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Denmark is the third largest oil producer in Western Europe, after Norway and the UK. 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. 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 - Denmark GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Denmark GDP Annual Growth Rate - was last refreshed on Wednesday, November 25, 2015.