Danish gov't downgrades GDP growth forecasts for 2014, 2015

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The Danish government lowered the country's economic growth expectations for 2014 and 2015 on Thursday.

Gross domestic product (GDP) is expected to grow 0.7 percent in 2014 and 1.5 percent in 2015, as against an August forecast of 1.4 percent growth in 2014 and 2 percent in 2015, according to an economic document released by Denmark's Ministry for Economic Affairs and the Interior.

The growth forecasts was lowered because "the weaker growth in foreign demand has contributed to more subdued growth in Denmark, and Danish companies and households have been more hesitant to invest and consume", according to the document.

Growth in Danish export markets slowed during 2014 and is estimated to hit 2.2 percent as compared to a previous forecast of 4.3 percent.

The Danish government said the exports are expected to be a significant engine behind Danish growth over the coming years.

Moreover, private consumption is expected to grow 0.1 percent in 2014 compared with a previous forecast of 1.3 percent.

The government said he Danish economy is improving, although growth in 2014 has been weaker than what had previously expected.

On Thursday, Danish government predicts a budget surplus of 34.2 billion Danish kroner (5.7 billion U.S. dollars) for 2014 as against a previous estimate of 22 billion kroner deficit. Endit

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