Danish Economy Grows More Than First Estimated on ExportsPeter Levring
Denmark emerged from a recession faster than first estimated in the second quarter, as an economic recovery in the euro area helped exports and consumer spending climbed.
Gross domestic product grew 0.6 percent from the first three months of 2013, Copenhagen-based Statistics Denmark said today on its website. That compares with an initial estimate of 0.5 percent on Aug. 30. The economy expanded an annual 0.6 percent versus an August estimate of 0.4 percent.
“The rise in investments, consumption already in the second quarter gives us reason to believe that the rise in output will continue,” said Steen Bocian, chief economist at Danske Bank A/S. “Consumer and business confidence have grown over the summer, which isn’t helping this data set but will support third-quarter data.”
Denmark last month cut its growth forecasts while predicting wider deficits. Finance Minister Bjarne Corydon said that the government will need to keep welfare spending in check even as the AAA nation has lowered taxes and announced investment measures to support an expansion.
Exports rose 1.8 percent while consumer spending grew 0.1 percent. The economy contracted an annual 0.1 percent in the first six months of the year, the agency said.
The country is struggling to emerge from a burst property bubble in 2008 that triggered a banking crisis and wiped out more than a dozen lenders. The $320 billion economy, home to A.P. Moeller-Maersk A/S, has also been buffeted by the debt crisis in the euro area, which emerged from its longest recession in the second quarter.