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Denmark’s economic growth accelerated in the third quarter, boosted by strong pharmaceutical exports, a key industry for the small Nordic country home to weight loss drugmaker Novo Nordisk.
Denmark’s seasonally adjusted gross domestic product (GDP) grew by 2.3% in the third quarter, the largest quarter-on-quarter expansion since the fourth quarter of 2021, a preliminary reading from Statistics Denmark showed Thursday.
The main driver of growth was the pharmaceutical industry, the agency said. Excluding pharma, the economy would have grown by 0.7%.
“The pharmaceutical industry’s growth is very, very much dominated by Novo Nordisk, so no doubt there was a very strong effect on GDP in Q3,” Las Olsen, chief economist at Danske Bank, told CNBC. “It seems that [2025] will be another year where Novo Nordisk is really adding to Danish GDP growth.”
