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 2.1% in 2017. The expansion is expected to decline slightly in 2018. Unemployment stood at 5.5% in 2017, based on the national labor survey. 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. Since 2014 the balance has shifted between surplus and deficit. In 2017 there was a surplus of 1.0%. The government projects a lower deficit in 2018 and 2019 of 0.7%, and public debt (EMU debt) as a share of GDP is expected to decline to 35.6% in 2018 and 34.8% in 2019. The Danish Government plans to address increasing municipal, public housing and integration spending in 2018.
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 - partners: Exports - commodities: 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:
$287.8 billion
(2017 est.)
$281.4 billion
(2016 est.)
$276 billion
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
60
[see also: GDP country ranks ]
$325.6 billion
(2017 est.)
[see also: GDP (official exchange rate) country ranks ]
2.3%
(2017 est.)
2%
(2016 est.)
1.6%
(2015 est.)
country comparison to the world:
139
[see also: GDP - real growth rate country ranks ]
$50,100
(2017 est.)
$49,300
(2016 est.)
$48,800
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
30
[see also: GDP - per capita country ranks ]
28.8% of GDP
(2017 est.)
28.3% of GDP
(2016 est.)
28.7% of GDP
(2015 est.)
country comparison to the world:
35
[see also: Gross national saving country ranks ]
household consumption: 48%
(2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 25.2%
(2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20%
(2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.2%
(2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 54.5%
(2017 est.)
[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 ]
agriculture: 1.3%
(2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 22.9%
(2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 75.8%
(2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
barley, wheat, potatoes, sugar beets; pork, dairy products; fish
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
2.5%
(2017 est.)
country comparison to the world:
116
[see also: Industrial production growth rate country ranks ]
2.998 million
(2017 est.)
country comparison to the world:
104
[see also: Labor force country ranks ]
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 ]
5.7%
(2017 est.)
6.2%
(2016 est.)
country comparison to the world:
84
[see also: Unemployment rate country ranks ]
13.4%
(2011 est.)
note: excludes students
[see also: Population below poverty line country ranks ]
lowest 10%: 9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 23.4%
(2016 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
29
(2016 est.)
27.5
(2010 est.)
country comparison to the world:
139
[see also: Distribution of family income - Gini index country ranks ]
revenues: 172.5 billion
(2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 168.9 billion
(2017 est.)
[see also: Budget - expenditures country ranks ]
53% (of GDP)
(2017 est.)
country comparison to the world:
12
[see also: Taxes and other revenues country ranks ]
1.1% (of GDP)
(2017 est.)
country comparison to the world:
30
[see also: Budget surplus (+) or deficit (-) country ranks ]
35.3% of GDP
(2017 est.)
37.9% of GDP
(2016 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 intra-governmental debt; intragovernmental 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:
151
[see also: Public debt country ranks ]
calendar year
1.1%
(2017 est.)
0.3%
(2016 est.)
country comparison to the world:
58
[see also: Inflation rate (consumer prices) country ranks ]
0%
(31 December 2017)
0%
(31 December 2016)
country comparison to the world:
151
[see also: Central bank discount rate country ranks ]
2.84%
(31 December 2017 est.)
3.25%
(31 December 2016 est.)
country comparison to the world:
176
[see also: Commercial bank prime lending rate country ranks ]
$193.2 billion
(31 December 2017 est.)
$159.3 billion
(31 December 2016 est.)
country comparison to the world:
25
[see also: Stock of narrow money country ranks ]
$193.2 billion
(31 December 2017 est.)
$159.3 billion
(31 December 2016 est.)
country comparison to the world:
25
[see also: Stock of broad money country ranks ]
$693.8 billion
(31 December 2017 est.)
$630.5 billion
(31 December 2016 est.)
country comparison to the world:
21
[see also: Stock of domestic credit country ranks ]
$361.2 billion
(31 December 2016 est.)
$352 billion
(31 December 2015 est.)
$271.4 billion
(31 December 2014 est.)
country comparison to the world:
28
[see also: Market value of publicly traded shares country ranks ]
$24.82 billion
(2017 est.)
$22.47 billion
(2016 est.)
country comparison to the world:
14
[see also: Current account balance country ranks ]
$113.6 billion
(2017 est.)
$103.6 billion
(2016 est.)
country comparison to the world:
34
[see also: Exports country ranks ]
Germany 15.5%, Sweden 11.6%, UK 8.2%, US 7.5%, Norway 6%, China 4.4%, Netherlands 4.4%
(2017)
wind turbines, pharmaceuticals, machinery and instruments, meat and meat products, dairy products, fish, furniture and design
$94.93 billion
(2017 est.)
$86.81 billion
(2016 est.)
country comparison to the world:
37
[see also: Imports country ranks ]
machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods
Germany 21.3%, Sweden 11.9%, Netherlands 7.8%, China 7.1%, Norway 6.3%, Poland 4%
(2017)
$75.25 billion
(31 December 2017 est.)
$64.25 billion
(31 December 2016 est.)
country comparison to the world:
30
[see also: Reserves of foreign exchange and gold country ranks ]
$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 ]
$188.7 billion
(31 December 2017 est.)
$147.9 billion
(31 December 2016 est.)
country comparison to the world:
32
[see also: Stock of direct foreign investment - at home country ranks ]
$287.9 billion
(31 December 2017 est.)
$235.4 billion
(31 December 2016 est.)
country comparison to the world:
23
[see also: Stock of direct foreign investment - abroad country ranks ]
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.)
