Denmark Economy 1997

Economy - overview This thoroughly modern market economy features high-tech agriculture,up-to-date small-scale and corporate industry, extensive government welfaremeasures, comfortable living standards, and high dependence on foreign trade.Denmark is a net exporter of food. The center-left coalition government willconcentrate on reducing the persistently high unemployment rate and the budgetdeficit as well as following the previous government's policies of maintaininglow inflation and a current account surplus. The coalition also vows to maintaina stable currency. The coalition has lowered marginal income taxes while maintainingoverall tax revenues; boosted industrial competitiveness through labor marketand tax reforms and increased research and development funds; and improvedwelfare services for the neediest while cutting paperwork and delays. PrimeMinister RASMUSSEN's reforms focus on adapting Denmark to the criteria forEuropean integration by 1999; Copenhagen has won from the European Union (EU)the right to opt out of the European Monetary Union (EMU). Denmark is, infact, one of the few EU countries likely to fit into the EMU on time.

GDP purchasing power parity - $118.2 billion (1996 est.)

GDP - real growth rate 2% (1996 est.)

GDP - per capita purchasing power parity - $22,700 (1996 est.)

GDP - composition by sector
agriculture: 4%
industry: 27%
services: 69% (1995)

Inflation rate - consumer price index 2.1% (1996 est.)

Labor force
total: 2,895,950
by occupation: private services 40%, government services 30%, manufacturing and mining19%, construction 6%, agriculture, forestry, and fishing 5% (1995)

Unemployment rate 8.2% (November 1996)

Budget
revenues: $62.1 billion
expenditures: $66.4 billion, including capital expenditures of $NA (1996 est.)

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

Industrial production growth rate 3.4% (1996)

Electricity - capacity 9.458 million kW 000 kW

Electricity - production 34.6 billion kWh

Electricity - consumption per capita 6,411 kWh (1995)

Agriculture - products grain, potatoes, rape, sugar beets; meat, dairy products; fish

Exports
total value: $47.6 billion (f.o.b., 1996 est.)
commodities: machinery and instruments 25%, meat and meat products, fuels, dairyproducts, ships, fish, chemicals
partners : Germany 22.5%, Sweden 9.7%, UK 7.9%, Norway 5.9%, France 5.4%, Netherlands4.4%, US 4.0% (1995)

Imports
total value: $42.4 billion (c.i.f., 1996 est.)
commodities: machinery and equipment, petroleum 25%, chemicals, grain and foodstuffs,textiles, paper
partners : Germany 21.7%, Sweden 11.7%, Netherlands 7.0%, UK 6.6%, France 5.2%,Norway 4.9%, US 4.7%, Japan 3.5%, FSU 1.7% (1995)

Debt - external $44 billion (1996 est.)

Economic aid
donor: ODA, $1.34 billion (1993)

Currency 1 Danish krone (DKr) = 100 oere

Exchange rates Danish kroner (DKr) per US$1 - 6.117 (January 1997), 5.799 (1996), 5.602(1995), 6.361 (1994), 6.484 (1993), 6.036 (1992)

Fiscal year calendar year

NOTE: The information regarding Denmark on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Denmark Economy 1997 information contained here. All suggestions for corrections of any errors about Denmark Economy 1997 should be addressed to the CIA.