Short facts about the economy in 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, and high
dependence on foreign trade. Denmark is a net exporter of food and energy and
has a comfortable balance of payments surplus. The center-left coalition
government has reduced the formerly high unemployment rate and attained a budget
surplus as well as followed the previous government's policies of maintaining
low inflation and a stable currency. The coalition has lowered marginal income
tax rates and raised environmental taxes thus maintaining overall tax revenues.
Problems of bottlenecks, and longer term demographic changes reducing the labor
force, are being addressed through labor market reforms. 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
Monetary Union (EMU), but Denmark, in a September 2000 referendum, reconfirmed
its decision not to join the 11 other EU members in the euro. Even so, the
Danish currency remains pegged to the euro. |
| GDP: |
purchasing power parity - $136.2
billion (2000 est.) |
| GDP - real
growth rate: |
2.8% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $25,500 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 3%
industry: 25%
services: 72% (2000
est.) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: 2%
highest 10%: 24% (2000
est.) |
| Inflation
rate (consumer prices): |
2.9% (2000
est.) |
| Labor
force: |
2.856 million (2000
est.) |
| Labor force
- by occupation: |
services 79%, industry 17%, agriculture
4% (2000 est.) |
| Unemployment
rate: |
5.3%
(2000) |
| Budget: |
revenues: $52.9 billion
expenditures: $51.3 billion, including
capital expenditures of $500 million (2001
est.) |
| Industries: |
food processing, machinery and
equipment, textiles and clothing, chemical products, electronics, construction,
furniture, and other wood products, shipbuilding,
windmills |
| Industrial
production growth rate: |
3% (2000
est.) |
| Electricity
- production: |
37.885 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 88.4%
hydro: 0.07%
nuclear:
0%
other: 11.53% (1999) |
| Electricity
- consumption: |
32.916 billion kWh
(1999) |
| Electricity
- exports: |
7.28 billion kWh
(1999) |
| Electricity
- imports: |
4.963 billion kWh
(1999) |
| Agriculture
- products: |
grain, potatoes, rape, sugar beets;
pork and beef, dairy products; fish |
| Exports: |
$50.8 billion (f.o.b.,
2000) |
| Exports -
commodities: |
machinery and instruments, meat and
meat products, dairy products, fish, chemicals, furniture, ships,
windmills |
| Exports -
partners: |
EU 66.5% (Germany 20.1%, Sweden 11.7%,
UK 9.6%, France 5.3%, Netherlands 4.7%), Norway 5.8%, US 5.4%
(1999) |
| Imports: |
$43.6 billion (f.o.b.,
2000) |
| Imports -
commodities: |
machinery and equipment, raw materials
and semimanufactures for industry, chemicals, grain and foodstuffs, consumer
goods |
| Imports -
partners: |
EU 72.1% (Germany 21.6%, Sweden 12.4%,
UK 8.0%, Netherlands 8.0%, France 5.8%), Norway 4.2%, US 4.5%
(1999) |
| Debt -
external: |
$21.7 billion
(2000) |
| Economic aid
- donor: |
ODA, $1.63 billion
(1999) |
| Currency: |
Danish krone
(DKK) |
| Exchange
rates: |
Danish kroner per US dollar - 7.951
(January 2001), 8.083 (2000), 6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799
(1996); note - the Danes rejected the Euro in a 28 September 2000
referendum |
| Fiscal
year: |
calendar year | Source: World Factbook |
