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Ozempic drives economic boom in Denmark as growth forecasts doubled

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Published Time: 16.05.2024 - 18:40:24 Modified Time: 16.05.2024 - 18:40:24

GDP of 2

GDP of 2.7pc is expected this year, largely owing to use of drug for weight loss

Booming demand for Ozempic is driving a surge in Denmark’s economy as millions of people use the drug for weight loss, leading the Government to almost double its growth forecast for this year.

Danish GDP will grow by 2.7pc this year, the Ministry of Economic Affairs said – far faster than the 1.4pc it had expected in December.

This revision has been driven in part by the runaway success of pharmaceutical company Novo Nordisk’s hit drug Ozempic, while the reopening of the Tyra gas field will also boost GDP by reducing energy imports and boosting exports.

The ministry said: “The pharmaceutical industry has been absolutely crucial for growth in real terms GDP in the past two years, as in other parts of the Danish economy there has been stagnation or actual decline.

“The progress in exports has been the major growth engine in the Danish economy in recent years. Exports grew in real terms by a remarkable 13.4pc in 2023, not least as a result of the great progress in the pharmaceutical industry driven by Novo Nordisk.”

Combined with a revival in gas extraction and exports, this is enough to almost double the rate of growth forecast this year.

The pharmaceutical industry is expected to continue growing in the year ahead, officials added.

Ozempic – a diabetes drug widely used off-label for weight loss – has become a cultural phenomenon across much of the rich world, attracting high demand from celebrities and world leaders. Novo Nordisk also makes Wegovy, a similar drug designed to combat weight.

Boris Johnson, the former prime minister, tried the treatment – albeit for only a short time – while Elon Musk, Sharon Osbourne and members of the Kardashian clan have all used the drug.

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