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Denmark Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Denmark Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
This thoroughly modern market economy features advanced industry with world-leading firms in pharmaceuticals, maritime shipping, and renewable energy, and a high-tech agricultural 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 long-term issue.Denmark’s small open economy is highly dependent on foreign trade, and the government strongly supports trade liberalization. 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.Denmark is a member of the EU but not the eurozone. 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.Denmark is experiencing a modest economic expansion. The economy grew by 2.0% in 2016 and an estimated 2.3% in 2017. The expansion is expected to decline slightly in 2018. Unemployment stood at 5.8% in 2017, based on the national measure. The labor market was tight in 2017, with corporations experiencing some difficulty finding appropriately-skilled workers to fill billets. The Danish Government offers extensive programs to train unemployed persons to work in sectors that need qualified workers.Denmark maintained a healthy budget surplus for many years up to 2008, but the global financial crisis swung the budget balance into deficit. The 2017 deficit was 0.6%. The government projects a lower deficit in 2018, and public debt (EMU debt) as a share of GDP is expected to decline. The Danish Government plans to address tax reform and increased defense spending in 2018.

GDP (purchasing power parity):
$285.5 billion (2017 est.) $280.1 billion (2016 est.) $275.4 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 60

GDP (official exchange rate):
$324.1 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.9% (2017 est.) 1.7% (2016 est.) 1.6% (2015 est.)
country comparison to the world: 159
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$49,600 (2017 est.) $49,100 (2016 est.) $48,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 31

Gross national saving:
27.9% of GDP (2017 est.) 28.2% of GDP (2016 est.) 28.9% of GDP (2015 est.)
country comparison to the world: 38
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 48%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 25.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 54.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -47.5% (2017 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: 23.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 75.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
wind turbines, pharmaceuticals, medical equipment, shipbuilding and refurbishment, iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, construction, furniture and other wood products

Industrial production growth rate:
2% (2017 est.)
country comparison to the world: 139
[see also: Industrial production growth rate country ranks ]

Labor force:
2.998 million (2017 est.)
country comparison to the world: 104
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.4%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 79.3% (2016 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.8% (2017 est.) 6.2% (2016 est.)
country comparison to the world: 80
[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)

Distribution of family income - Gini index:
28.8 (2015 est.) 25.7 (2005 est.)
country comparison to the world: 132
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $173.5 billion
[see also: Budget - revenues country ranks ]
expenditures: $175.5 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
53.5% of GDP (2017 est.)
country comparison to the world: 11
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.6% of GDP (2017 est.)
country comparison to the world: 51
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
35.1% of GDP (2017 est.) 37.7% of GDP (2016 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
country comparison to the world: 146
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1% (2017 est.) 0.3% (2016 est.)
country comparison to the world: 43
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (2016) 0.05% (2015)
country comparison to the world: 148
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.9% (31 December 2017 est.) 3.25% (31 December 2016 est.)
country comparison to the world: 169
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$191.5 billion (31 December 2017 est.) $159.3 billion (31 December 2016 est.)
country comparison to the world: 26
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$201.8 billion (31 December 2017 est.) $173.4 billion (31 December 2016 est.)
country comparison to the world: 39
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$739.9 billion (31 December 2017 est.) $637.3 billion (31 December 2016 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: 32
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$23.61 billion (2017 est.) $24.09 billion (2016 est.)
country comparison to the world: 14
[see also: Current account balance country ranks ]

Exports:
$113.2 billion (2017 est.) $103.6 billion (2016 est.)
country comparison to the world: 35
[see also: Exports country ranks ]

Exports - commodities:
wind turbines, pharmaceuticals, machinery and instruments, meat and meat products, dairy products, fish, furniture and design

Exports - partners:
Germany 16.3%, Sweden 11.9%, US 8.2%, UK 6.5%, Norway 6.1%, Netherlands 5.1%, China 4.4% (2016)

Imports:
$94.61 billion (2017 est.) $86.39 billion (2016 est.)
country comparison to the world: 35
[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 21.4%, Sweden 12.2%, Netherlands 8%, China 7.3%, Norway 5.5%, UK 4.2% (2016)

Reserves of foreign exchange and gold:
$68.8 billion (31 December 2017 est.) $64.25 billion (31 December 2016 est.)
country comparison to the world: 32
[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: 24
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$145.9 billion (31 December 2017 est.) $147.9 billion (31 December 2016 est.)
country comparison to the world: 37
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$248 billion (31 December 2017 est.) $235.4 billion (31 December 2016 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 - 6.586 (2017 est.) 6.7309 (2016 est.) 6.7309 (2015 est.) 6.7236 (2014 est.) 5.6125 (2013 est.)


NOTE: 1) The information regarding Denmark on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Denmark Economy 2018 information contained here. All suggestions for corrections of any errors about Denmark Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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