Nykredit Cuts Danish Growth Forecast After Novo Profit Warning

Nykredit A/S, one of Denmark’s largest banks, slashed its outlook for the Danish economy after pharmaceutical giant Novo Nordisk A/S warned of weaker earnings growth and raised fears of a broader slowdown.

The lender now expects the Nordic country’s gross domestic product to grow by 0.9% this year, down from a previous estimate of 3.5%, Palle Sorensen, chief economist, said in a note to clients on Tuesday. He cited weaker prospects for the pharmaceutical industry among the reasons, projecting Danish exports to fall 1.9% in 2025, versus growth of 3.9% seen before.