Denmark | Delta variant is now the main downside risk

We have raised our 2021 GDP growth forecast to 3.1% from 2.6% previously to reflect a revised softer economic decline in 2020 and a strong increase in
consumer activity. The relaxation of restrictions throughout Q2 should lead to an economic rebound of around 2% over the quarter and push GDP comfortably above its pre-pandemic level, with private investment and stronger services activity supporting growth in H2 2021.

What you will learn:

• Strong consumer activity and national accounts revisions have increased our 2021 GDP growth forecast
• Covid cases have started to creep up as the Delta variant is now the dominant virus strain
• Price expectations, particularly within industry, have remained elevated since April