Wednesday, 31 August 2011
Denmark's economy grew by 1 percent in the second quarter compared with the previous quarter, according to recent figures from the country's statistics agency.
This means that Denmark has emerged from the recession it entered in the last quarter after having failed to see growth in positive territory for three quarters before.
The Danish authorities thus are revising and are beaming that the recession that Denmark previously adopted be in is now no more. The Danish krone strengthened somewhat by the numbers.
The previous estimate was that GDP decline of 0.1 percent in the first quarter has been converted to a GDP growth of 0.1 percent. And this therefore means that there was no longer a recession-criterion of two consecutive quarters of negative GDP growth as was the case according to the preliminary estimate of first quarter GDP.
Wednesday's figures for the second quarter, described a stronger recovery in Denmark than expected. Analysts had expected a growth of 0.2 percent for Denmark in the second quarter, but it was 1 percent. On an annual basis, growth in the second quarter steps to 2 percent, against the anticipated 1 percent.
"It looks really good compared to what we expected, "said Michael Staehr, chief analyst at Sydbank.
He notes that first-half growth was 1.8 percent. "It's not bad at the moment. But it is too early to say that we have a lift on the way. Exports are still pressed and it is public consumption that drives GDP growth, "he says.
By scancomark.se Team