According to the financial app Zhitong, Denmark's economic growth rate is faster than previously expected due to novo-nordisk (NVO.US) leading the surge in pharmaceutical production. Data released by Denmark's statistics agency on Monday showed a quarter-on-quarter increase of 1.1% in gross domestic product (GDP) in the second quarter, higher than the 0.6% estimated in August.

In recent years, Denmark's thriving pharmaceutical industry has been a key driver of the country's economic growth, with the most famous drugs including novo-nordisk's weight loss drug and Bavarian Nordic's smallpox vaccine. Last year, Denmark was one of the fastest growing economies in Western Europe, with half of the economic growth attributed to the pharmaceutical industry.

"The adjustment on Monday means that the outlook for the whole year will be revised upward, with strong growth in the autumn, and the growth rate may even end up higher than in 2022 and 2023," said Jeppe Juul Borre, chief economist at Arbejdernes Landsbank. He also said that the GDP growth rate for 2024 could "easily" exceed 2%, and may even approach 3%.

The institution stated that exports grew by 3.9% in the second quarter, with growth in commodity trade in multiple industries, while the Danish shipping industry drove the growth in service exports.