| Economy | Denmark |
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Economy - overview:
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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 among the highest standards of living in the world 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. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crises cut Danish GDP by 0.9% in 2008 and 4.7% in 2009 and held growth to about 1.7% in 2010-11. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-11, based on the national measure, about two-thirds the level of the EU; harmonized to OECD standards the unemployment rate was about 8% at the end of 2010. Denmark made a modest recovery in 2010 in part because of increased government spending. 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 during 2009-10 and the new coalition government plans to deliver a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU. 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. Denmark will occupy the EU presidency during the first half of 2012 and is promoting priorities involving a responsible, dynamic, green, and safe Europe. In addition, one of Denmark's most important objectives will be to help steer Europe out of its euro zone economic crisis. |
GDP (purchasing power parity):
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$208.8 billion (2011 est.)
$205.7 billion (2010 est.)
$202.2 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$40,200 (2011 est.)
$39,400 (2010 est.)
$37,700 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$349.1 billion (2011 est.) |
GDP - real growth rate:
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1.5% (2011 est.)
1.7% (2010 est.)
-5.2% (2009 est.) |
GDP - composition by sector:
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agriculture: 1.3%
industry: 22.1%
services: 76.7% (2011 est.) |
Investment (gross fixed):
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16.1% of GDP (2011 est.) |
Population below poverty line:
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12.1% (2007) |
Household income or consumption by percentage share:
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lowest 10%: 1.9%
highest 10%: 28.7% (2007) |
Distribution of family income - Gini index:
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29 (2007)
24.7 (1992) |
Inflation rate (consumer prices):
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2.8% (2011 est.)
2.3% (2010 est.) |
Central bank discount rate:
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0.75% (31 December 2010 est.)
1% (31 December 2009 est.) |
Commercial bank prime lending rate:
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4.3% (31 December 2011 est.)
4.3% (31 December 2010 est.) |
Stock of money:
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$155.6 billion (31 December 2009)
$143 billion (31 December 2008) |
Stock of money - per capita:
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28,139 USD per capita |
Stock of quasi money:
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$95.82 billion (31 December 2008)
$81.64 billion (31 December 2007) |
Stock of quasi money - per capita:
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17,328 USD per capita |
Stock of domestic credit:
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$680.8 billion (31 December 2011 est.)
$672.9 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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123,113 USD per capita |
Stock of narrow money:
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$144.9 billion (31 December 2011 est.)
$146.8 billion (31 December 2010 est.) |
Stock of broad money:
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$174.9 billion (31 December 2010 est.)
$197.1 billion (31 December 2009 est.) |
Labor force:
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2.857 million (2011 est.) |
Labor force participation rate:
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51.66 % of population |
Labor force - by occupation:
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agriculture: 2.5%
industry: 20.2%
services: 77.3% (2005 est.) |
Unemployment rate:
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6.2% (2011 est.)
6% (2010) |
Unemployment, youth ages 15-24:
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total: 11.2%
male: 12.4%
female: 9.9% (2009) |
Budget:
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revenues: $184 billion
expenditures: $197.4 billion (2011 est.) |
Budget revenues per capita:
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33,274 USD per capita |
Taxes and other revenues:
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52.7% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-3.8% of GDP (2011 est.) |
Public debt:
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46.9% of GDP (2011 est.)
43.7% of GDP (2010)
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. |
Industries:
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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:
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0.8% (2011 est.) |
Electricity - production:
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34.15 billion kWh (2009 est.) |
Electricity - production per capita:
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6,176 kWh per capita |
Electricity - consumption:
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33.41 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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6,042 kWh per capita |
Electricity - exports:
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10.88 billion kWh (2009 est.) |
Electricity - imports:
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333 million kWh (2009 est.) |
Oil - production:
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247,500 bbl/day (2010 est.) |
Oil - production per capita:
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44,757 bbl/day per capita |
Oil - consumption:
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167,500 bbl/day (2010 est.) |
Oil - consumption - per capita:
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11.06 bbl/year per capita |
Oil - exports:
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266,700 bbl/day (2009 est.) |
Oil - imports:
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173,900 bbl/day (2009 est.) |
Oil - proved reserves:
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812 million bbl (1 January 2011 est.) |
Natural gas - production:
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8.171 billion cu m (2010 est.) |
Natural gas - production per capita:
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1,478 cu m per capita |
Natural gas - consumption:
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4.948 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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895 cu m per capita |
Natural gas - exports:
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3.52 billion cu m (2010 est.) |
Natural gas - imports:
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138 million cu m (2010 est.) |
Natural gas - proved reserves:
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58.13 billion cu m (1 January 2011 est.) |
Agriculture - products:
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barley, wheat, potatoes, sugar beets; pork, dairy products; fish |
Current account balance:
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$23.2 billion (2011 est.)
$17.08 billion (2010 est.) |
Current account balance - per capita:
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4,196 USD per capita |
Exports:
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$112.4 billion (2011 est.)
$96.58 billion (2010 est.) |
Exports per capita:
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20,326 USD per capita |
Exports - commodities:
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machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills |
Exports - partners:
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Germany 17.6%, Sweden 13.8%, UK 8.1%, US 5.9%, Norway 5.6%, Netherlands 4.8%, France 4.7% (2010) |
Imports:
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$100.4 billion (2011 est.)
$87.44 billion (2010 est.) |
Imports per capita:
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18,156 USD per capita |
Imports - commodities:
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machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods |
Imports - partners:
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Germany 21.1%, Sweden 13.7%, Netherlands 7.3%, China 6.8%, UK 6.1%, Norway 5.5% (2010) |
Reserves of foreign exchange and gold:
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$76.52 billion (31 December 2010 est.)
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Reserves of foreign exchange and gold - per capita:
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13,838 USD per capita |
Debt - external:
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$626.9 billion (30 June 2011)
$559.5 billion (30 June 2010) |
Debt - external - per capita:
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113,366 USD per capita |
Stock of direct foreign investment - at home:
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$151.3 billion (31 December 2011 est.)
$139.7 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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27,361 USD per capita |
Stock of direct foreign investment - abroad:
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$203.8 billion (31 December 2011 est.)
$183 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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36,855 USD per capita |
Market value of publicly traded shares:
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$231.7 billion (31 December 2010)
$186.9 billion (31 December 2009)
$131.5 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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41,900 USD per capita |
Currency (code):
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Danish krone (DKK) |
Exchange rates:
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Danish kroner (DKK) per US dollar -
5.291 (2011 est.)
5.624 (2010 est.)
5.361 (2009)
5.0236 (2008)
5.4797 (2007) |
Fiscal year:
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calendar year |
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