Denmark’s economic growth slowed to just 0.7 per cent in the third quarter compared to a 1.3 per cent increase in the previous three-month period, official statistics published on Tuesday showed.
Year-on-year, Denmark’s gross domestic product (GDP) meanwhile swelled three per cent in the July-September period, up from the 2.9 per cent annual growth rate registered in the second quarter, according to seasonally adjusted numbers from Statistics Denmark.
Analysts polled by the Dow Jones Newswires had expected Denmark to post a 0.3 per cent quarterly growth rate and a 3.1 per cent hike compared to the third quarter of 2009.
Like the European Union, of which Denmark is a member, and the United States, the Scandinavian country thus posted its fifth consecutive quarter of economic growth after several quarters in recession amid the deep global financial crisis at the end of 2008 and beginning of 2009, the statistics agency pointed out in a statement.
Denmark’s GDP growth was boosted in the third quarter by increased household consumption, which was up 0.8 per cent after falling 0.9 per cent in the second quarter, and a 1.9-per cent increase of merchandise and service exports.
Imports meanwhile swelled by 0.4 per cent during the quarter.