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Danish economic growth hits record 4.9 percent in Q3

Christian Fernsby |
The Danish economy grew by a record 4.9 percent in the third quarter (Q3) of 2020 compared with the previous quarter, according to Statistics Denmark's first calculation of gross domestic product (GDP).

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However, Q3's promising figures cannot conceal the fact that the economy shrank by 4.1 percent overall in the first three quarters of 2020 compared with the same period last year.

"The current record high growth is first and foremost due to the historic collapse in the economy because of the 'corona(virus) hit'. We are on our way up out of a deep hole and there is still some way to go until we are all the way up," reported public-service radio and TV broadcasting company Danmarks Radio (DR).

In addition, the Danish unemployment rate fell in October by 0.2 percentage points, the fifth month in a row that unemployment has fallen, said Denmark's central authority on statistics.

Correspondingly, the unemployment rate stood at 4.6 percent of the Danish labor force in October. But improvements still have some way to go before achieving February's gross unemployment rate of 3.7 percent.

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