The past few months have been marked by uncertainty and concern for many Danish companies about the consequences of the trade war with the United States. But after a somewhat sluggish start to the year, production in Danish industrial companies picked up in June. This is shown by figures published on Monday by Statistics Denmark.
In June, production thus increased by 2.7 percent. And if you disregard the pharmaceutical industry, industrial production increased by 3.2 percent in June. The figures also show that production in Danish industry grew by 2.1 percent in the second quarter compared to the first quarter.
Chief economist at Sydbank Søren Kristensen calls it "good and welcome news".
- This is the first so-called hard key figure for the Danish economy in June, a month in which we are now a few months into Trump's tariff circus. That is why it is encouraging for both them and the Danish economy as a whole that we are seeing progress, he says.
The increase comes despite the fact that US President Donald Trump, with his increased tariffs and countless trade announcements, has created great uncertainty.
Allan Sørensen, chief economist at the Confederation of Danish Industry, also calls the development positive.
- Industry is an important sector for the Danish economy, he says.
But according to the economist, it is also part of the big picture that the progress comes after industrial production has actually been at a somewhat lower level in the first half of the year than in 2024.
- And I may be a little doubtful about how much progress will continue in the coming months, says Allan Sørensen.
He points out that 47 percent of industrial companies say they lack demand.
- It is especially the amount of export orders, which are not sufficient, the chief economist explains.
This is due, among other things, to the fact that access to the American market has been "weakened quite significantly during 2025". At the same time, growth in Europe is lagging behind, says Allan Sørensen.
- Tariffs play a very important role. A 15 percent tariff has been imposed on Danish and European goods. At the same time, growth in the American economy is declining, and on top of that, the dollar has fallen quite significantly since the New Year, he explains.
Despite the great uncertainty in the global economy, Danish industry is showing very good pace with its competitiveness. This is according to chief economist at Dansk Metal Erik Bjørsted.
- This means that we have good cards in our hands when we have to compete with other countries to enter new markets.
The coming months will continue to be characterized by uncertainty, says Erik Bjørsted.
- If we can just have a little growth in industrial production despite the uncertainty, it looks sensible, he says.
Over the next ten years, Germany will make massive investments. At the same time, the EU will invest around 800 billion euros (6000 billion kroner) in defense. It could create 9,500 jobs in Denmark, the chief economist estimates.
- When such large investments are initiated, they spread like ripples in the water.
- The many investments will increase production and employment in Denmark, thus offsetting a large part of the damage that Trump is causing with his tariffs, it says.
/ritzau/
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