Revised data showed that Denmark’s economy contracted 0.5% in the third quarter of the year with the decline in consumption, but the decline was less severe than a contraction of 0.8% was announced a month ago. Denmark’s economy and the worst performance among the economies of Scandinavia and affected by the global recession and continued weak private consumption. The economy grew 0.1% in the third quarter on an annual basis to modify the initial rise of the contraction of 0.2% was announced in November.
The sixtieth Buquean, chief economist at Danske Bank said the upward revisions to the third quarter does not change the general picture of an economy in crisis. The Bureau of Statistics said gross domestic product grew 1.3% in the first three quarters of 2011 compared with same period last year. The value of GDP in the third quarter, 444.9 billion crowns which 78.09 billion dollars, a rate of 443.3 billion crowns announced last month.