Denmark Enters Recession on Less Spending

A

ASusilovic

Denmark unexpectedly entered a recession as the economy contracted for a second quarter as consumers and the government cut spending amid rising prices and a widening budget deficit.

Gross domestic product shrank 0.5 percent in the first quarter after contracting a revised 0.2 percent at the end of 2010, Copenhagen-based Statistics Denmark said today. Economists surveyed by Bloomberg had expected growth of 0.5 percent in the first quarter, according to the average of four estimates.

“The figures are highly surprising,” Steen Bocian, an economist at Danske Bank A/S in Copenhagen, said in an e-mail. “The reason for the lower consumption is a combination of higher taxes and higher inflation, driven by raw material prices.”

http://www.bloomberg.com/news/2011-05-31/denmark-enters-recession-on-less-spending.html

Yep, highly surprising...It will be highly surprising for Spain, Ireland, Portugal and Greece, too.... :cool:
 
Yep, it's always 'surprising' to these idiots.

Some of them should spend time on this message board because it's not surprising to many of us, nor is it going to be surprise to us when the US/UK/Germany/Nederlands/France/Italy (already started)/Ireland etc etc start rioting.

TICK-TOCK-TICK-TOCK because anyone can forget about their debts for a little while, but the debt WON'T forget about you whether you're an individual or country......
 
Just curious, but does anyone know how Denmark did before greater Europe went into a recession last time? IE, were they a leading indicator?
 
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