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Denmark:
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Other pages in this profile of Denmark:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition The Danish economy has in recent years undergone strong expansion fueled primarily by private consumption growth, but also supported by exports and investments. This thoroughly modern market economy features high-tech agriculture, up-to-date small-scale and corporate industry, extensive government welfare measures, comfortable living standards, a stable currency, and high dependence on foreign trade. Unemployment is low and capacity constraints are limiting growth potential. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus. Government objectives include streamlining the bureaucracy and further privatization of state assets. The government has been successful in meeting, and even exceeding, the economic convergence criteria for participating in the third phase (a common European currency) of the European Economic and Monetary Union (EMU), but so far Denmark has decided not to join 15 other EU members in the euro. Nonetheless, the Danish krone remains pegged to the euro. Economic growth gained momentum in 2004 and the upturn continued through 2007. The controversy over caricatures of the Prophet Muhammad printed in a Danish newspaper in September 2005 led to boycotts of some Danish exports to the Muslim world, especially exports of dairy products, but the boycotts did not have a significant impact on the overall Danish economy. Because of high GDP per capita, welfare benefits, a low Gini index, and political stability, the Danish living standards are among the highest in the world. A major long-term issue will be the sharp decline in the ratio of workers to retirees. |
GDP (purchasing power parity) |
Definition - World rank and map $203.7 billion (2007 est.) |
GDP (official exchange rate) |
Definition $311.9 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 1.8% (2007 est.) |
GDP - per capita |
Definition - World rank and map $37,400 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 1.5% industry: 26% services: 72.4% (2007 est.) |
Labor force |
Definition 2.86 million (2007 est.) |
Labor force - by occupation |
Definition agriculture: 3% industry: 21% services: 76% (2004 est.) |
Unemployment rate |
Definition - World rank and map 2.8% (2007 est.) |
Population below poverty line |
Definition NA% |
Household income or consumption by percentage share |
Definition lowest 10%: 2% highest 10%: 24% (2000 est.) |
Distribution of family income - Gini index |
Definition - World rank and map 24 (2005) |
Inflation rate (consumer prices) |
Definition - World rank and map 1.7% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 22.9% of GDP (2007 est.) |
Budget |
Definition revenues: $172.6 billion expenditures: $158.8 billion (2007 est.) |
Public debt |
Definition - World rank and map 26% of GDP (2007 est.) |
Agriculture - products |
Definition barley, wheat, potatoes, sugar beets; pork, dairy products; fish |
Industries |
Definition iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, construction, furniture and other wood products, shipbuilding and refurbishment, windmills, pharmaceuticals, medical equipment |
Industrial production growth rate |
Definition - World rank and map 1.5% (2007 est.) |
Electricity - production |
Definition - World rank and map 43.35 billion kWh (2006) |
Electricity - consumption |
Definition - World rank and map 34.02 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 6,202.7 kWh (2005) |
Electricity - exports |
Definition 13.72 billion kWh (2006) |
Electricity - imports |
Definition 6.77 billion kWh (2006) |
Oil - production |
Definition - World rank and map 342,000 bbl/day (2006 est.) |
Oil - consumption |
Definition - World rank and map 171,000 bbl/day (2006 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 31.2 bbl/day (2006 est.) |
Oil - exports |
Definition - World rank and map 320,000 bbl/day (2006) |
Oil - imports |
Definition - World rank and map 164,000 bbl/day (2006 est.) |
Oil - proved reserves |
Definition - World rank and map 1.328 billion bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 9.87 billion cu m (2006 est.) |
Natural gas - consumption |
Definition - World rank and map 4.775 billion cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 871 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 5.35 billion cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 75.66 billion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map $3.454 billion (2007 est.) |
Exports |
Definition - World rank and map $101.2 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills |
Exports - partners |
Definition Germany 17.3%, Sweden 14.5%, UK 8%, US 6.1%, Norway 5.7%, France 4.9%, Netherlands 4.8% (2006) |
Imports |
Definition - World rank and map $102.3 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods |
Imports - partners |
Definition Germany 21.6%, Sweden 14.3%, Netherlands 7.1%, Norway 6%, China 5.3%, UK 5.1%, Italy 4.2%, France 4.1% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $34.32 billion (2006 est.) |
Debt - external |
Definition - World rank and map $492.6 billion (30 June 2007) |
Stock of direct foreign investment - at home |
Definition $149.8 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $168.2 billion (2007 est.) |
Market value of publicly traded shares |
Definition $178 billion (2005) |
Economic aid - donor |
Definition ODA, $2.236 billion (2006) |
Currency (code) |
Definition Danish krone (DKK) |
Exchange rates |
Definition Danish kroner per US dollar - 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003) |
Fiscal year |
Definition calendar year |
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