Danish economy figures revised: Corona damage less severe than feared

Danish economy figures revised: Corona damage less severe than feared
Photo: Kristian Djurhuus/Ritzau Scanpix
Denmark’s economy shrank by 6.8 percent in the second quarter of 2020 in comparison with the first quarter, according to revised figures from Statistics Denmark.

The economic downturn, although still historically large, is therefore less than previous estimates had projected.

In August, a preliminary calculation of the second-quarter GDP has it as falling by 7.4 percent on Q1. This was later revised to 6.9 percent and has now been reduced further.

GDP is one of the main indicators of the health of the national economy. The numbers are regularly revised as more data becomes available as to economic development.

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Finance minister Nicolai Wammen said that the Danish economy has nevertheless been hard hit by the coronavirus.

“Not least, we can see that export compared to last year has been reduced by almost one fifth,” he said.

Some positive signs, including new unemployment figures which show a five percent reduction in unemployment in August, allowed Wammen to also sound some optimistic notes.

“Although we are heading the right way, there is still a lot of uncertainty. Corona is still amongst us and affecting both Danish and international economy,” he said.

 


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