Denmark’s GDP soars due to growth in pharmaceutical sector

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The country’s statistics office said on Tuesday that impressive growth in the fourth quarter meant full-year GDP growth was 1.8%, while third-quarter GDP growth was much higher than previously expected, increasing by 0.4%. announced that it had been corrected. Down 0.7%.

Statistics Denmark said Danish companies such as Novo Nordisk are going from strength to strength, with the pharmaceutical industry being the “driving force” for growth.

With a market capitalization of more than 500 billion euros, Novo Nordisk has become Europe’s most valuable company, surpassing luxury goods empire LVMH.

Most of the recent success is due to the company’s flagship anti-obesity drugs Wigovy and Ozempic, which will help the company secure net sales of DKK 232.3 million (EUR 31.2 billion) in 2023. This was a 31% increase compared to the previous year and a 65% increase compared to the previous year. % from 2021.

Statistics Denmark announced on Tuesday that the pharmaceutical industry’s gross value added (GVA) increased by more than 50% in 2023, with its contribution to Denmark’s GDP increasing by 1.8% year-on-year.

The Bureau of Statistics stated, “Without the contribution of the pharmaceutical industry, GDP would have decreased by 0.1%.”

It also announced that gross domestic product (GDP) growth, due in part to household consumption, increased by 1.7% in the final quarter of 2023, capping off a full year of growth.

According to Statistics Denmark, growth in the fourth quarter was particularly strong in personal car purchases, which rose by 21.4%. Household consumption of other products increased by 2.5%.

The country also benefited from an increase in external trade in the final quarter of 2023, with imports increasing by 1.1% and exports increasing by 5.7%. According to the statistics agency, imports were driven by a 3.1% increase in goods, while imports of services fell by 1.6%.