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Danish gov't slightly downgrades GDP growth forecast for 2015

Xinhua, December 10, 2015 Adjust font size:

The Danish government slightly revised down the country's economic growth expectation for 2015 on Thursday.

Gross domestic product (GDP) is expected to grow 1.4 percent in 2015, as against a September forecast of 1.5 percent growth, according to an economic survey released by Denmark's Ministry of Finance.

Meanwhile, it maintained its GDP growth forecast for 2016 to be at 1.9 percent and projected a growth of 2 percent in 2017.

The survey said the recovery is moderate, but there is a solid basis for further growth in the coming years -- both in domestic demand and in exports.

"I am pleased that the Danish economy is growing, and with the prospects of an increase in employment of over 80,000 people in the coming years, the recovery will benefit many Danes," said Danish Finance Minister Claus Hjort Frederiksen.

He, however, noted that there is still a strict framework for public finances, and a gradual rollback of the expansionary fiscal policy is needed as the economic recovery is picking up.

"Therefore, the room for manoeuvre in next year's fiscal policy will be limited. We should not spend more money than we have," Frederiksen added.

With the strengthening of public finances that are to be implemented with the budget for 2016, the structural deficit is expected to be reduced to 0.4 percent of GDP next year as compared to previous forecast of 0.7 percent. Endit