Denmark

This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. The Danish economy is also characterized by extensive government welfare measures, an equitable distribution of income, and comfortable living standards. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus. After a long consumption-driven upswing, Denmark’s economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crises cut Danish GDP by 0.9% in 2008 and 4.7% in 2009. Historically low levels of unemployment rose sharply with the recession but remain below 5%, about half the level of the EU. Denmark made a modest recovery in 2010 in part because of increased government spending. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit during 2009-10. Nonetheless, Denmark’s fiscal position remains among the strongest in the EU. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro.

$204.1 billion (2010 est.)

$200.5 billion (2009 est.)

$210.4 billion (2008 est.)

$304.6 billion (2010 est.)

1.8% (2010 est.)

-4.7% (2009 est.)

-0.9% (2008 est.)

$37,000 (2010 est.)

$36,400 (2009 est.)

$38,400 (2008 est.)

2.82 million (2010 est.)

4.2% (2010 est.)

4.3% (2009 est.)

12.1% (2007)

29 (2007)

24.7 (1992)

17.5% of GDP (2010 est.)

46.6% of GDP (2010 est.)

41.5% of GDP (2009 est.)

2.2% (2010 est.)

1.3% (2009 est.)

1% (31 December 2009)

3.5% (31 December 2008)

NA% (31 December 2009 est.)

NA% (31 December 2008 est.)

$148.1 billion (31 December 2010 est)

$153.1 billion (31 December 2009 est)

$209 billion (31 December 2010 est.)

$226.8 billion (31 December 2009 est.)

$636.5 billion (31 December 2010 est.)

$671.7 billion (31 December 2009 est.)

$186.9 billion (31 December 2009)

$131.5 billion (31 December 2008)

$277.7 billion (31 December 2007)

barley, wheat, potatoes, sugar beets; pork, dairy products; fish

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, pharmaceuticals, medical equipment

4% (2010 est.)

36.4 billion kWh (2008 est.)

34.3 billion kWh (2008 est.)

11.36 billion kWh (2008)

12.82 billion kWh (2008)

262,100 bbl/day (2009 est.)

166,500 bbl/day (2009 est.)

268,500 bbl/day (2008 est.)

173,100 bbl/day (2008 est.)

1.06 billion bbl (1 January 2010 est.)

8.398 billion cu m (2009)

4.41 billion cu m (2009)

3.98 billion cu m (2009)

0 cu m (2008)

61.3 billion cu m (1 January 2010 est.)

$14.35 billion (2010 est.)

$12.43 billion (2009 est.)

$99.37 billion (2010 est.)

$91.51 billion (2009 est.)

machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills

Germany 17.53%, Sweden 12.68%, UK 8.49%, US 6.05%, Norway 6.01%, Netherlands 4.84%, France 4.57% (2009)

$90.83 billion (2010 est.)

$84.46 billion (2009 est.)

machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods

Germany 21.07%, Sweden 13.18%, Norway 7%, Netherlands 6.97%, China 6.22%, UK 5.53% (2009)

$NA (31 December 2010 est.)

$76.65 billion (31 December 2009 est.)

$559.5 billion (30 June 2010)

$588.8 billion (31 December 2008)

$149.6 billion (31 December 2010 est.)

$144.6 billion (31 December 2009 est.)

$199.8 billion (31 December 2010 est.)

$186.6 billion (31 December 2009 est.)

Danish kroner (DKK) per US dollar - 5.774 (2010), 5.3609 (2009), 5.0236 (2008), 5.4797 (2007), 5.9468 (2006)