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Denmark's GDP grows 1.2 percent in 2015

Xinhua, February 29, 2016 Adjust font size:

Denmark's gross domestic product (GDP) rose 1.2 percent in 2015 year on year, less than previous predictions, official data showed on Monday.

The growth is largely attributed to household consumption which increased by 2.1 percent, according to Danmarks Statistik, the country's statistical agency.

Exports, investment and government consumption also contributed to the annual growth, while exports of services recorded falls, according to the agency.

However, the Danish economy did not reach the previous forecast of a 1.4-percent growth by both the Danish government and the country's central bank.

"The growth was much less than expected at the beginning of 2015, when there was actually a quite good momentum in the Danish economy," said Steen Bocian, chief economist at Denmark's Danske Bank.

Over the period, exports declined by 0.9 percent while imports fell 1.3 percent year-on-year.

Moreover, the country's GDP in the fourth quarter of 2015 increased by 0.2 percent compared to the previous quarter.

"Although there was positive growth in the economy in the fourth quarter, the data does not change the fact that the year 2015 was a disappointment," Bocian said. Endi