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Danish GDP grows 0.4 pct in Q1

Xinhua, May 30, 2015 Adjust font size:

Denmark's gross domestic product (GDP) rose 0.4 percent in the first quarter of 2015 compared to the same period last year, official data showed Friday.

The result marks the seventh consecutive quarter of positive growth in Danish GDP, said Danmarks Statistik, the national statistical agency.

"There was growth in exports, and household as well as government consumption, while investments went back," the agency said in a statement.

On the production side, trade and transport were the biggest contributors to positive growth, according to the statement.

"It is, by itself, remarkable," said Tore Stramer, senior analyst at Denmark's Nykredit Bank, noting that the year 2000 was the last time the country experienced seven consecutive quarters of positive economic growth.

Nevertheless, the growth figure was weaker than expected as economists here had expected a growth of 0.6 percent, according to a survey conducted by Ritzau Finance.

According to Thomas Soeby, chief economist of Denmark's Agriculture and Food Council, the crisis is not definitively over.

"Despite the modest growth, there are still major challenges for the Danish economy," said Soeby, adding that the key to boosting the GDP was more growth in exports.

Exports grew by 2.0 percent, while imports rose 0.4 percent in the first quarter, data showed. Endit