Following a monetary reform after the Napoleonic wars, the present Danish central bank Danmarks Nationalbank was founded in 1818. There exists national accounting data for Denmark from 1820 onwards thanks to the pioneering work of Danish economic historian Svend Aage Hansen.
Following a monetary reform after the Napoleonic wars, the present Danish central bank Danmarks Nationalbank was founded in 1818. There exists national accounting data for Denmark from 1820 onwards thanks to the pioneering work of Danish economic historian Svend Aage Hansen.
They find that there has been a substantial and permanent, though fluctuating, economic growth all the time since 1820.
The period 1822–94 saw on average an annual growth in factor incomes of 2% (0.9% per capita) From around 1830 the agricultural sector experienced a major boom lasting several decades, producing and exporting grains, not least to Britain after 1846 when British grain import duties were abolished.
The period 1822–94 saw on average an annual growth in factor incomes of 2% (0.9% per capita) From around 1830 the agricultural sector experienced a major boom lasting several decades, producing and exporting grains, not least to Britain after 1846 when British grain import duties were abolished.
The period 1822–94 saw on average an annual growth in factor incomes of 2% (0.9% per capita) From around 1830 the agricultural sector experienced a major boom lasting several decades, producing and exporting grains, not least to Britain after 1846 when British grain import duties were abolished.
Parallelly industrialization took off in Denmark from the 1870s.
Denmark has a very long tradition of maintaining a fixed exchange-rate system, dating back to the period of the gold standard during the time of the Scandinavian Monetary Union from 1873 to 1914.
The krone and øre were introduced in 1875, replacing the former rigsdaler and skilling.
Coop Danmark started out as "Fællesforeningen for Danmarks Brugsforeninger" (FDB) in 1896 and now has around 1.4 million members in Denmark as of 2017.
Slovakia, Slovenia, Czechia, Finland, Belgium and the Netherlands had a lower Gini coefficient for disposable income than Denmark. ==Labour market and employment== The Danish labour market is characterized by a high degree of union membership rates and collective agreement coverage dating back from Septemberforliget (The September Settlement) in 1899 when the Danish Confederation of Trade Unions and the Confederation of Danish Employers recognized each other's right to organise and negotiate.
Denmark has a very long tradition of maintaining a fixed exchange-rate system, dating back to the period of the gold standard during the time of the Scandinavian Monetary Union from 1873 to 1914.
Arbejdernes Landsbank, founded in 1919, is the largest bank cooperative and it is currently the 6th largest bank in the country as of 2018.
The first half of the century was marked by the two world wars and the Great Depression during the 1930s.
Of these, 20.9 million are slaughtered in Denmark. Fur animal production on an industrial scale started in the 1930s in Denmark.
At the turn of the century industry (including artisanry) fed almost 30% of the population. During the 20th century agriculture slowly dwindled in importance relative to industry, but agricultural employment was only during the 1950s surpassed by industrial employment.
The years 1958–73 were an unprecedented high-growth period.
The 1960s are the decade with the highest registered real per capita growth in GDP ever, i.e.
The five countries from which Denmark imported most goods and services in 2017 were Germany, Sweden, the Netherlands, China and United Kingdom. After having almost consistently an external balance of payments current account deficit since the beginning of the 1960s, Denmark has maintained a surplus on its BOP current account for every year since 1990, with the single exception of 1998.
4.5% annually. During the 1970s Denmark was plunged into a crisis, initiated by the 1973 oil crisis leading to the hitherto unknown phenomenon stagflation.
After the breakdown of the international Bretton Woods system in 1971, Denmark devalued the krone repeatedly during the 1970s and the start of the 1980s, effectively maintaining a policy of "fixed, but adjustable" exchange rates.
Denmark has had relatively high energy taxation to encourage careful use of energy since the oil crises in the 1970s, and Danish industry has adapted to this and gained a competitive edge.
After the breakdown of the international Bretton Woods system in 1971, Denmark devalued the krone repeatedly during the 1970s and the start of the 1980s, effectively maintaining a policy of "fixed, but adjustable" exchange rates.
After World War II Denmark took part in the increasingly close international cooperation, joining OEEC/OECD, IMF, GATT/WTO, and from 1972 the European Economic Community, later European Union.
It is this knowledge that Denmark now aims to exploit in the transport sector by focusing on intelligent battery systems (V2G) and plug-in vehicles. === Energy === Denmark has changed its energy consumption from 99% fossil fuels (92% oil (all imported) and 7% coal) and 1% biofuels in 1972 to 73% fossil fuels (37% oil (all domestic), 18% coal and 18% natural gas (all domestic)) and 27% renewables (largely biofuels) in 2015.
This drastic change was initially inspired largely by the discovery of Danish oil and gas reserves in the North Sea in 1972 and the 1973 oil crisis.
Since 1972, the overall energy consumption has dropped by 6%, even though the GDP has doubled in the same period.
4.5% annually. During the 1970s Denmark was plunged into a crisis, initiated by the 1973 oil crisis leading to the hitherto unknown phenomenon stagflation.
This drastic change was initially inspired largely by the discovery of Danish oil and gas reserves in the North Sea in 1972 and the 1973 oil crisis.
Greenland left the European Economic Community in 1986, and the Faroe Islands declined membership in 1973, when Denmark joined. == Data == The following table shows the main economic indicators in 1980–2017.
Unlike most of its neighbours, Denmark has not had extractable deposits of minerals or fossil fuels, except for the deposits of oil and natural gas in the North Sea, which started playing an economic role only during the 1980s.
From the 1980s economic policies have increasingly been oriented towards a long-term perspective, and gradually a series of structural reforms have solved these problems.
In particular, the Danish national saving rate in financial assets increased by 11 per cent of GDP from 1980 to 2015.
After the breakdown of the international Bretton Woods system in 1971, Denmark devalued the krone repeatedly during the 1970s and the start of the 1980s, effectively maintaining a policy of "fixed, but adjustable" exchange rates.
Whereas in 1980 annual inflation was more than 12%, in the period 2000–2017 the average inflation rate was 1.8%. ==Government== ===Overall organization=== Since a local-government reform in 2007, the general government organization in Denmark is carried out on three administrative levels: central government, regions, and municipalities.
Approval is not automatic, and the extent of this system has generally been diminished since the 1980s.
The number of farms peaked in the late 1980s at more than 5,000 farms, but the number has declined steadily since, as individual farms grew in size.
Greenland left the European Economic Community in 1986, and the Faroe Islands declined membership in 1973, when Denmark joined. == Data == The following table shows the main economic indicators in 1980–2017.
The announcement of a consistent and hence more credible fixed exchange rate in 1982 has helped reducing the inflation rate. In the first decade of the 21st century new economic policy issues have emerged.
Rising inflation led to Denmark declaring a more consistent fixed exchange-rate policy in 1982.
The course took a giant leap forward in 1984, when the Danish North Sea oil and gas fields, developed by native industry in close cooperation with the state, started major productions.
Greenland left the European Economic Community in 1986, and the Faroe Islands declined membership in 1973, when Denmark joined. == Data == The following table shows the main economic indicators in 1980–2017.
A series of tax reforms from 1987 onwards, reducing tax deductions on interest payments, and the increasing importance of compulsory labour market-based funded pensions from the 1990s have increased private savings rates considerably, consequently transforming secular current account deficits to secular surpluses.
This is to a large extent caused by two major institutional changes: A series of tax reforms from 1987 to 2009 considerably reduced the effective subsidization of private debt implicit in the rules for tax deductions of household interest payments.
According to data from Statistics Denmark, the Gini coefficient for disposable income has increased from 22.1 in 1987 to 29.3 in 2017.
At first, the krone was pegged to the European Currency Unit or ECU, from 1987 to the Deutschmark, and from 1999 to the euro. Although eligible, Denmark chose not to join the European Monetary Union when it was founded.
In the minor productions of poultry, 13 million ducks, 1.4 million geese and 5.0 million turkeys were slaughtered in 2012. ==== Organic production ==== Organic farming and production has increased considerably and continuously in Denmark since 1987 when the first official regulations of this particular agricultural method came into effect.
Since 1990 Denmark has consistently had a current account surplus, with the sole exception of 1998.
A series of tax reforms from 1987 onwards, reducing tax deductions on interest payments, and the increasing importance of compulsory labour market-based funded pensions from the 1990s have increased private savings rates considerably, consequently transforming secular current account deficits to secular surpluses.
Secondly, compulsory funded pension schemes became normal for most employees from the 1990s.
Denmark first introduced active labour market policies (ALMPs) in the 1990s after an economic recession that resulted in high unemployment rates.
The five countries from which Denmark imported most goods and services in 2017 were Germany, Sweden, the Netherlands, China and United Kingdom. After having almost consistently an external balance of payments current account deficit since the beginning of the 1960s, Denmark has maintained a surplus on its BOP current account for every year since 1990, with the single exception of 1998.
Their ability to work will be re-evaluated by the municipality after 5 months of illness. The welfare system related to the labor market has experienced several reforms and financial cuts since the late 1990s due to political agendas for increasing the labor supply.
In 1994 active labour market policies were introduced that via a series of labour market reforms have helped reducing structural unemployment considerably.
On a more macro scale, a study of the impact of ALMPs in Denmark between 1995 and 2005 showed that such policies had positive impact not just on employment but also on earnings.
They have had a "youth initiative" or the Danish Youth Unemployment Programme in place since 1996.
In 1997, Denmark became self-sufficient with energy and the overall CO2 emission from the energy sector began to fall by 1996.
In 1997, Denmark became self-sufficient with energy and the overall CO2 emission from the energy sector began to fall by 1996.
Wind energy contribution to the total energy consumption has risen from 1% in 1997 to 5% in 2015. Since 2000, Denmark has increased gross domestic product (GDP) and at the same time decreased energy consumption.
Since 1990 Denmark has consistently had a current account surplus, with the sole exception of 1998.
The five countries from which Denmark imported most goods and services in 2017 were Germany, Sweden, the Netherlands, China and United Kingdom. After having almost consistently an external balance of payments current account deficit since the beginning of the 1960s, Denmark has maintained a surplus on its BOP current account for every year since 1990, with the single exception of 1998.
At first, the krone was pegged to the European Currency Unit or ECU, from 1987 to the Deutschmark, and from 1999 to the euro. Although eligible, Denmark chose not to join the European Monetary Union when it was founded.
Though eligible to join the EMU, the Danish voters in a referendum in 2000 rejected exchanging the krone for the euro.
During the 2000s a challenge was perceived to government expenditures in future decades and hence ultimately fiscal sustainability from demographic development, in particular higher longevity.
Instead, issues like decreasing productivity growth rates and increasing inequality in income distribution and consumption possibilities are prevalent in the public debate. The global Great Recession during the late 2000s, the accompanying Euro area debt crisis and their repercussions marked the Danish economy for several years.
According to OECD figures, in 2000 Denmark had the lowest Gini coefficient of all countries.
In 2000, the Danish government advocated Danish EMU membership and called a referendum to settle the issue.
Whereas in 1980 annual inflation was more than 12%, in the period 2000–2017 the average inflation rate was 1.8%. ==Government== ===Overall organization=== Since a local-government reform in 2007, the general government organization in Denmark is carried out on three administrative levels: central government, regions, and municipalities.
Wind energy contribution to the total energy consumption has risen from 1% in 1997 to 5% in 2015. Since 2000, Denmark has increased gross domestic product (GDP) and at the same time decreased energy consumption.
Denmark has one of the highest expenditures on ALMPs and in 2005, spent about 1.7% of its GDP on labour market policies.
On a more macro scale, a study of the impact of ALMPs in Denmark between 1995 and 2005 showed that such policies had positive impact not just on employment but also on earnings.
A growing awareness that future demographic changes, in particular increasing longevity, could threaten fiscal sustainability, implying very large fiscal deficits in future decades, led to major political agreements in 2006 and 2011, both increasing the future eligibility age of receiving public age-related pensions.
Whereas in 2006 output (measured as gross value added or GVA) in mining and quarrying industries made up more than 4% of Denmark's total GVA, in 2017 it amounted to 1.2%.
Occasionally, the question of calling another referendum on the issue has been discussed, but since the Financial crisis of 2007–2008 opinion polls have shown a clear majority against Denmark joining the EMU, and the question is not high on the political agenda presently. Maintenance of the fixed exchange rate is the responsibility of Danmarks Nationalbank, the Danish central bank.
Whereas in 1980 annual inflation was more than 12%, in the period 2000–2017 the average inflation rate was 1.8%. ==Government== ===Overall organization=== Since a local-government reform in 2007, the general government organization in Denmark is carried out on three administrative levels: central government, regions, and municipalities.
This is to a large extent caused by two major institutional changes: A series of tax reforms from 1987 to 2009 considerably reduced the effective subsidization of private debt implicit in the rules for tax deductions of household interest payments.
Similarly, in 2010 Denmark was ranked number one amongst Nordic countries for expenditure on ALMPs. Denmark's active labour market policies particularly focus on tackling youth unemployment.
Halving the time unemployment benefits can be received from four to two years, and making it twice as hard to regain this right, was implemented in 2010 for example. Disabled people can apply for permanent social pensions.
The electricity grids of western Denmark and eastern Denmark were not connected until 2010 when the 600MW Great Belt Power Link went into operation. Cogeneration plants are the norm in Denmark, usually with district heating which serves 1.7 million households. Waste-to-energy incinerators produce mostly heating and hot water.
A growing awareness that future demographic changes, in particular increasing longevity, could threaten fiscal sustainability, implying very large fiscal deficits in future decades, led to major political agreements in 2006 and 2011, both increasing the future eligibility age of receiving public age-related pensions.
The total number of cattle in 2011 was approximately 1.5 million.
Denmark also has a small production of fox, chinchilla and rabbit furs. Two hundred professional producers are responsible for the Danish egg production, which was 66 million kg in 2011.
From 2012 calculations of future fiscal challenges from the government as well as independent analysts have generally perceived Danish fiscal policy to be sustainable – indeed in recent years overly sustainable. ==History== Denmark's long-term economic development has largely followed the same pattern as other Northwestern European countries.
Mainly because of these changes, from 2012 onwards the Danish fiscal sustainability problem is generally considered to be solved.
In 2012, the Danish parliament passed a Budget Law (effective from January 2014) which governs the over-all fiscal framework, stating among other things that the structural deficit must never exceed 0.5% of GDP, and that Danish fiscal policy is required to be sustainable, i.e.
In 2012, 100 million chickens were slaughtered.
In the minor productions of poultry, 13 million ducks, 1.4 million geese and 5.0 million turkeys were slaughtered in 2012. ==== Organic production ==== Organic farming and production has increased considerably and continuously in Denmark since 1987 when the first official regulations of this particular agricultural method came into effect.
In 2017, the export of organic products reached DK 2.95 billion, a 153% increase from 2012 five years earlier, and a 21% increase from 2016.
Lundbeck Novo Nordisk LEO Pharma Coloplast Dansac (owner Hollister Inc) Novozymes Pharma Nord Pharmacosmos ALK-Abelló Genmab RosePharma Santaris Pharma a/s Veloxis Pharmaceuticals Retail Salling Group (retail business) Coop Danmark, (part of the multi-sector Coop amba, formerly known as FDB until 2013) Software Unity Technologies (the developers of the Unity video-game development engine - one of the world's most leading game-creating software) Transport A.
For instance, the Building Bridge to Education program was started in 2014 to provide mentors and skill development classes to youth that are at risk of unemployment.
In 2012, the Danish parliament passed a Budget Law (effective from January 2014) which governs the over-all fiscal framework, stating among other things that the structural deficit must never exceed 0.5% of GDP, and that Danish fiscal policy is required to be sustainable, i.e.
The all-record highest Danish tax level was 49.8% of GDP, reached in 2014 because of high extraordinary one-time tax revenues caused by a reorganization of the Danish-funded pension system.
Denmark had the 6th best energy security in the world in 2014.
for the mink industry in Denmark and worldwide, an industry which benefits from the fishing industry in Denmark Danish Christmas Tree Growers Association representing Christmas tree production in Denmark Lego (construction toys), as of 2014 the world's largest toy manufacturer by sales (1st half 2015:$2.1 billion (Mattel:$1.9 billion)). Terma A/S, aerospace and defende === Cooperatives === Denmark has a long tradition for cooperative production and trade on a large scale.
Since February 2015, the central bank has maintained a negative interest rate to contain an upward exchange rate pressure. In an international context, a relatively large proportion of the population is part of the labour force, in particular because the female participation rate is very high.
In 2015, average household assets were more than 600% of their disposable income, among OECD countries second only to the Netherlands.
In particular, the Danish national saving rate in financial assets increased by 11 per cent of GDP from 1980 to 2015.
Consequently, the Danish krone is the only currency in the European Exchange Rate Mechanism II (ERM II). 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.
On 6 February 2015 the certificates of deposit rate, one of the four official Danish central bank rates, was lowered to −0.75%.
The tax structure of Denmark (the relative weight of different taxes) also differs from the OECD average, as the Danish tax system in 2015 was characterized by substantially higher revenues from taxes on personal income, whereas on the other hand, no revenues at all derive from social security contributions.
The agriculture and food sector as a whole represented 25% of total Danish commodity exports in 2015. 63% of the land area of Denmark is used for agricultural production – the highest share in the world according to a report from University of Copenhagen in 2017.
It is this knowledge that Denmark now aims to exploit in the transport sector by focusing on intelligent battery systems (V2G) and plug-in vehicles. === Energy === Denmark has changed its energy consumption from 99% fossil fuels (92% oil (all imported) and 7% coal) and 1% biofuels in 1972 to 73% fossil fuels (37% oil (all domestic), 18% coal and 18% natural gas (all domestic)) and 27% renewables (largely biofuels) in 2015.
Wind energy contribution to the total energy consumption has risen from 1% in 1997 to 5% in 2015. Since 2000, Denmark has increased gross domestic product (GDP) and at the same time decreased energy consumption.
The so-called "green taxes" have been broadly criticised partly for being higher than in other countries, but also for being more of a tool for gathering government revenue than a method of promoting "greener" behaviour. Denmark has low electricity costs (including costs for cleaner energy) in EU, but general taxes (11.7 billion DKK in 2015) make the electricity price for households the highest in Europe.
The share of total energy production is smaller: In 2015, wind accounted for 5% of total Danish energy production. Energinet.dk is the Danish national transmission system operator for electricity and natural gas.
for the mink industry in Denmark and worldwide, an industry which benefits from the fishing industry in Denmark Danish Christmas Tree Growers Association representing Christmas tree production in Denmark Lego (construction toys), as of 2014 the world's largest toy manufacturer by sales (1st half 2015:$2.1 billion (Mattel:$1.9 billion)). Terma A/S, aerospace and defende === Cooperatives === Denmark has a long tradition for cooperative production and trade on a large scale.
Over the years, the wealth of the Danish pension funds have accumulated so that in 2016 it constituted twice the size of Denmark's GDP.
According to the CIA World Factbook, Denmark had the twentieth-lowest Gini coefficient (29.0) of 158 countries in 2016.
In January 2016 the rate was raised to −0.65%, at which level it has been maintained since then. Inflation in Denmark as measured by the official consumer price index of Statistics Denmark was 1.1% in 2017.
A lower proportion of revenues in Denmark derive from taxes on corporate income and gains and property taxes than in OECD generally, whereas the proportion deriving from payroll taxes, VAT, and other taxes on goods and services correspond to the OECD average. In 2016, the average marginal tax rate on labour income for all Danish tax-payers was 38.9%.
In 2016, 62,000 people, or 2.5% of all employed people worked in agriculture and horticulture.
In 2017, the export of organic products reached DK 2.95 billion, a 153% increase from 2012 five years earlier, and a 21% increase from 2016.
325,000 people or a little less than 12% of all employed persons worked in manufacturing (including utilities, mining and quarrying) in 2016.
Main sub-industries are manufacture of pharmaceuticals, machinery, and food products. === Service industry === In 2017 total output (gross value added) in service industries amounted to 75.2% of total output in Denmark, and 79.9% of all employed people worked here (in 2016).
In 2017, Denmark had the seventh-lowest Gini coefficient (a measure of economic inequality) of the 28 European Union countries.
In 2017 78.8% of all 15-64-year-old people were active on the labour market, the sixth-highest number among all OECD countries.
Altogether, the amount of revenue from taxes paid in 2017 amounted to 46.1% of GDP.
Net government debt is very close to zero, amounting to 1.3% of GDP in 2017.
Until 2017, unemployment rates have generally been considered to be above their structural level, implying a relatively stagnating economy from a business-cycle point of view.
From 2017/18 this is no longer considered to be the case, and attention has been redirected to the need of avoiding a potential overheating situation. == Income, wealth and income distribution == Average per capita income is high in an international context.
According to the World Bank, gross national income per capita was the tenth-highest in the world at $55,220 in 2017.
According to data from Statistics Denmark, the Gini coefficient for disposable income has increased from 22.1 in 1987 to 29.3 in 2017.
According to data from Eurostat, Denmark was the EU country with the seventh-lowest Gini coefficient in 2017.
The total participation rate for people aged 15 to 64 years was 78.8% in 2017.
The average for all OECD countries together was 72.1%. According to Eurostat, the unemployment rate was 5.7% in 2017.
10 EU member countries had a lower unemployment rate than Denmark in 2017. Altogether, total employment in 2017 amounted to 2,919,000 people according to Statistics Denmark. The share of employees leaving jobs every year (for a new job, retirement or unemployment) in the private sector is around 30% – a level also observed in the U.K.
In 2017, the value of total exports of goods and services made up 55% of GDP, whereas the value of total imports amounted to 47% of GDP.
Trade in goods made up slightly more than 60% of both exports and imports, and trade in services the remaining close to 40%. Machinery, chemicals and related products like medicine and agricultural products were the largest groups of export goods in 2017.
The five main importers of Danish goods and services in 2017 were Germany, Sweden, United Kingdom, United States and Norway.
The five countries from which Denmark imported most goods and services in 2017 were Germany, Sweden, the Netherlands, China and United Kingdom. After having almost consistently an external balance of payments current account deficit since the beginning of the 1960s, Denmark has maintained a surplus on its BOP current account for every year since 1990, with the single exception of 1998.
In 2017, the current account surplus amounted to approximately 8% of GDP.
In January 2016 the rate was raised to −0.65%, at which level it has been maintained since then. Inflation in Denmark as measured by the official consumer price index of Statistics Denmark was 1.1% in 2017.
Government net debt was close to zero at the end of 2017, amounting to DKK 27.3 billion, or 1.3% of GDP.
Denmark had a government budget surplus of 1.1% of GDP in 2017. Long-run annual fiscal projections from the Danish government as well as the independent Danish Economic Council, taking into account likely future fiscal developments caused by demographic developments etc.
In 2017, the official Danish tax level amounted to 46.1% of GDP.
In 2017, total government expenditure amounted to 50.9% of GDP.
Total gross value added in agriculture, forestry and fishing amounted to 1.6% of total output in Denmark (in 2017).
The agriculture and food sector as a whole represented 25% of total Danish commodity exports in 2015. 63% of the land area of Denmark is used for agricultural production – the highest share in the world according to a report from University of Copenhagen in 2017.
In 2017 the number of farms was approximately 35,000, of which approximately 10,000 were owned by full-time farmers. ==== Animal production ==== The tendency toward fewer and larger farms has been accompanied by an increase in animal production, using fewer resources per produced unit. The number of dairy farmers has reduced to about 3,800 with an average herd size of 150 cows.
In 2017, the export of organic products reached DK 2.95 billion, a 153% increase from 2012 five years earlier, and a 21% increase from 2016.
The import of organic products has always been higher than the exports though and reached DK 3.86 billion in 2017.
After some years of stagnation, close to 10% of the cultivated land is now categorized as organically farmed, and 13.6% for the dairy industry, as of 2017. Denmark has the highest retail consumption share for organic products in the world.
In 2017, the share was at 13.3%, accounting for a total of DKK 12.1 billion. === Natural resource extraction === Denmark has some sources of oil and natural gas in the North Sea with Esbjerg being the main city for the oil and gas industry.
Whereas in 2006 output (measured as gross value added or GVA) in mining and quarrying industries made up more than 4% of Denmark's total GVA, in 2017 it amounted to 1.2%.
Main sub-industries are manufacture of pharmaceuticals, machinery, and food products. === Service industry === In 2017 total output (gross value added) in service industries amounted to 75.2% of total output in Denmark, and 79.9% of all employed people worked here (in 2016).
Wind produced the equivalent of 43% of Denmark's total electricity consumption in 2017.
Coop Danmark started out as "Fællesforeningen for Danmarks Brugsforeninger" (FDB) in 1896 and now has around 1.4 million members in Denmark as of 2017.
As a consequence, the country has become a considerable creditor nation, having acquired a net international investment position amounting to 65% of GDP in 2018.
Unemployment is relatively low among European countries; in October 2018 4.8% of the Danish labour force were unemployed as compared to an average of 6.7% for all EU countries.
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. As the annual current account is equal to the value of domestic saving minus total domestic investment, the change from a structural deficit to a structural surplus is due to changes in these two national account components.
In Spring 2018, the so-called Fiscal Sustainability Indicator was calculated to be 1.2 (by the Danish government) respectively 0.9% (by the Danish Economic Council) of GDP.
By September 2018, 831,000 people worked in the general government sector, corresponding to 29.9% of all employees.
Arbejdernes Landsbank, founded in 1919, is the largest bank cooperative and it is currently the 6th largest bank in the country as of 2018.
A Land of Milk and Butter: How Elites Created the Modern Danish Dairy Industry (U of Chicago Press, 2018) online review == External links == Economy of Denmark Statistics Denmark Danmarks Nationalbank – central bank of Denmark OECD's Denmark country Web site and OECD Economic Survey of Denmark Bureau of Public Affairs, U.S.
Nominal gross national income per capita was the seventh-highest in the world at $58,439 in 2020.
With 5,822,763 inhabitants (1 January 2020), Denmark has the 36th largest national economy in the world measured by nominal gross domestic product (GDP) and 51st largest in the world measured by purchasing power parity (PPP). As a small open economy, Denmark generally advocates a liberal trade policy, and its exports as well as imports make up circa 50% of GDP.
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