Economy - overview:
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 a high standard of living 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 and, following a short respite in 2010, have since continued to decline. Household indebtedness is still relatively high at more than 275% of gross disposable income in the first half of 2013. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. Denmark made a modest recovery in 2010, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-13, based on the national measure, about two-thirds average EU unemployment. 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 in 2009, where it remains. In spite of the deficits, the new coalition government delivered a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU with public debt at about 46% of GDP in 2013. 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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$211.3 billion (2013 est.)
country comparison to the world: 55
$211.1 billion (2012 est.)
$211.9 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$324.3 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
0.1% (2013 est.)
country comparison to the world: 195
-0.4% (2012 est.)
1.1% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$37,800 (2013 est.)
country comparison to the world: 32
$37,800 (2012 est.)
$38,100 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
24.1% of GDP (2013 est.)
country comparison to the world: 54
22.6% of GDP (2012 est.)
23.3% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
49.1%
government consumption:
28.8%
investment in fixed capital:
17.7%
investment in inventories:
0.2%
exports of goods and services:
53.4%
imports of goods and services:
-49.2%
(2013 est.)
agriculture:
1.5%
industry:
21.7%
services:
76.8% (2013 est.)
barley, wheat, potatoes, sugar beets; pork, dairy products; fish
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
1.1% (2013 est.)
country comparison to the world: 143
[see also: Industrial production growth rate country ranks ]
2.795 million (2013 est.)
country comparison to the world: 106
[see also: Labor force country ranks ]
agriculture:
2.6%
industry:
20.3%
services:
77.1% (2011 est.)
6% (2013 est.)
country comparison to the world: 59
6% (2012 est.)
[see also: Unemployment rate country ranks ]
13.4% (2011)
[see also: Population below poverty line country ranks ]
lowest 10%:
1.9%
highest 10%:
28.7% (2007)
24.8 (2011 est.)
country comparison to the world: 137
24.7 (1992)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$181.4 billion
expenditures:
$189.7 billion (2013 est.)
55.9% of GDP (2013 est.)
country comparison to the world: 8
[see also: Taxes and other revenues country ranks ]
-2.5% of GDP (2013 est.)
country comparison to the world: 103
[see also: Budget surplus (+) or deficit (-) country ranks ]
47% of GDP (2013 est.)
country comparison to the world: 75
45.6% of GDP (2012 est.)
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
[see also: Public debt country ranks ]
calendar year
0.8% (2013 est.)
country comparison to the world: 18
2.4% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
0.75% (31 December 2011 est.)
country comparison to the world: 133
0.75% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]
3.6% (31 December 2013 est.)
country comparison to the world: 162
3.6% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$147.6 billion (31 December 2013 est.)
country comparison to the world: 26
$150.4 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$180.2 billion (31 December 2013 est.)
country comparison to the world: 42
$174.3 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$675 billion (31 December 2013 est.)
country comparison to the world: 22
$664.5 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$NA (31 December 2012 est.)
country comparison to the world: 31
$179.5 billion (31 December 2011)
$231.7 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
$19.6 billion (2013 est.)
country comparison to the world: 16
$17.44 billion (2012 est.)
[see also: Current account balance country ranks ]
$106 billion (2013 est.)
country comparison to the world: 37
$104.9 billion (2012 est.)
[see also: Exports country ranks ]
machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills
Germany 15.9%, Sweden 13.5%, UK 9.6%, US 6.6%, Norway 6.3%, Netherlands 4.6% (2012)
$98.45 billion (2013 est.)
country comparison to the world: 35
$96.77 billion (2012 est.)
[see also: Imports country ranks ]
machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods
Germany 21.2%, Sweden 13.5%, Netherlands 7.5%, China 6.4%, Norway 6.3%, UK 5.6% (2012)
$89.5 billion (31 December 2013 est.)
country comparison to the world: 24
$89.7 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$586.7 billion (31 December 2012 est.)
country comparison to the world: 24
$571.4 billion (31 December 2011)
[see also: Debt - external country ranks ]
$146 billion (31 December 2013 est.)
country comparison to the world: 31
$147.1 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$248.3 billion (31 December 2013 est.)
country comparison to the world: 21
$241.7 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
Danish kroner (DKK) per US dollar -
5.695 (2013 est.)
5.7925 (2012 est.)
5.6241 (2010 est.)
5.361 (2009)
5.0236 (2008)