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Denmark Economy 2014
http://www.theodora.com/wfbcurrent/denmark/denmark_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
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, has since continued to decline. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crisis cut Danish real GDP in 2008-09. Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, 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 2010-12, 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. 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 45% of GDP in 2012. 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.

GDP (purchasing power parity):
$208.3 billion (2012 est.)
country comparison to the world: 55

$209.1 billion (2011 est.)
$206.8 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$310.6 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.4% (2012 est.)
country comparison to the world: 185

1.1% (2011 est.)
1.6% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$37,300 (2012 est.)
country comparison to the world: 33

$37,600 (2011 est.)
$37,400 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
22.6% of GDP (2012 est.)
country comparison to the world: 60

23.3% of GDP (2011 est.)
22.6% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 49.4%
government consumption: 28.6%
investment in fixed capital: 17.3%
investment in inventories: -0.2%
exports of goods and services: 54.4%
imports of goods and services: -49.4%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.5%
industry: 21.4%
services: 77.1% (2012 est.)

Agriculture - products:
barley, wheat, potatoes, sugar beets; pork, dairy products; fish

Industries:
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:
-0.8% (2012 est.)
country comparison to the world: 143
[see also: Industrial production growth rate country ranks ]

Labor force:
2.784 million (2012 est.)
country comparison to the world: 107
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.3%
services: 77.1% (2011 est.)

Unemployment rate:
6% (2012 est.)
country comparison to the world: 60

6% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
13.4% (2011)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.7% (2007)

Distribution of family income - Gini index:
24.8 (2011 est.)
country comparison to the world: 132

24.7 (1992)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $174.1 billion
[see also: Budget revenues country ranks ]
expenditures: $187 billion (2012 est.)

Taxes and other revenues:
56% of GDP (2012 est.)
country comparison to the world: 8
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.1% of GDP (2012 est.)
country comparison to the world: 145
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
45.6% of GDP (2012 est.)
country comparison to the world: 76

46.4% of GDP (2011 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.4% (2012 est.)
country comparison to the world: 63

2.8% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.75% (31 December 2011 est.)
country comparison to the world: 133

0.75% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.6% (31 December 2012 est.)
country comparison to the world: 168

4.03% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$150.4 billion (31 December 2012 est.)
country comparison to the world: 27

$134.9 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$230.8 billion (31 December 2011 est.)
country comparison to the world: 37

$266.8 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$664.5 billion (31 December 2012 est.)
country comparison to the world: 22

$640.6 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$179.5 billion (31 December 2011)
country comparison to the world: 31

$231.7 billion (31 December 2010)
$186.9 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$17.44 billion (2012 est.)
country comparison to the world: 20

$18.89 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$104.9 billion (2012 est.)
country comparison to the world: 38

$110.6 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills

Exports - partners:
Germany 15.9%, Sweden 13.5%, UK 9.6%, US 6.6%, Norway 6.3%, Netherlands 4.6% (2012)

Imports:
$96.77 billion (2012 est.)
country comparison to the world: 35

$100.3 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods

Imports - partners:
Germany 21.2%, Sweden 13.5%, Netherlands 7.5%, China 6.4%, Norway 6.3%, UK 5.6% (2012)

Reserves of foreign exchange and gold:
$89.7 billion (31 December 2012 est.)
country comparison to the world: 26

$85.05 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$587.6 billion (31 December 2012)
country comparison to the world: 23

$571.4 billion (31 December 2011)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$147.1 billion (31 December 2012 est.)
country comparison to the world: 31

$140.3 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$241.7 billion (31 December 2012 est.)
country comparison to the world: 21

$229 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Danish kroner (DKK) per US dollar -

5.7925 (2012 est.)
5.3687 (2011 est.)
5.6241 (2010 est.)
5.361 (2009)
5.0236 (2008)


NOTE: The information regarding Denmark on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Denmark Economy 2014 information contained here. All suggestions for corrections of any errors about Denmark Economy 2014 should be addressed to the CIA.



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