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Danish GDP down for first time in 8 quarters

Xinhua, November 30, 2015 Adjust font size:

Denmark's gross domestic product (GDP) for the third quarter 2015 was down by 0.1 percent as compared to the previous quarter, falling for the first time in eight quarters, official data showed Monday.

The drop was mainly due to decline in industry and exports of goods, said Danmarks Statistik, the national statistical agency, in a statement.

The third-quarter exports fell by 1.7 percent, while imports rose by 0.5 percent.

Analysts here however do not believe that the negative figures indicate the Danish economy is heading into a new crisis.

"On the contrary, there is good reason to believe that the Danish economy is back on track again and will have good growth in the coming year," said Jacob Graven, chief economist at Sydbank, adding that it is especially the Danes' consumption that will probably drive the economy forward.

Moreover, GDP grew by 1.4 percent in the first nine months of 2015 year-on-year, which is especially owing to growth in the service industry and a higher consumption in household, Danmarks Statistik said.

Nykredit's chief analyst Tore Stramer also showed optimism about Denmark's economy, saying continued GDP growth of 1.5 percent his year and 2.0 percent in 2016 are expected. Enditem