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Denmark Economy

    Economy—overview: This thoroughly modern market 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 a net exporter of food. The center-left coalition government will concentrate on reducing the persistently 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. The coalition also vows to maintain a stable currency. The coalition has lowered marginal income taxes while maintaining overall tax revenues; boosted industrial competitiveness through labor market and tax reforms and increased research and development funds; and improved welfare services for the neediest while cutting paperwork and delays. Denmark chose not to join the 11 other EU members who launched the euro on 1 January 1999. Because of the global slowdown, GDP growth may fall to 1% in 1999.

    GDP: purchasing power parity—$124.4 billion (1998 est.)

    GDP—real growth rate: 2.6% (1998 est.)

    GDP—per capita: purchasing power parity—$23,300 (1998 est.)

    GDP—composition by sector:
    agriculture: 4%
    industry: 27%
    services: 69% (1997)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: 3.6%
    highest 10%: 20.5% (1992)

    Inflation rate (consumer prices): 1.8% (1998 est.)

    Labor force: 2,895,950

    Labor force—by occupation: private services 40%, government services 30%, manufacturing and mining 19%, construction 6%, agriculture, forestry, and fishing 5% (1995)

    Unemployment rate: 6.5% (1998 est.)

    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, chemical products, electronics, construction, furniture, and other wood products, shipbuilding

    Industrial production growth rate: 1.3% (1996)

    Electricity—production: 50.608 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 97.6%
    hydro: 0.05%
    nuclear: 0%
    other: 2.35% (1996)

    Electricity—consumption: 35.208 billion kWh (1996)

    Electricity—exports: 19.2 billion kWh (1996)

    Electricity—imports: 3.8 billion kWh (1996)

    Agriculture—products: grain, potatoes, rape, sugar beets; beef, dairy products; fish

    Exports: $48.8 billion (f.o.b., 1998)

    Exports—commodities: machinery and instruments, meat and meat products, fuels, dairy products, ships, fish, chemicals

    Exports—partners: Germany 21.4%, Sweden 11.6%, UK 9.6%, Norway 6.2%, France 5.3%, US 4.6%, Netherlands 4.5% (1997)

    Imports: $46.1 billion (f.o.b., 1998)

    Imports—commodities: machinery and equipment, petroleum, chemicals, grain and foodstuffs, textiles, paper

    Imports—partners: Germany 21.7%, Sweden 12.7%, Netherlands 7.8%, UK 7.6%, France 5.6%, Norway 5.2%, US 5.0%, Japan (1997)

    Debt—external: $44 billion (1996 est.)

    Economic aid—donor: ODA, $1.6 billion (1995)

    Currency: 1 Danish krone (DKr) = 100 oere

    Exchange rates: Danish kroner (DKr) per US$1—6.408 (January 1999), 6.701 (1998), 6.604 (1997), 5.799 (1996), 5.602 (1995), 6.361 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)