About Denmark and Key Financial Statistics









About Denmark and Key Financial Statistics



Overview of Economy:

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 a high standard of living 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 and, following a short respite in 2010, have since continued to decline. Household indebtedness is still relatively high at more than 275% of gross disposable income in the first half of 2013. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. Denmark made a modest recovery in 2010, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011 and has been slow to emerge from it in 2012-14 . Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-13, based on the national measure, about two-thirds average EU unemployment. 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 in 2009, where it remains. In spite of the deficits, the new coalition government delivered a modest stimulus to the economy in 2012. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), Denmark has negotiated an opt-out with the EU and is not required to adopt the euro.



Gross Domestic Product (In USD):

$250.7 billion (2014 est.)
$248 billion (2013 est.)
$249.2 billion (2012 est.)



Composition of Gross Domestic Product:


% Agricuture: 1.4

% Industry: 22.5

% Services: 76.2


Composition of Labor Force by Occupation:

% Agriculture: 2.6

% Industry: 20.3

% Services: 77.1


Per Capita Income:

$44,600 (2014 est.)
$44,100 (2013 est.)
$44,400 (2012 est.)



Exports:

$111.4 billion (2014 est.)
$111.7 billion (2013 est.)



Key Export Commodities:

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



Export Partners:

Germany 18.6%, Sweden 12.1%, UK 8.1%, US 6.7%, Norway 6.5%, Netherlands 4.4% (2014)



Imports:

$101.3 billion (2014 est.)
$99.79 billion (2013 est.)



Key Import Commodities:

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



Import Partners:

Germany 21.3%, Sweden 12.8%, Netherlands 8%, Norway 6.3%, China 6.3%, UK 4.9% (2014)



Inflation Rate (Consumer Price Index):


0.6% (2014 est.)
0.8% (2013 est.)



Exchange Rate to USD:

Danish kroner (DKK) per US dollar -
5.6125 (2014 est.)
5.6125 (2013 est.)
5.79 (2012 est.)
5.3687 (2011 est.)
5.6241 (2010 est.)




Unemployment Rate:

4.9% (2014 est.)
5.6% (2013 est.)


S&P Rating:



Standard & Poor's Ratings:

  • AAA: The best quality borrowers, reliable and stable
  • AA: Quality borrowers, a bit higher risk than AAA
  • A: Economic situation can affect finance
  • BBB: Medium class borrowers, which are satisfactory at the moment
  • BB: More prone to changes in the economy
  • B: Financial situation varies noticeably
  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.






Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings