Danish economy makes comeback with record growth in Q3
Source: Xinhua | 2020-12-24
The Danish economy saw record growth of 5.2 percent in gross domestic product (GDP) during the third quarter (Q3) of this year compared with the second quarter, according to a revised statement from Statistics Denmark released Wednesday.
The largest ever growth in GDP in a single quarter comes as a result of the revised statement adjusting economic growth upwards from 4.9 percent to 5.2 percent.
Nonetheless, when all the first three quarters of the year are taken into account, Statistics Denmark's numbers reveal that GDP has actually shrunk by 3.9 percent year-on-year.
Economists predict that the Danish economy is still on its way to taking its biggest hit since the financial crisis in 2009 when figures of the fourth quarter are taken into account.
"The economy is challenged again, and right now we are holding our breath in the hope that the infection curve will break very soon and the restrictions will be reduced at the beginning of the new year," Danish news agency Ritzau quotes Jeppe Juul Borre, chief economist of Arbejdernes Landsbank, as saying.
"We must be lucky to have positive growth in the fourth quarter at all," he noted.
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