Denmark leaves the “recession”… FIFO?

September 1, 2008

So if we use the “recession” term used by the press, not the economics, (See the difference in the wiki: recession), then Denmark has just got out of the recession. As I pointed out 2 weeks ago, it’s hard to believe we were in a recession with less than a 2% official unemployment. Nevertheless it’s nice to see, for Denmark and the EU, that the first economy that went down, with 2 quarters of economic contraction, has noted a small increase.

I have to admit, that I have not lost my fears. Last week, a small bank, the Roskilde Bank, was nationalized. It seems that 10 different people loan so much money, that they put the bank in distress. see news. I have an old accountant telling me they should put to in jail all the bank executives, for letting this happen (I think he was not happy that tax payers money is used for this).   

Anyways, going back to the good news for today: Danish Q2 GDP rises 1.2 pct yr/yr, and in Spanish: Dinamarca sale de la recesión. Let’s see if it lasts.

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