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||1991 - 2015
With very few natural resources, Denmark industrialized market economy depends on imported raw materials and foreign trade. During the two years of economic contraction between 2012-13, the increased borrowing costs and lower export demand worsened the prospects of an economic recovery, as Danes began paying off debts accumulated in the wake of the burst housing bubble. It was only in 2014 that Danish economy started expanding, as consumption appeared to be finally picking up, and home prices were increasing. Meanwhile, and despite the drop in global oil prices, growth forecasts for the next years remain positive as estimates from Danmarks Nationalbank suggest that the price decline could actually improve Denmark's economy by boosting private demand. On the expenditure side, household consumption is the main component of GDP and accounts for 49 percent of its total use, followed by government expenditure (27 percent, the highest among EU countries) and gross fixed capital formation (19 percent). Exports of goods and services account for 54 percent of GDP while imports account for 48 percent, adding 6 percent of total GDP. This page provides the latest reported value for - Denmark GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Content for - Denmark GDP Growth Rate - was last refreshed on Saturday, November 28, 2015.