December 16, 2019 / 9:49 AM / 4 months ago

Denmark's economy to suffer from global downturn, government says

FILE PHOTO: A view of the Nyhavn distric in Copenhagen, Denmark October 22, 2019. REUTERS/Jacob Gronholt-Pedersen

COPENHAGEN (Reuters) - Denmark’s economic growth is likely to slow by around 1 percentage point in the coming years, as the export-driven economy suffers from a global downturn, the government said on Monday.

Denmark’s economy, dominated by large companies such as shipper Maersk (MAERSKb.CO), drug producer Novo Nordisk (NOVOb.CO), brewer Carlsberg (CARLb.CO) and wind turbine maker Vestas (VWS.CO), has been booming since 2013 with average yearly growth of 2.5%.

But growth is expected to slow to 2.0% this year, then to 1.5% and 1.4% next year and in 2021, the finance ministry said in a report.

“The prospect of a slower growth rate is mainly due to a weakened global economy,” the finance ministry said.

In the coming years, growth is likely to be driven by private consumption rather than exports, the ministry said.

The expected slowdown comes even as the fiscal policy of the new Social Democratic government helps to support economic growth.

Reporting by Jacob Gronholt-Pedersen and Nikolaj Skydsgaard; editing by Larry King

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