Denmark Economy
Economy - overviewThis 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. Given the sluggish state of the European economy, growth in 2003 was a mere 0.3%.
GDP
purchasing power parity - $167.2 billion (2003 est.)
GDP - real growth rate
0% (2003 est.)
GDP - per capita
purchasing power parity - $31,100 (2003 est.)
GDP - composition by sector
agriculture: 2%
industry: 22.1%
services: 75.9% (2003 est.)
Investment
19.9% of GDP (2003)
Population below poverty line
NA
Household income or consumption by percentage share
lowest 10%: 2%
highest 10%: 24% (2000 est.)
Distribution of family income - Gini index
24.7 (1992)
Inflation rate
2.1% (2003 est.)
Labor force
2.863 million (2003 est.)
Labor force - by occupation
agriculture 4%, industry 17%, services 79% (2002 est.)
Unemployment rate
6.1% (2003)
Budget
revenues: $118.5 billion
expenditures: $116 billion, including capital expenditures of $500 million (2003 est.)
Public debt
45% of GDP (2003)
Agriculture - products
barley, wheat, potatoes, sugar beets; pork, dairy products; fish
Industries
food processing, machinery and equipment, textiles and clothing, chemical products, electronics, construction, furniture and other wood products, shipbuilding, windmills
Industrial production growth rate
0.3% (2003 est.)
Electricity - production
35.47 billion kWh (2001)
Electricity - consumption
32.41 billion kWh (2001)
Electricity - exports
8.775 billion kWh (2001)
Electricity - imports
8.199 billion kWh (2001)
Oil - production
346,200 bbl/day (2001 est.)
Oil - consumption
218,000 bbl/day (2001 est.)
Oil - exports
332,100 bbl/day (2001)
Oil - imports
195,000 bbl/day (2001)
Oil - proved reserves
1.23 billion bbl (1 January 2002)
Natural gas - production
8.38 billion cu m (2001 est.)
Natural gas - consumption
5.28 billion cu m (2001 est.)
Natural gas - exports
3.1 billion cu m (2001 est.)
Natural gas - imports
0 cu m (2001 est.)
Natural gas - proved reserves
81.98 billion cu m (1 January 2002)
Current account balance
$6.397 billion (2003)
Exports
$64.16 billion f.o.b. (2003 est.)
Exports - commodities
machinery and instruments, meat and meat products, dairy products, fish, chemicals, furniture, ships, windmills
Exports - partners
Germany 18.7%, Sweden 12.6%, UK 8.5%, US 6.2%, Norway 5.7%, France 5.1%, Netherlands 4.7% (2003)
Imports
$54.47 billion f.o.b. (2003 est.)
Imports - commodities
machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods
Imports - partners
Germany 23.1%, Sweden 13%, UK 7%, Netherlands 6.9%, France 4.9%, Norway 4.5%, Italy 4.1% (2003)
Reserves of foreign exchange & gold
$37.98 billion (2003)
Debt - external
$21.7 billion (2000)
Currency
Danish krone (DKK)
Currency code
DKK
Exchange rates
Danish kroner per US dollar - 6.5877 (2003), 7.8947 (2002), 8.3228 (2001), 8.0831 (2000), 6.9762 (1999)
