COPENHAGEN, Aug. 14 (Xinhua) -- Denmark's gross domestic product (GDP) fell by 7.4 percent in the second quarter compared to the first quarter this year, according to figures released on Friday by Danmarks Statistik, a Danish governmental organization under the Ministry for Economic and Interior Affairs.
The historic downturn represents the largest decline in Danish growth since figures began to be calculated on a quarterly basis in the early 1990s.
"It is of course not nice reading. It testifies that we are in the midst of a crisis of historical dimensions with continuing major economic challenges as a result of the coronavirus," Danish news agency Ritzau quoted Minister of Finance Nicolai Wammen as saying.
However, the minister believed that the crisis will be short-lived. "Fortunately, there is some indication that improvement is on track. The latest key figures show that the second quarter marks a turning point and that the curve for the Danish economy is now going up again."
Helge J. Pedersen, chief economist at Nordea, the largest financial group in the Nordic region, also echoed the view of the minister. "The housing market is booming, retail trade is at its highest level for more than ten years, consumer and business confidence is rising, unemployment is falling and industrial production and exports are growing again," Ritzau quoted Pedersen as saying.
Denmark's GDP decline is not as large as in most of the European countries. The GDP fell by 11.9 percent in the EU as a whole in the second quarter, according to Danmarks Statistik.