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Denmark Economy 2017
https://theodora.com/wfbcurrent/denmark/denmark_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Denmark Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
This thoroughly modern market economy features a high-tech agricultural sector, advanced industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a net exporter of food, oil, and gas and enjoys a comfortable balance of payments surplus, but depends on imports of raw materials for the manufacturing sector. Danes enjoy a high standard of living and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. An aging population will be a major long-term issue.Denmark is a member of the EU; Danish legislation and regulations conform to EU standards on almost all issues. Despite previously meeting the criteria to join the European Economic and Monetary Union, Denmark has negotiated an opt-out with the EU and is not required to adopt the euro. 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 but, with significant regional differences, have since recovered. Household indebtedness is still relatively high at more than 305% of net disposable income in 2014, while household net worth - from private pension schemes and other assets - amounted to 546% of net disposable income.The global financial crisis exacerbated this cyclical slowdown by increasing domestic borrowing costs and lowering foreign demand for Danish exports. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009. The structural budget deficit has remained below 1% and is estimated at -0.4% in 2016. Denmark is experiencing a lackluster economic recovery, having still not regained the GDP level of 2008. GDP contracted in 2012 and 2013, followed by real growth of 1.3% in 2014, and 1.2% in 2015. The government projects 1.9% growth in 2016, while private sector estimates are about 1% growth. A historically low level of unemployment rose with the economic downturn but the labor market has strengthened since 2013, and unemployment stood at about 4.5% in early 2016, based on the national measure. Productivity growth was significantly below the OECD average in 2012–2014.

GDP (purchasing power parity):
$264.8 billion (2016 est.) $262.2 billion (2015 est.) $259.6 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 61
[see also: GDP country ranks ]

GDP (official exchange rate):
$302.6 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1% (2016 est.) 1% (2015 est.) 1.3% (2014 est.)
country comparison to the world: 172
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$46,600 (2016 est.) $46,300 (2015 est.) $46,100 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 31
[see also: GDP - per capita country ranks ]

Gross national saving:
26.3% of GDP (2016 est.) 26.6% of GDP (2015 est.) 27.6% of GDP (2014 est.)
country comparison to the world: 42
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 47.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 25.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 18.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 50.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -43.1% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 75.5% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
barley, wheat, potatoes, sugar beets; pork, dairy products; fish

Industries:
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 eq

Industrial production growth rate:
0.8% (2016 est.)
country comparison to the world: 156
[see also: Industrial production growth rate country ranks ]

Labor force:
2.825 million (2016 est.)
country comparison to the world: 105
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 77.1% (2011 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.2% (2016 est.) 4.6% (2015 est.)
country comparison to the world: 41
[see also: Unemployment rate country ranks ]

Population below poverty line:
13.4% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.7% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
24.8 (2011 est.) 24.7 (1992)
country comparison to the world: 143
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $156.9 billion
[see also: Budget revenues country ranks ]
expenditures: $164.5 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
51.8% of GDP (2016 est.)
country comparison to the world: 11
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.5% of GDP (2016 est.)
country comparison to the world: 82
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
39.6% of GDP (2016 est.) 40.2% of GDP (2015 est.)
note: data cover general government debt and include 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 int
country comparison to the world: 119
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.4% (2016 est.) 0.5% (2015 est.)
country comparison to the world: 47
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.75% (31 December 2011) 0.75% (31 December 2010)
country comparison to the world: 126
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.7% (31 December 2016 est.) 3.42% (31 December 2015 est.)
country comparison to the world: 158
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$148.1 billion (31 December 2016 est.) $151.9 billion (31 December 2015 est.)
country comparison to the world: 27
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$181.1 billion (31 December 2014 est.) $189.2 billion (31 December 2013 est.)
country comparison to the world: 43
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$619.8 billion (31 December 2016 est.) $632.9 billion (31 December 2015 est.)
country comparison to the world: 21
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$224.9 billion (31 December 2012 est.) $179.5 billion (31 December 2011 est.) $231.7 billion (31 December 2010 est.)
country comparison to the world: 31
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$20.34 billion (2016 est.) $20.75 billion (2015 est.)
country comparison to the world: 17
[see also: Current account balance country ranks ]

Exports:
$93.6 billion (2016 est.) $95.97 billion (2015 est.)
country comparison to the world: 35
[see also: Exports country ranks ]

Exports - commodities:
machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills

Exports - partners:
Germany 17.8%, Sweden 11.6%, US 8.4%, Norway 6.3%, UK 6.3%, Netherlands 4.4%, China 4.2% (2015)

Imports:
$82.29 billion (2016 est.) $85.02 billion (2015 est.)
country comparison to the world: 37
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods

Imports - partners:
Germany 20.4%, Sweden 12.3%, Netherlands 8.1%, China 7.3%, Norway 6.1%, UK 4.4% (2015)

Reserves of foreign exchange and gold:
$61.8 billion (31 December 2016 est.) $65.19 billion (31 December 2015 est.)
country comparison to the world: 31
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$484.8 billion (31 March 2016 est.) $519.8 billion (31 March 2015 est.)
country comparison to the world: 25
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$135.1 billion (31 December 2016 est.) $133.3 billion (31 December 2015 est.)
country comparison to the world: 41
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$242.7 billion (31 December 2016 est.) $239.2 billion (31 December 2015 est.)
country comparison to the world: 24
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Danish kroner (DKK) per US dollar - 6.865 (2016 est.) 6.7236 (2015 est.) 6.7236 (2014 est.) 5.6125 (2013 est.) 5.79 (2012 est.)


NOTE: The information regarding Denmark on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Denmark Economy 2017 information contained here. All suggestions for corrections of any errors about Denmark Economy 2017 should be addressed to the CIA.




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