Denmark's GDP grows by 2% driven by the pharmaceutical industry

The Gross Domestic Product (GDP) of Denmark has experienced a significant boost at the end of the year 2023, registering a growth of 2% in the fourth quarter, mainly thanks to the pharmaceutical sector led by the company Novo Nordisk and its successful flagship drug, Ozempic. According to data provided by the Danish statistical office, this GDP growth represents the best expansion figure for the Scandinavian country since mid-2021. The pharmaceutical industry has emerged as the main driver of the Danish economy throughout the year 2023, contributing significantly to economic growth. In fact, it is highlighted that without the contribution of this sector, GDP growth would have fallen by 0.1%, emphasizing the importance of the pharmaceutical industry in the country's economic activity. The third quarter of the year has also been revised upwards, showing a growth of 0.4% instead of the initially estimated contraction of 0.7%. This has prevented Denmark from entering into a recession, following the GDP decline in the second quarter and the expansion recorded at the beginning of 2023. Overall, the annual GDP growth stands at an average of 1.8%, reflecting the strength and resilience of the Danish economy. The success of Novo Nordisk in the pharmaceutical market has been crucial in this economic performance, becoming the largest listed company in Europe. The growing demand for its medications to combat obesity and diabetes has significantly boosted its profits and sales, with a 50.7% increase in net profit and a 31.2% increase in sales in the year 2023. In conclusion, the pharmaceutical sector, with Novo Nordisk at the forefront, has been a key driver in Denmark's economic growth over the past year, demonstrating its importance in the national economy and its ability to drive the country's development and prosperity.