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Denmark expects higher deficit in 2015

Xinhua, August 24, 2015 Adjust font size:

The Danish government expects a budget deficit of 54 billion Danish kroner (6.6 billion U.S. dollars) for 2015 against a previous estimate of 26 billion kroner, it said in it's economic survey released on Monday.

In percentage terms, the deficit in 2015 will be equal to 2.7 percent of gross domestic product (GDP), closing to the EU's 3.0 percent of GDP ceiling for public deficits.

Moreover, the deficit for 2016 is forecast at 56.9 billion kroner, or 2.8 percent of GDP.

"While growth in the Danish economy is basically on track, public finances are in less good condition than expected," said Danish Finance Minister Claus Hjort Frederiksen.

He added that the budget for 2016 would be three billion kroner less than previously expected.

Meanwhile, the Danish government has slightly revised down its GDP growth projection to 1.5 percent in 2015 and 1.9 percent in 2016. In May, the forecast was 1.7 percent growth in 2015 and 2.0 percent the following year. The revision is owing to a temporary weakening of consumption in the second quarter this year. Endit