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Denmark Economy 1996

Overview:

This thoroughly modern economy features high-tech agriculture, up-to-date small-scale and corporate industry, extensive government welfare measures, comfortable living standards, and high dependence on foreign trade. Denmark is self-sufficient in food production. The new center-left coalition government will concentrate on reducing the persistent high unemployment rate and the budget deficit as well as following the previous government's policies of maintaining low inflation and a current account surplus. In the face of recent international market pressure on the Danish krone, the coalition has also vowed to maintain a stable currency. The coalition hopes to lower marginal income taxes while maintaining overall tax revenues; boost industrial competitiveness through labor market and tax reforms and increased research and development funds; and improve welfare services for the neediest while cutting paperwork and delays. Prime Minister RASMUSSEN's reforms will focus on adapting Denmark to the criteria for European integration by 1999; although Copenhagen has won from the European Union (EU) the right to opt out of the European Monetary Union (EMU) if a national referendum rejects it. Denmark is, in fact, one of the few EU countries likely to fit into the EMU on time. Denmark is weathering the current worldwide slump better than many West European countries. After posting 4.5% real GDP growth in 1994, Copenhagen is predicting a continued strong showing in 1995, with real GDP up by 3.2%. The government expects an upswing in business investment in 1995 to drive economic growth. Although unemployment is high, it remains stable compared to most European countries.

National product:

GDP - purchasing power parity - $103 billion (1994 est.)

National product real growth rate:

4.5% (1994 est.)

National product per capita:

$19,860 (1994 est.)

Inflation rate (consumer prices):

2% (1994 est.)

Unemployment rate:

12.3% (1994 est.)

Budget:

revenues:

$56.5 billion

expenditures:

$64.4 billion, including capital expenditures of $NA (1994 est.)

Exports:

$42.9 billion (f.o.b., 1994)

commodities:

meat and meat products, dairy products, transport equipment (shipbuilding), fish, chemicals, industrial machinery

partners:

EC 54.3% (Germany 23.6%, UK 10.1%, France 5.7%), Sweden 10.5%, Norway 5.8%, US 4.9%, Japan 3.6% (1992)

Imports:

$37.1 billion (c.i.f., 1994 est.)

commodities:

petroleum, machinery and equipment, chemicals, grain and foodstuffs, textiles, paper

partners:

EC 53.4% (Germany 23.1%, UK 8.2%, France 5.6%), Sweden 10.8%, Norway 5.4%, US 5.7%, Japan 4.1% (1992)

External debt:

$40.9 billion (1994 est.)

Industrial production:

growth rate -2.5% (1993 est.)

Electricity:

capacity:

10,030,000 kW

production:

32 billion kWh

consumption per capita:

5,835 kWh (1993)

Industries:

food processing, machinery and equipment, textiles and clothing, chemical products, electronics, construction, furniture, and other wood products, shipbuilding

Agriculture:

accounts for 4% of GDP; principal products - meat, dairy, grain, potatoes, rape, sugar beets, fish

Economic aid:

donor:

ODA and OOF commitments (1970-89), $5.9 billion

Currency:

1 Danish krone (DKr) = 100 oere

Exchange rates:

Danish kroner (DKr) per US$1 - 6.034 (January 1995), 6.361 (1994), 6.484 (1993), 6.036 (1992), 6.396 (1991), 6.189 (1990)

Fiscal year:

calendar year

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