The moderate upturn in the Danish economy is expected to continue. Employment has risen briskly, even though the pace of GDP growth has been sluggish. Sound growth of 0.7 per cent in the 1st quarter of this year followed two consecutive quarters of negative growth in the 3rd and 4th quarters of last year. Meanwhile, uncertainty concerning the outlook for global growth has increased after June 23rd, when the people of the United Kingdom voted in favour of leaving the European Union (Brexit). The sparse and preliminary information available since the referendum indicates that even though Brexit will have negative consequences, the short-term impact appears relatively modest outside the United Kingdom – partly due to lower interest rates mitigating the negative effects.