Topic
World
Business | Europe
Online | Europe
Business | Denmark
Economy - overview:
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. Growth in 2004 was sluggish, yet above the scanty 0.3% of 2003. Because
of high GDP per capita, welfare benefits, a low Gini index, and political
stability, the Danish people enjoy living standards topped by no other
nation. A major long-term issue will be the sharp decline in the ratio
of workers to retirees. |
Accommodations - Places to Stay
Denmark
Hotels
Europe
Hotels
International
Hotel Search
Agriculture
barley, wheat, potatoes, sugar beets;
pork, dairy products; fish
Airlines
Airlines
in Europe
Airlines
Worldwide
Airports
Airports
in Europe
Airports
Worldwide
Country Budget
revenues: $136.1 billion
expenditures: $133.4 billion, including
capital expenditures of $500 million (2004 est.)
Currency (code)
Danish krone (DKK)
Currency Exchange Rate
Danish kroner per US dollar - 5.9911
(2004), 6.5877 (2003), 7.8947 (2002), 8.3228 (2001), 8.0831 (2000)
Fiscal Year
calendar year
GDP (Gross Domestic Product)
GDP (purchasing power parity):
$174.4 billion (2004 est.)
GDP - real growth rate: 2.1%
(2004 est.)
GDP - per capita: purchasing
power parity - $32,200 (2004 est.)
GDP - composition by sector:
agriculture: 2.2%
industry: 25.5%
services: 72.3% (2004 est.)
Imports / Exports
Exports: $73.06 billion f.o.b.
(2004 est.)
Exports - commodities: machinery
and instruments, meat and meat products, dairy products, fish, chemicals,
furniture, ships, windmills
Exports - partners: Germany
18%, Sweden 13.2%, UK 8.7%, US 5.8%, Netherlands 5.5%, Norway 5.4%, France
5% (2004)
Imports: $63.45 billion f.o.b.
(2004 est.
Imports - commodities: machinery
and equipment, raw materials and semimanufactures for industry, chemicals,
grain and foodstuffs, consumer goods
Imports - partners: Germany
22.3%, Sweden 13.5%, Netherlands 6.8%, UK 6.1%, France 4.5%, Norway 4.5%,
Italy 4.1%, China 4% (2004)
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
Investing
Forex,
Foreign Exchange Market: Currency Trading
Labor Force & Unemployment Rate
Labor force: 2.87 million
(2004 est.)
Labor force - by occupation:
agriculture 4%, industry 17%, services 79% (2002 est.)
Unemployment rate: 6.2% (2004
est.)
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