Danish Economy Contracts, Dragged Down by Lower Pharma Sales

Denmark’s economy shrank in the first quarter, dragged down by lower drug sales, underscoring the Nordic nation’s increased dependency on its large pharmaceutical sector, which is led by Novo Nordisk A/S.

Gross domestic product adjusted for seasonal swings fell 0.5% last quarter compared with the previous three-month period, the worst performance since late 2022, Statistics Denmark said on Tuesday. When excluding effects from the drug industry, the economy added 1% in gross value in the period.