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Denmark's GDP takes biggest fall ever

According to Denmark Statistics, the GDP indicator takes Denmark's GDP, the largest drop ever.

In the second quarter is the Danish GDP declined by 7.4 percent, and it is the biggest fall since the quarterly national accounts started in the early 90's.

And it's not so little.

The old record dating from the financial crisis, where Denmark's GDP in the fourth quarter of 2008 fell by 2.4 percent.

the nature Of the coronavirus outbreak and the closure of the society, that is the cause of the collapse.

Although a decrease of 7.4 looks out violently, so it is not as large as in most other european countries. In the whole of the EU, GDP is down 11.4 percent.

In the bottom is the Uk with a decline of just over 20 percent, while Spain, France and Portugal also approaching a decline of 20 percent.

Lithuania has fared best with a decline of five percent.

GDP is an expression of the size of a country's economy and is the most widely used financial ratios to measure it.

the increase or decrease indicates whether the economy is growing or shrinking.

- There is no doubt that today's GDP figures for the second quarter will write directly into the economic history books, says the chief economist Tore Stramer from Danish Occupation in a written comment.

- A drop in gdp of 7.4 percent over a single quarter is extremely intense and never previously seen in peacetime.

- We should be completely back to the beginning of the Second world War in 1940 to find a similar decline in the economic activity in so short a time, says the chief competition economist.

He adds that with the fall in the second quarter, Denmark will for the first time since the financial crisis in 2009, will be in a technical recession.

A technical recession is defined as two consecutive quarters of negative growth in gdp. And because the Danish gdp also fell in the first quarter, there is therefore a technical recession.

the Gdp figure from Statistics Denmark are provisional.

It will be continually revised as more figures on the development of the economy. It is seen in the past that there have to be major revisions several years later.

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