Net exports have stopped being the growth driver for the Danish economy. Instead, after retrenchment in 2011, fiscal policy will take over as growth driver in 2012 due to public investments and one-off transfers from a pension reform. However, the stimulus looks to be smaller than originally estimated. SEB’s economists therefore revise down their growth projection for the Danish economy in 2012 to 0.5 per cent but leave it at 1.4 per cent for 2013.