data from Statistics Denmark showed on Thursday.

Gross domestic product advanced 1.8 percent sequentially in the fourth quarter, faster than the revised 1.2 percent expansion in the third quarter. In the initial estimate, the rate of growth was 1.6 percent.

Growth in the Danish economy was primarily driven by significant progress in industry, especially in the pharmaceutical industry.

On the expenditure side, exports grew 7.5 percent, largely driven by outflows from the pharmaceutical industry and maritime transport. Imports logged a comparatively slower growth of 4.0 percent.

Gross fixed capital formation advanced sharply by 10.1 percent, mainly led by patent purchases abroad, which resulted in a 32.4 percent growth in intellectual property rights.

Household consumption rose 0.7 percent compared to last year, and public consumption increased 1.6 percent.

During the year 2024, Denmark's economy logged a significant growth of 3.7 percent, revised upwardly from 3.6 percent.