Denmark Economy - 2024

Economic overview

diversified EU trade-based economy; environmental regulatory innovator; dominant services sector; increased government spending but retaining budget surpluses; currently high inflation; unique "flexicurity" labor market

Real GDP (purchasing power parity)

$353.799 billion (2022 est.)
$339.472 billion (2021 est.)
$323.751 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.8% (2022 est.)
4.86% (2021 est.)
-1.99% (2020 est.)

Real GDP per capita

$59,900 (2022 est.)
$58,000 (2021 est.)
$55,500 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$350.037 billion (2019 est.)

Inflation rate (consumer prices)

1.85% (2021 est.)
0.42% (2020 est.)
0.76% (2019 est.)

Credit ratings

Fitch rating: AAA (2003)

Moody's rating: Aaa (1999)

Standard & Poors rating: AAA (2001)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.3% (2017 est.)

industry: 22.9% (2017 est.)

services: 75.8% (2017 est.)

GDP - composition, by end use

household consumption: 48% (2017 est.)

government consumption: 25.2% (2017 est.)

investment in fixed capital: 20% (2017 est.)

investment in inventories: -0.2% (2017 est.)

exports of goods and services: 54.5% (2017 est.)

imports of goods and services: -47.5% (2017 est.)

Agricultural products

milk, wheat, barley, potatoes, sugar beets, pork, rye, rapeseed, oats, poultry

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

5.25% (2021 est.)

Labor force

3.051 million (2021 est.)

Unemployment rate

4.8% (2021 est.)
5.64% (2020 est.)
5.02% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 10.1% (2021 est.)

male: 9.7%

female: 10.6%

Population below poverty line

12.5% (2018 est.)

Gini Index coefficient - distribution of family income

27.7 (2019 est.)

Average household expenditures

on food: 11.5% of household expenditures (2018 est.)

on alcohol and tobacco: 3.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 9%

highest 10%: 23.4% (2016 est.)

Remittances

0.37% of GDP (2021 est.)
0.42% of GDP (2020 est.)
0.42% of GDP (2019 est.)

Budget

revenues: $185.645 billion (2019 est.)

expenditures: $172.408 billion (2019 est.)

Budget surplus (+) or deficit (-)

1.1% (of GDP) (2017 est.)

Public debt

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

Taxes and other revenues

34.07% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$32.465 billion (2021 est.)
$28.952 billion (2020 est.)
$30.55 billion (2019 est.)

Exports

$280.167 billion (2022 est.)
$234.262 billion (2021 est.)
$195.729 billion (2020 est.)

note: data are in current year dollars

Exports - partners

Germany 14%, United States 10%, Sweden 10%, China 6%, Norway 5% (2021)

Exports - commodities

packaged medicines, pork, refined petroleum, electric generators, cheese (2021)

Imports

$235.768 billion (2022 est.)
$208.121 billion (2021 est.)
$172.868 billion (2020 est.)

note: data are in current year dollars

Imports - partners

Germany 21%, Sweden 12%, China 9%, Netherlands 8%, Poland 4% (2021)

Imports - commodities

cars, packaged medicines, refined petroleum, crude petroleum, broadcasting equipment, computers (2021)

Reserves of foreign exchange and gold

$82.236 billion (31 December 2021 est.)
$72.823 billion (31 December 2020 est.)
$66.836 billion (31 December 2019 est.)

Debt - external

$504.808 billion (2019 est.)
$517.972 billion (2018 est.)

Exchange rates

Danish kroner (DKK) per US dollar -

Exchange rates:
6.287 (2021 est.)
6.542 (2020 est.)
6.669 (2019 est.)
6.315 (2018 est.)
6.603 (2017 est.)