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Denmark Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











Denmark Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 21,

Economy - overview:
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. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy among the highest standards of living in the world and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus, but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. 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 and held growth to about 1.7% in 2010-11. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-11, based on the national measure, about two-thirds the level of the EU; harmonized to OECD standards the unemployment rate was about 8% at the end of 2010. 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 and the new coalition government plans to deliver a modest stimulus to the economy in 2012. 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. Denmark will occupy the EU presidency during the first half of 2012 and is promoting priorities involving a responsible, dynamic, green, and safe Europe. In addition, one of Denmark's most important objectives will be to help steer Europe out of its euro zone economic crisis.

GDP (purchasing power parity):
$208.8 billion (2011 est.)
country comparison to the world: 54

$205.7 billion (2010 est.)
$202.2 billion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$349.1 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2011 est.)
country comparison to the world: 177

1.7% (2010 est.)
-5.2% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$40,200 (2011 est.)
country comparison to the world: 22

$39,400 (2010 est.)
$37,700 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 1.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 22.1%
[see also: GDP - composition by sector - industry country ranks ]
services: 76.7% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
2.857 million (2011 est.)
country comparison to the world: 104
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 77.3% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.2% (2011 est.)
country comparison to the world: 65

6% (2010)
[see also: Unemployment rate country ranks ]

Population below poverty line:
12.1% (2007)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.7% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
29 (2007)
country comparison to the world: 121

24.7 (1992)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
16.1% of GDP (2011 est.)
country comparison to the world: 158
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $184 billion
[see also: Budget revenues country ranks ]
expenditures: $197.4 billion (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
52.7% of GDP (2011 est.)
country comparison to the world: 12
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.8% of GDP (2011 est.)
country comparison to the world: 120
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
46.9% of GDP (2011 est.)
country comparison to the world: 57

43.7% of GDP (2010)
note: data cover general Government Debt, and includes 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; intra-governmental 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.
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
2.8% (2011 est.)
country comparison to the world: 42

2.3% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.75% (31 December 2010 est.)
country comparison to the world: 131

1% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.3% (31 December 2011 est.)
country comparison to the world: 170

4.3% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$144.9 billion (31 December 2011 est.)
country comparison to the world: 26

$146.8 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$174.9 billion (31 December 2010 est.)
country comparison to the world: 43

$197.1 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$680.8 billion (31 December 2011 est.)
country comparison to the world: 22

$672.9 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$231.7 billion (31 December 2010)
country comparison to the world: 30

$186.9 billion (31 December 2009)
$131.5 billion (31 December 2008)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
barley, wheat, potatoes, sugar beets; pork, dairy products; fish

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, pharmaceuticals, medical equipment

Industrial production growth rate:
0.8% (2011 est.)
country comparison to the world: 147
[see also: Industrial production growth rate country ranks ]

Electricity - production:
34.15 billion kWh (2009 est.)
country comparison to the world: 61
[see also: Electricity - production country ranks ]

Electricity - consumption:
33.41 billion kWh (2008 est.)
country comparison to the world: 57
[see also: Electricity - consumption country ranks ]

Electricity - exports:
10.88 billion kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
333 million kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
247,500 bbl/day (2010 est.)
country comparison to the world: 39
[see also: Oil - production country ranks ]

Oil - consumption:
167,500 bbl/day (2010 est.)
country comparison to the world: 61
[see also: Oil - consumption country ranks ]

Oil - exports:
266,700 bbl/day (2009 est.)
country comparison to the world: 45
[see also: Oil - exports country ranks ]

Oil - imports:
173,900 bbl/day (2009 est.)
country comparison to the world: 55
[see also: Oil - imports country ranks ]

Natural gas - production:
8.171 billion cu m (2010 est.)
country comparison to the world: 45
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
4.948 billion cu m (2010 est.)
country comparison to the world: 60
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
3.52 billion cu m (2010 est.)
country comparison to the world: 32
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
138 million cu m (2010 est.)
country comparison to the world: 70
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
58.13 billion cu m (1 January 2011 est.)
country comparison to the world: 63
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$23.2 billion (2011 est.)
country comparison to the world: 18

$17.08 billion (2010 est.)
[see also: Current account balance country ranks ]

Exports:
$112.4 billion (2011 est.)
country comparison to the world: 37

$96.58 billion (2010 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills

Exports - partners:
Germany 17.6%, Sweden 13.8%, UK 8.1%, US 5.9%, Norway 5.6%, Netherlands 4.8%, France 4.7% (2010)

Imports:
$100.4 billion (2011 est.)
country comparison to the world: 35

$87.44 billion (2010 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods

Imports - partners:
Germany 21.1%, Sweden 13.7%, Netherlands 7.3%, China 6.8%, UK 6.1%, Norway 5.5% (2010)

Reserves of foreign exchange and gold:
$76.52 billion (31 December 2010 est.)
country comparison to the world: 26


[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$626.9 billion (30 June 2011)
country comparison to the world: 21

$559.5 billion (30 June 2010)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$151.3 billion (31 December 2011 est.)
country comparison to the world: 26

$139.7 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$203.8 billion (31 December 2011 est.)
country comparison to the world: 20

$183 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Danish kroner (DKK) per US dollar -

5.291 (2011 est.)
5.624 (2010 est.)
5.361 (2009)
5.0236 (2008)
5.4797 (2007)


NOTE: 1) The information regarding Denmark on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Denmark Economy 2012 information contained here. All suggestions for corrections of any errors about Denmark Economy 2012 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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