because market access becomes more difficult. Turning to the real economy, the Danish economy has grown since the end of 2012 if we adjust for falling output of North Sea oil and gas these years. Growth has been driven mainly by domestic demand. Developments in the labour market have been positive over the last year. Employment has risen sharply, and unemployment has fallen.
According to Danmarks Nationalbank’s estimate, the current unemployment gap is only around 10,000, so if the recovery continues,  BIS central bankers’ speeches  1  it will soon close. The potential for increasing the labour force is greater, but this is also more difficult. Inflation is also low in Denmark due to factors such as falling oil prices.