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Economic Information |
Economy - overview:
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This thoroughly modern market economy features high-tech agriculture, up-to-date small-scale and corporate industry, extensive government welfare measures, an equitable distribution of income, comfortable living standards, a stable currency, a stable political system, and high dependence on foreign trade. Unemployment is low and capacity constraints limit growth potential. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus. 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 16 other EU members in the euro. Nonetheless, the Danish krone remains pegged to the euro. Denmark's fiscal position is among the strongest in the EU. Economic growth gained momentum in 2004 and the upturn continued through 2006. After a long consumption-driven upswing, Denmark's economy began slowing in early 2007 with the end of a housing boom. This cyclical slowdown has been exacerbated by the global financial crisis through increased borrowing costs and lower export demand, consumer confidence, and investment. The slowing global economy cut GDP by 1.2% in 2008. A major long-term issue will be the sharp decline in the ratio of workers to retirees.
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GDP (purchasing power parity):
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$204.1 billion (2008 est.)
country comparison to the world: 52
$206.6 billion (2007 est.)
$203.3 billion (2006 est.)
note: data are in 2008 US dollars
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GDP (purchasing power parity):
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$340 billion (2008 est.)
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GDP (official exchange rate):
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-1.2% (2008 est.)
country comparison to the world: 209
1.6% (2007 est.)
3.3% (2006 est.)
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GDP - real growth rate:
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$37,200 (2008 est.)
country comparison to the world: 30
$37,800 (2007 est.)
$37,300 (2006 est.)
note: data are in 2008 US dollars
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GDP - per capita (PPP):
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agriculture: 1.3%
industry: 26.1%
services: 72.6% (2008 est.)
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GDP - composition by sector:
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2.88 million (2008 est.)
country comparison to the world: 104
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Labor force:
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agriculture: 2.9%
industry: 23.8%
services: 72.7% (2005 est.)
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Labor force - by occupation:
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1.8% (2008 est.)
country comparison to the world: 16
2.8% (2007 est.)
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Unemployment rate:Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: 2%
highest 10%: 24% (2000 est.)
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Distribution of family income - Gini index:
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24 (2005)
country comparison to the world: 132
24.7 (1992)
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Investment (gross fixed):
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21.6% of GDP (2008 est.)
country comparison to the world: 91
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Budget:
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revenues: $188.6 billion
expenditures: $176.3 billion (2008 est.)
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Public debt:
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33.5% of GDP (2008 est.)
country comparison to the world: 68
42.5% of GDP (2004 est.)
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Inflation rate (consumer prices):
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3.4% (2008 est.)
country comparison to the world: 42
1.7% (2007 est.)
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Central bank discount rate:
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3.5% (31 December 2008)
country comparison to the world: 126
4% (31 December 2007)
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Commercial bank prime lending rate:
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NA
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Stock of money:
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$143 billion (31 December 2008)
country comparison to the world: 9
$148.7 billion (31 December 2007)
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Stock of quasi money:
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$95.82 billion (31 December 2008)
country comparison to the world: 23
$81.64 billion (31 December 2007)
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Stock of domestic credit:
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$695.8 billion (31 December 2008)
country comparison to the world: 16
$684.7 billion (31 December 2007)
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Market value of publicly traded shares:
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$NA (31 December 2008)
country comparison to the world: 31
$277.7 billion (31 December 2007)
$231 billion (31 December 2006)
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Agriculture - products:
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barley, wheat, potatoes, sugar beets; pork, dairy products; fish
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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
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Industrial production growth rate:
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-3% (2008 est.)
country comparison to the world: 161
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Electricity - production:
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36.92 billion kWh (2007 est.)
country comparison to the world: 57
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Electricity - consumption:
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35.79 billion kWh (2007 est.)
country comparison to the world: 56
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Electricity - exports:
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11.36 billion kWh (2008 est.)
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Electricity - imports:
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12.82 billion kWh (2008 est.)
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Oil - production:
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288,800 bbl/day (2008 est.)
country comparison to the world: 38
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Oil - consumption:
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181,100 bbl/day (2008 est.)
country comparison to the world: 61
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Oil - exports:
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287,100 bbl/day (2008 est.)
country comparison to the world: 43
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Oil - imports:
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153,800 bbl/day (2008 est.)
country comparison to the world: 56
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Oil - proved reserves:
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1.06 billion bbl (1 January 2009 est.)
country comparison to the world: 40
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Natural gas - production:
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10.09 billion cu m (2008 est.)
country comparison to the world: 42
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Natural gas - consumption:
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4.59 billion cu m (2008 est.)
country comparison to the world: 61
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Natural gas - exports:
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5.516 billion cu m (2008)
country comparison to the world: 26
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Natural gas - imports:
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0 cu m (2008 est.)
country comparison to the world: 89
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Natural gas - proved reserves:
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61.3 billion cu m (1 January 2009 est.)
country comparison to the world: 62
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Current account balance:
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$6.938 billion (2008 est.)
country comparison to the world: 30
$2.378 billion (2007 est.)
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Exports:
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$114.9 billion (2008 est.)
country comparison to the world: 35
$100.5 billion (2007 est.)
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Exports - commodities:
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machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills
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Exports - partners:
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Germany 18%, Sweden 14.5%, UK 8.2%, Norway 5.7%, US 5.3%, France 4.8%, Netherlands 4.6% (2008)
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Imports:
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$116.4 billion (2008 est.)
country comparison to the world: 31
$100.8 billion (2007 est.)
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Imports - commodities:
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machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods
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Imports - partners:
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Germany 20.9%, Sweden 14%, Netherlands 6.7%, Norway 6.3%, China 5.7%, UK 5.1% (2008)
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Reserves of foreign exchange and gold:
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$42.32 billion (31 December 2008 est.)
country comparison to the world: 31
$34.32 billion (31 December 2007 est.)
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Debt - external:
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$588.8 billion (31 December 2008)
country comparison to the world: 18
$567.4 billion (31 December 2007)
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Stock of direct foreign investment - at home:
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$142.7 billion (31 December 2008 est.)
country comparison to the world: 24
$131.3 billion (31 December 2007 est.)
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Stock of direct foreign investment - abroad:
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$181.9 billion (31 December 2008 est.)
country comparison to the world: 16
$153.3 billion (31 December 2007 est.)
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Exchange rates:
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Danish kroner (DKK) per US dollar - 5.0236 (2008 est.), 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004)
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