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Danish central bank cuts growth forecasts for 2015, 2016

Xinhua, December 11, 2015 Adjust font size:

Denmark's central bank has adjusted its growth forecasts for 2015 and 2016 a little downwards following a slightly weaker third quarter, it announced Thursday.

Gross domestic product (GDP) is expected to grow 1.4 percent in 2015 and 1.8 percent in 2016, as against a September forecast of 1.8 percent growth in 2015 and 2.1 percent next year, according to a fourth-quarter review by Danmarks Nationalbank.

Denmark's 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 as slower growth abroad also affected Danish exports.

Nevertheless, Danmarks Nationalbank stressed that the general picture of a Danish economy that is picking up remains unchanged.

It expects the upswing in the Danish economy will continue in the coming years, driven by such factors as low interest rates, oil prices and a low effective exchange rate of the Danish krone that supports exports.

It added that the Danish labor market is still strong, with rising employment and falling unemployment. And employment is expected to increase by around 65,000 persons from the third quarter 2015 to the end of 2017.

As such, the growth forecast for 2017 has been raised from 1.8 percent to 2 percent .

Meanwhile, Danmarks Nationalbank maintained its recommendation to gradually adjust fiscal policy from currently stimulating activity to having a neutral effect on the economy.

Earlier on Thursday, the Danish government also slightly revised down the country's economic growth expectation for 2015 to 1.4 percent. Endit