Denmark cuts 2016, 2017 GDP forecasts: govt report
Reuters
Published May 26, 2016 03:29PM ET
Denmark cuts 2016, 2017 GDP forecasts: govt report
By Erik Matzen
COPENHAGEN (Reuters) - Denmark slashed its estimate for economic growth this year to 1.1 percent from the 1.9 percent it forecast in December, according to a government report seen by Reuters on Thursday.
The government also cut its growth forecast for 2017, to 1.7 percent from 2.0 percent, the paper - which is due on Friday - showed.
The Scandinavian country's export-driven economy, which grew 1.2 percent last year, is dependent on the fortunes of its larger neighbors, with 15 percent of foreign sales going to Germany and 10 percent to Sweden.
Several banks and other organizations have cut their 2016 growth forecast in recent months, with Nordea and Citi estimating 1.3 percent and 1.1 percent, respectively.
The report also said the government's budget deficit should come in at 2.0 percent of GDP this year rather than the 2.8 percent forecast earlier. The EU threshold is 3 percent.
Inflation should hit 0.4 percent in 2016, down from the 0.9 percent earlier expected.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.