Denmark GDP Shrinks In Q1

(RTTNews) - Denmark's economy contracted in the first quarter largely due to the fall in household spending, preliminary data from Statistics Denmark showed on Monday.

Gross domestic product fell 1.3 percent sequentially, in contrast to the 0.8 percent growth seen in the fourth quarter.

The expenditure-side breakdown showed that private consumption decreased 4.9 percent as purchases of vehicles plunged 17.9 percent. At the same time, government spending slid 2.2 percent. Gross fixed capital formation decreased 0.5 percent.

On the other hand, imports of goods and services gained 1.6 percent and exports grew 6.1 percent in the first quarter.

On a yearly basis, GDP declined 1.3 percent in the first quarter.

Another report from the statistical office showed that the unemployment rate rose marginally in April. The jobless rate climbed to 4.6 percent from 4.5 in March.

The unemployment rate among youth aged between 16 and 24 dropped marginally to 1.8 percent from 1.9 percent in the prior month.