COPENHAGEN: Denmark entered recession in the first quarter after its gross domestic product shrank for the second consecutive three-month period, official figures showed Tuesday.
Tuesday, 31 May 2011 13:32
Statistics Denmark said the economy had slipped 0.5-percent in the first quarter compared to the last quarter of 2010, according to seasonally adjusted figures.
It also revised its fourth quarter 2010 figure to a drop of 0.2 percent, compared to its previous report the economy had declined 0.4 percent during that quarter.
"There was a decline of 1.9 percent in domestic demand, where private consumption, public spending and investments fell," Statistics Denmark explained.
It added though that a boost in exports had countered the negative trend.
A nation is deemed to be in recession if the economy contracts for two consecutive quarters.
Copyright AFP (Agence France-Presse), 2011