Economy Of Denmark
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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, comfortable living standards, a stable currency, and high dependence on foreign trade. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus. Government objectives include streamlining the bureaucracy and further privatization of state assets. 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 Denmark has decided not to join 12 other EU members in the euro; even so, the Danish Krone remains pegged to the euro. Given the sluggish state of the European economy, growth in 2003 was a mere 0.3%.
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GDP
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purchasing power parity - $167.2 billion (2004 est.)
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GDP - real growth rate
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0% (2004 est.)
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GDP - per capita
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purchasing power parity - $31,100 (2004 est.)
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GDP - composition by sector
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agriculture: 2%
industry: 22.1%
services: 75.9% (2004 est.)
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Investment gross fixed
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19.9% of GDP (2004 est.)
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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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24.7 (1992)
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Inflation rate consumer prices
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2.1% (2004 est.)
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Labor force
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2.863 million (2004 est.)
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Labor force by occupation
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agriculture 4%, industry 17%, services 79% (2002 est.)
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Unemployment rate
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6.1% (2004 est.)
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Budget
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revenues: $118.5 billion
expenditures: $116 billion, including capital expenditures of $500 million (2004 est.)
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Public debt
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45% of GDP (2004 est.)
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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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food processing, machinery and equipment, textiles and clothing, chemical products, electronics, construction, furniture and other wood products, shipbuilding, windmills
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Industrial production growth rate
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0.3% (2004 est.)
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Electricity production
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35.47 billion kWh (2001)
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Electricity production by source
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fossil fuel: 82.7%
hydro: 0.1%
other: 17.3% (2001)
nuclear: 0%
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Electricity consumption
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32.41 billion kWh (2001)
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Electricity exports
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8.775 billion kWh (2001)
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Electricity imports
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8.199 billion kWh (2001)
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Oil production
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346,200 bbl/day (2001 est.)
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Oil consumption
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218,000 bbl/day (2001 est.)
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Oil exports
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332,100 bbl/day (2001)
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Oil imports
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195,000 bbl/day (2001)
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Oil proved reserves
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1.23 billion bbl (1 January 2002)
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Natural gas production
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8.38 billion cu m (2001 est.)
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Natural gas consumption
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5.28 billion cu m (2001 est.)
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Natural gas exports
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3.1 billion cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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81.98 billion cu m (1 January 2002)
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Current account balance
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$6.397 billion (2004 est.)
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Exports
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$64.16 billion f.o.b. (2004 est.)
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Exports commodities
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machinery and instruments, meat and meat products, dairy products, fish, chemicals, furniture, ships, windmills
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Exports partners
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Germany 18.7%, Sweden 12.6%, UK 8.5%, US 6.2%, Norway 5.7%, France 5.1%, Netherlands 4.7% (2003)
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Imports
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$54.47 billion f.o.b. (2003 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 23.1%, Sweden 13%, UK 7%, Netherlands 6.9%, France 4.9%, Norway 4.5%, Italy 4.1% (2003)
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Reserves of foreign exchange gold
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$37.98 billion (2003)
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Debt external
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$21.7 billion (2000)
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Economic aid recipient
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Currency
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Danish krone (DKK)
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Currency code
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DKK
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Exchange rates
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Danish kroner per US dollar - 6.5877 (2003), 7.8947 (2002), 8.3228 (2001), 8.0831 (2000), 6.9762 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Danish Translation , English to Faroese Translation , English to Greenlandic Translation , English to German Translation .
This information was reproduced in part from the CIA World Fact book.
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