unbekannter Gast

Denmark: Economy#

This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy a high standard of living and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus, but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. After a long consumption-driven upswing, Denmark's economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09 and, following a short respite in 2010, have since continued to decline. Household indebtedness is still relatively high at more than 275% of gross disposable income in the first half of 2013. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. Denmark made a modest recovery in 2010, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-13, based on the national measure, about two-thirds average EU unemployment. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009, where it remains. In spite of the deficits, the new coalition government delivered a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU with public debt at about 46% of GDP in 2013. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro.

Economic Facts#

GDP (purchasing power parity)$211.3 billion (2013 est.)
$211.1 billion (2012 est.)
$211.9 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate0.1% (2013 est.)
-0.4% (2012 est.)
1.1% (2011 est.)
GDP - per capita (PPP)$37,800 (2013 est.)
$37,800 (2012 est.)
$38,100 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 1.5%
industry: 21.7%
services: 76.8% (2013 est.)
Population below poverty line13.4% (2011)
Household income or consumption by percentage sharelowest 10%: 1.9%
highest 10%: 28.7% (2007)
Labor force - by occupationagriculture: 2.6%
industry: 20.3%
services: 77.1% (2011 est.)
Exports - commoditiesmachinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills
Exports - partnersGermany 15.9%, Sweden 13.5%, UK 9.6%, US 6.6%, Norway 6.3%, Netherlands 4.6% (2012)
Agriculture - productsbarley, wheat, potatoes, sugar beets; pork, dairy products; fish
Budgetrevenues: $181.4 billion
expenditures: $189.7 billion (2013 est.)
Imports - commoditiesmachinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods
Imports - partnersGermany 21.2%, Sweden 13.5%, Netherlands 7.5%, China 6.4%, Norway 6.3%, UK 5.6% (2012)
Exchange ratesDanish kroner (DKK) per US dollar -
5.695 (2013 est.)
5.7925 (2012 est.)
5.6241 (2010 est.)
5.361 (2009)
5.0236 (2008)
Exports$106 billion (2013 est.)
$104.9 billion (2012 est.)
Debt - external$586.7 billion (31 December 2012 est.)
$571.4 billion (31 December 2011)
Fiscal yearcalendar year
Imports$98.45 billion (2013 est.)
$96.77 billion (2012 est.)
Industrial production growth rate1.1% (2013 est.)
Industriesiron, 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
Inflation rate (consumer prices)0.8% (2013 est.)
2.4% (2012 est.)
Labor force2.795 million (2013 est.)
Unemployment rate6% (2013 est.)
6% (2012 est.)
Distribution of family income - Gini index24.8 (2011 est.)
24.7 (1992)
Public debt47% of GDP (2013 est.)
45.6% of GDP (2012 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
Current account balance$19.6 billion (2013 est.)
$17.44 billion (2012 est.)
Reserves of foreign exchange and gold$89.5 billion (31 December 2013 est.)
$89.7 billion (31 December 2012 est.)
GDP (official exchange rate)$324.3 billion (2013 est.)
Stock of direct foreign investment - at home$146 billion (31 December 2013 est.)
$147.1 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$248.3 billion (31 December 2013 est.)
$241.7 billion (31 December 2012 est.)
Market value of publicly traded shares$NA (31 December 2012 est.)
$179.5 billion (31 December 2011)
$231.7 billion (31 December 2010 est.)
Central bank discount rate0.75% (31 December 2011 est.)
0.75% (31 December 2010 est.)
Commercial bank prime lending rate3.6% (31 December 2013 est.)
3.6% (31 December 2012 est.)
Stock of domestic credit$675 billion (31 December 2013 est.)
$664.5 billion (31 December 2012 est.)
Stock of narrow money$147.6 billion (31 December 2013 est.)
$150.4 billion (31 December 2012 est.)
Stock of broad money$180.2 billion (31 December 2013 est.)
$174.3 billion (31 December 2012 est.)
Taxes and other revenues55.9% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.5% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 49.1%
government consumption: 28.8%
investment in fixed capital: 17.7%
investment in inventories: 0.2%
exports of goods and services: 53.4%
imports of goods and services: -49.2%
(2013 est.)
Gross national saving24.1% of GDP (2013 est.)
22.6% of GDP (2012 est.)
23.3% of GDP (2011 est.)