. Statistikbanken.dk/10021:Befolkning og valg/(table)FOLK1AM, In this context, "self-sufficient" means that the domestic energy production is equal to the energy consumption in terms of, Economic and Monetary Union of the European Union, Danish Christmas Tree Growers Association, "World Economic Outlook Database, April 2019", "Report for Selected Countries and Subjects: April 2023", "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID", "Table NABP10: 12.1.1 Production and generation of income (10a3-grouping) by transaction, industry and price unit. Retrieved on 28 November 2018". Official websites use .gov Denmark houses a number of significant engineering and high-technology firms, within the sectors of industrial equipment, aerospace, robotics, pharmaceutical and electronics. Prior to a government-mandated culling during the COVID-19 pandemic, Denmark was the world's largest producer of mink furs, with 1,400 mink farmers fostering 17.2million mink and producing around 14million furs of the highest quality every year (see mink industry in Denmark). Website of Danmarks Nationalbank, date 14 June 2016. [69], In the first months of 2015, Denmark experienced the largest pressure against the fixed exchange rate for many years because of very large capital inflows, causing a tendency for the Danish krone to appreciate. The Budget Law also assigned the role of independent fiscal institution (IFI, informally known as "fiscal watchdog"[74]) to the already-existing independent advisory body of the Danish Economic Councils. The leading United States exports to Denmark are industrial machinery, capital equipment, computers and telecom products, software, aircraft, and scientific instruments. Retrieved on 28 November 2018", "Table VEJ11: Road network 1 January by part of the country and type of road. [112], Since 2000, Denmark has increased gross domestic product (GDP) and at the same time decreased energy consumption. The average marginal tax on personal capital income was 30.7%. Center for Alternativ Samfundsanalyse Centre for Alternative Social Analysis, Economic History Services Encyclopedia: Denmark, Organisation for Economic Co-operation and Development (OECD), Convention on the Organisation for Economic Co-operation and Development, Programme for International Student Assessment, Programme for the International Assessment of Adult Competencies, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, Patents, trademarks, and industrial design filing activity, Number of broadband Internet subscriptions, https://en.wikipedia.org/w/index.php?title=Economy_of_Denmark&oldid=1152229713, Articles with Danish-language sources (da), Short description is different from Wikidata, Articles containing potentially dated statements from 2015, All articles containing potentially dated statements, Creative Commons Attribution-ShareAlike License 3.0, wind turbines, pharmaceuticals, medical equipment, shipbuilding and refurbishment, iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, LEGO, construction, furniture and other wood products, wind turbines, pharmaceuticals, machinery and instruments, meat and meat products, dairy products, fish, furniture and design, machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods, Officially the Republic of China, participates as ", This page was last edited on 28 April 2023, at 23:53. Denmark has created a society where everyone works to help out everyone else. a likely ageing of the population caused by a considerable expansion of life expectancy), consider the Danish fiscal policy to be overly sustainable in the long run. [25], During the last three decades household saving rates in Denmark have increased considerably. The economy of Denmark has grown to become a modern day market economy that possesses an advanced industrial sector alongside its traditional and now high-tech agricultural sector. With a total area of 43,096 km2 (16,640 mi2), Denmark (excluding Greenland and the Faroe Islands) is slightly smaller than Vermont and New Hampshire combined. Both countries receive an annual fiscal subsidy from Denmark which amounts to about 25% of Greenland's GDP and 11% of Faroese GDP. Members of an A-kasse are not obliged to be members of a trade union. Vestforbrnding in Glostrup Municipality operates Denmark's largest incinerator, a cogeneration plant which supplies electricity to 80,000 households and heating equivalent to the consumption in 63,000 households (2016). According to the World Bank, gross national income per capita was the tenth-highest in the world at $55,220 in 2017. Private vehicles are increasingly used as a means of transport. [105] The railway tracks are maintained by Banedanmark. The extent of the support depends on the ability to work, and people below 40 can not receive social pension unless they are deemed incapable of any kind of work. [69] Danmarks Nationalbank reacted in various ways, chiefly by lowering its interest rates to record low levels. The nominal gross national income per capita was the ninth-highest in the world at $68,827 in 2023. 1% of GDP while still maintaining a stable government debt-to-GDP ratio in the long run. Amager Bakke is an example of a new incinerator. Data retrieved 25 November 2018", "Denmark. E ven by Washington standards, the rapid rise and equally quick descent of Sean McElwee is a dizzying story. [106], Denmark is in a strong position in terms of integrating fluctuating and unpredictable energy sources such as wind power in the grid. The number of dairy farmers has reduced to about 3,800 with an average herd size of 150 cows. Denmark is a firm advocate of liberal trade and investment policies and actively encourages foreign investment. In addition to Denmark proper, the Kingdom of Denmark comprises two autonomous constituent countries in the North Atlantic Ocean: Greenland and the Faroe Islands. This accounts for almost half of all agricultural exports and for more than 5 percent of Denmark's total exports. In 2020, Poland's GDP contracted by "only" 3.5%, significantly less than the OECD average of 5.5%. Date 2 November 2015. It's Scandinavia's most cost-efficient location with favourable business conditions. Cogeneration plants are the norm in Denmark, usually with district heating which serves 1.7million households. 4.5% annually.[39]. Denmark's economy is based on the flexicurity model, which combines a flexible labor market with a policy for the unemployed. A lock ( A locked padlock ) or https:// means youve safely connected to the .gov website. Denmark invests heavily in active labor market policies and the concept of flexicurity has been important historically. Denmark now faces a potential mild contraction of GDP in 2023 due to geopolitical developments, high inflation and energy prices, and a tight labor market. The economy is based primarily on service industries, trade, and manufacturing; only a tiny percentage of the population is engaged in agriculture and fishing. Placing it behind Luxembourg, the UK, Ireland, and Finland, but ahead of Germany, Italy, and France. Its high social mobility is not the result of an economy that is uniquely good at helping poor children earn middle-class salaries. By 1 July 2018, the net foreign wealth or net international investment position of Denmark was equal to 64.6% of GDP, Denmark thus having the largest net foreign wealth relative to GDP of any EU country. APDF readeris available from Adobe Systems Incorporated. Because we want to be a frontrunner; we want to show the world that you can have a decarbonized economy that is wealthy and provides its people with a high quality of life.". Denmark is presently the only OECD member country maintaining an independent currency with a fixed exchange rate. The Danish pig industry is among the world's leaders in areas such as breeding, quality, food safety, animal welfare and traceability creating the basis for Denmark being among the world's largest pig meat exporters. The five main importers of Danish goods and services in 2017 were Germany, Sweden, United Kingdom, United States and Norway. In 2017, the current account surplus amounted to approximately 8% of GDP. Slovakia, Slovenia, Czechia, Finland, Belgium and the Netherlands had a lower Gini coefficient for disposable income than Denmark. About 4,200 farmers produce 28million pigs annually. It's a great place for families - it has 16 months of parental leave and free day care services - it invests in green living, has favourable economic growth, is a safe country for women, has transparency in the media and last, but by no means least - it's a beautiful country. At the same time, average household gross debt was almost 300% of disposable income, which is also at the highest level in OECD. Denmark ranks 10th most competitive economy in the world, according to the World Economic Forum's Global Competitiveness Report 2018. The reasons that make Denmark's economy so successful are a very developed infrastructure, an efficient workforce and an advanced welfare system. Retrieved on 28 November 2018", Det danske energiforbrug p rekordlavt niveau, "Dansk Industri til angreb p regeringens grnne afgifter", "EL: Grnne afgifter spnder ben for grn omstilling", Afgifter provenuet af afgifter og moms 20092016, Forbedring af den nationale elprisstatistik for erhverv, "Electricity prices for household consumers (taxes included), first half 2018 (EUR per kWh). The first of the Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden) to do so, Denmark joined the European Economic Community (EEC; ultimately succeeded by the European Union [EU]) in 1973, at the same time as the United Kingdom, then its most important trading partner. [31] Parallelly industrialization took off in Denmark from the 1870s. Fur animal production on an industrial scale started in the 1930s in Denmark. [97] Danish mink farmers claim their business to be sustainable, feeding the mink food industry waste and using all parts of the dead animal as meat, bone meal and biofuel. is a net exporter of food, oil, and gas and enjoys a . Life expectancy in Denmark has increased from 77.9 years in 2005 to 80.6 years in 2015. Who has the number 1 healthcare in the world? Retrieved on 26 November 2018", "Unemployment by sex and age monthly average", "Net international investment position quarterly data,% of GDP", "Euro area and EU27 government deficit both at 0.6% of GDP", "Denmark's bilateral assistance to developing countries divided into main categories", "The AAA-rated club: which countries still make the grade? The net government debt is very close to zero, amounting to 1.3% of GDP in 2017.
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