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Denmark was in technical recession last quater last yearFriday, 30 March 2012
Denmark's economy dipped into recession in the fourth quarter last year, following two consecutive quarters of economic decline and marking the country's third technical recession since the start of the financial crisis in 2008, revised data from statistic Denmark showed Friday.
According to Dow Jones News, a second reading of the Nordic nation's gross domestic product showed the economy contracted 0.1 percent in the fourth quarter from the third quarter, mirroring the 0.1 percent on-quarter decline seen in the third quarter, the Danish statistics agency, or Danmarks Statistik, said.
A first reading of 0.2 percent fourth-quarter GDP growth in February revived hopes that the economy skipped a technical recession late last year. Friday's data quashed those hopes, as the statistics agency said domestic demand fell more than previously thought while private consumption rose less than initially estimated, reports Dow Jones News.
On the year, fourth-quarter GDP rose 0.4 percent, revised from a first reading of 0.6 percvent, Danmarks Statistik said, reports Dow Jones News.
By Scancomark.se Team
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