Denmark lowers GDP growth estimates

COPENHAGEN: The Danish government on Monday lowered its economic growth estimates for 2008 and 2009 because of uncertainty in global financial markets.

The government said it expects a growth of 0.75-1 percent this year and 0-0.5 percent next year.

In its August forecast, the government had estimated a gross domestic product growth of 1.1 percent for 2008 and 0.5 percent for next year.

``As a result of the financial crisis, growth estimates in Europe and in the United States have been adjusted downwards,'' Finance Minister Lars Loekke Rasmussen said.

The Danish economy was in ``a good position to contain the challenges which the financial turmoil and the yielding growth abroad have been carrying along,'' he added.

Denmark has a record low unemployment with 1.6 percent of the work force being jobless, while inflation in September was of 4.5 percent.