Denmark - Economic Indicators
Rising Interest Rates and Mortgage Payments in Europe
Nov 14, 2022
In Europe, fixed-rate mortgages now tend to be more common than variable-rate mortgages. In Finland, Sweden and Portugal, where variable-rate mortgages are more prevalent, mortgage costs have risen sharply. Mortgage payments have risen steeply in the U.K. and Denmark for those refinancing fixed-rate mortgages. Payments are set to rise further in 2023 as central banks continue raising policy rates, and abrupt payment changes are in store for an increasing...
| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Real Private Consumption | 2022 Q3 | 248.21 | 249.8 | Bil. Ch. 2010 DKK, SA | Quarterly |
| Private Consumption | 2022 Q3 | 303.93 | 298.58 | Bil. DKK, SA | Quarterly |
| Real Government Consumption | 2022 Q3 | 131.95 | 133.56 | Bil. Ch. 2010 DKK, SA | Quarterly |
| Nominal Gross Domestic Product | 2022 Q3 | 714.22 | 700.36 | Bil. DKK, SA | Quarterly |
| Real Gross Domestic Product | 2022 Q3 | 563.99 | 562.47 | Bil. Ch. 2010 DKK, SA | Quarterly |
| Real Fixed Investment (gross fixed capital formation) | 2022 Q3 | 129.51 | 127.94 | Bil. Ch. 2010 DKK, SA | Quarterly |
| Nominal Fixed Investment (gross fixed capital formation) | 2022 Q3 | 160.94 | 155.92 | Bil. DKK, SA | Quarterly |
| Government Consumption | 2022 Q3 | 156.42 | 155.35 | Bil. DKK, SA | Quarterly |
| Price | Reference | Last | Previous | Units | Frequency |
| Producer Price Index (PPI) | Dec 2022 | 151.5 | 150.5 | Index 2015=100, NSA | Monthly |
| Consumer Price Index (CPI) | Dec 2022 | 115.9 | 116.6 | Index 2015=100, NSA | Monthly |
| Wholesale Price Index | 2016 | 106.15 | 107.66 | Index 2010 = 100 | Annual |
| Labor | Reference | Last | Previous | Units | Frequency |
| Unemployment | Nov 2022 | 77,277 | 76,061 | #, SA | Monthly |
| Unemployment Rate | Nov 2022 | 2.6 | 2.6 | % of Labor Force, SA | Monthly |
| Primary Industries Employment | 2022 Q3 | 66,499 | 66,654 | #, SA | Quarterly |
| Wage & Salaries | 2022 Q3 | 343,007 | 341,626 | Mil. DKK, SA | Quarterly |
| Total Employment | 2022 Q3 | 2,882 | 2,868 | Ths. #, SA | Quarterly |
| Labor Force Employment | 2022 Q3 | 2,882 | 2,868 | Ths. #, SA | Quarterly |
| Labor Force | 2022 Q3 | 3,020 | 2,995 | Ths. #, SA | Quarterly |
| Tertiary Industries Employment | 2017 | 2,391,884 | 2,384,010 | # | Annual |
| Secondary Industries Employment | 2017 | 571,618 | 563,845 | # | Annual |
| Agriculture Employment | 2016 | 76,578 | 73,196 | # | Annual |
| Trade | Reference | Last | Previous | Units | Frequency |
| Balance of Goods | Nov 2022 | 5,271 | 4,767 | Mil. DKK, SA | Monthly |
| Imports of Goods | Nov 2022 | 73,502 | 74,744 | Mil. DKK, SA | Monthly |
| Exports of Goods | Nov 2022 | 78,773 | 79,512 | Mil. DKK, SA | Monthly |
| Current Account Balance | Nov 2022 | 33,719 | 36,472 | Mil. DKK, NSA | Monthly |
| Imports of Goods and Services | 2022 Q3 | 430.51 | 410.99 | Bil. DKK, SA | Quarterly |
| Real Exports of Goods and Services | 2022 Q3 | 352.15 | 343.52 | Bil. Ch. 2010 DKK, SA | Quarterly |
| Exports of Goods and Services | 2022 Q3 | 522.97 | 487.91 | Bil. DKK, SA | Quarterly |
| Real Imports of Goods and Services | 2022 Q3 | 303.7 | 304.31 | Bil. Ch. 2010 DKK, SA | Quarterly |
| Government | Reference | Last | Previous | Units | Frequency |
| Outstanding Public Debt - Domestic | Dec 2022 | 628.92 | 631.24 | Bil. DKK, NSA | Monthly |
| Outstanding Public Debt - Foreign | Dec 2022 | 15.67 | 14.56 | Bil. DKK, NSA | Monthly |
| Outstanding Public Debt | Dec 2022 | 644.59 | 645.79 | Bil. DKK, NSA | Monthly |
| Gross External Debt | 2022 Q3 | 0 | 0 | USD, NSA | Quarterly |
| Government Revenues | 2022 Q3 | 317,331 | 327,484 | Mil. DKK, NSA | Quarterly |
| Government Expenditures | 2022 Q3 | 310,171 | 313,969 | Mil. DKK, NSA | Quarterly |
| Government Budget Balance | 2022 Q3 | 7,160 | 13,515 | Mil. DKK, NSA | Quarterly |
| Markets | Reference | Last | Previous | Units | Frequency |
| Monetary Policy Rate | 25 Jan 2023 | 1.9 | 1.9 | % p.a., NSA | Business Daily |
| Stock Market Index | 25 Jan 2023 | 1,827 | 1,859 | Index, NSA | Daily |
| Lending Rate | Dec 2022 | 1.75 | 1.25 | % p.a., NSA | Monthly |
| Average Long-term Government Bond | Oct 2020 | -0.45 | -0.4 | % p.a., NSA | Monthly |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| House Price Index | 2022 Q3 | 141.5 | 150.5 | Index 2006=100, NSA | Quarterly |
| Non-residential - Office - Vacancy | 2022 Q3 | 1,458,200 | 1,411,700 | m², NSA | Quarterly |
| Non-residential - Commercial & Retail - Vacancy | 2022 Q3 | 550,900 | 508,200 | m², NSA | Quarterly |
| Non-residential - Industrial - Vacancy | 2022 Q3 | 997,300 | 1,030,200 | m², NSA | Quarterly |
| Residential Building Permits | Sep 2022 | 1,858 | 1,691 | #, SA | Monthly |
| Residential Building Completions | Sep 2022 | 2,300 | 4,389 | #, SA | Monthly |
| Non-residential Building Permits | 2022 Q3 | 42 | 177 | #, NSA | Quarterly |
| Residential Housing Starts | 2022 Q3 | 2,801 | 4,264 | #, NSA | Quarterly |
| Housing Starts | Sep 2022 | 1,680 | 2,980 | #, SA | Monthly |
| Building Permits | 2022 Q3 | 1,207,246 | 1,899,674 | M², NSA | Quarterly |
| House Price Index for New Homes | 2022 Q3 | 120.86 | 117.73 | Index 2015=100, NSA | Quarterly |
| House Price Index for Existing Homes | 2022 Q3 | 137.26 | 142.74 | Index 2015=100, NSA | Quarterly |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Consumer Confidence | Jan 2023 | -26.1 | -28.9 | %, NSA | Monthly |
| Retail Sales | Dec 2022 | 114.3 | 116.5 | Index 2015=100, SA | Monthly |
| Personal Income | 2021 | 1,298,898,288 | 1,228,655,168 | Ths. DKK | Annual |
| Business | Reference | Last | Previous | Units | Frequency |
| Capacity Utilization | 2022 Q4 | 81.4 | 82.7 | %, SA | Quarterly |
| Business Confidence | Dec 2022 | 98.48 | 98.78 | Index long term avg=100, SA | Monthly |
| Industrial Production | Nov 2022 | 140 | 132.8 | Index 2015=100, NSA | Monthly |
| Change in Inventories | 2022 Q3 | 2.32 | 20.54 | Bil. DKK, SA | Quarterly |
| Real Change in Inventories | 2022 Q3 | 2.66 | 21.13 | Bil. Ch. 2010 DKK, SA | Quarterly |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Deaths | 2022 Q3 | 13,990 | 14,137 | #, NSA | Quarterly |
| Births | 2022 Q3 | 15,686 | 14,530 | #, NSA | Quarterly |
| Population | 2022 Q3 | 5,928,364 | 5,910,577 | #, NSA | Quarterly |
| Net Migration | 2017 | 75,998 | # | Annual | |
| Death Rate | 2015 | 9.2 | 9.1 | # per Ths. pop. | Annual |
| Birth Rate | 2015 | 10.2 | # per Ths. pop. | Annual |
Factbook
Background
Background:
Once the seat of Viking raiders and later a major north European power, Denmark has evolved into a modern, prosperous nation that is participating in the general political and economic integration of Europe. It joined NATO in 1949 and the EEC (now the EU) in 1973. However, the country has opted out of certain elements of the EU's Maastricht Treaty, including the European Economic and Monetary Union, European defense cooperation, and issues concerning certain justice and home affairs.
Geography
Location:
Northern Europe, bordering the Baltic Sea and the North Sea, on a peninsula north of Germany (Jutland); also includes several major islands (Sjaelland, Fyn, and Bornholm)
Geographic coordinates:
56 00 N, 10 00 E
Map references:
Europe
Area:
total: 43,094 sq km
land: 42,434 sq km
water: 660 sq km
note: includes the island of Bornholm in the Baltic Sea and the rest of metropolitan Denmark (the Jutland Peninsula, and the major islands of Sjaelland and Fyn), but excludes the Faroe Islands and Greenland
country comparison to the world: 134
Area - comparative:
slightly less than twice the size of Massachusetts
Land boundaries:
total: 140 km
border countries (1): Germany 140 km
Coastline:
7,314 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200-m depth or to the depth of exploitation
Climate:
temperate; humid and overcast; mild, windy winters and cool summers
Terrain:
low and flat to gently rolling plains
Elevation:
mean elevation: 34 m
elevation extremes: lowest point: Lammefjord -7 m
highest point: Mollehoj/Ejer Bavnehoj 171 m
Natural resources:
petroleum, natural gas, fish, arable land, salt, limestone, chalk, stone, gravel and sand
Land use:
agricultural land: 63.4%
arable land 58.9%; permanent crops 0.1%; permanent pasture 4.4%
forest: 12.9%
other: 23.7%
note: highest percentage of arable land for any country in the world (2011 est.)
Irrigated land:
4,350 sq km (2012)
Population - distribution:
with excellent access to the North Sea, Skagerrak, Kattegat, and the Baltic Sea, population centers tend to be along coastal areas, particularly in Copenhagen and the eastern side of the country's mainland
Natural hazards:
flooding is a threat in some areas of the country (e.g., parts of Jutland, along the southern coast of the island of Lolland) that are protected from the sea by a system of dikes
Environment - current issues:
air pollution, principally from vehicle and power plant emissions; nitrogen and phosphorus pollution of the North Sea; drinking and surface water becoming polluted from animal wastes and pesticides; much of country's household and industrial waste is recycled
Environment - international agreements:
party to: Air Pollution, Air Pollution-Nitrogen Oxides, Air Pollution-Persistent Organic Pollutants, Air Pollution-Sulfur 85, Air Pollution-Sulfur 94, Air Pollution-Volatile Organic Compounds, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Marine Life Conservation, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
controls Danish Straits (Skagerrak and Kattegat) linking Baltic and North Seas; about one-quarter of the population lives in greater Copenhagen
People & Society
Population:
5,605,948 (July 2017 est.)
country comparison to the world: 116
Nationality:
noun: Dane(s)
adjective: Danish
Ethnic groups:
Danish (includes Greenlandic (who are predominantly Inuit) and Faroese) 86.7%, Turkish 1.1%, other 12.2% (largest groups are Polish, Syrian, German, Iraqi, and Romanian)
note: data represent population by ancestry (2017 est.)
Languages:
Danish, Faroese, Greenlandic (an Inuit dialect), German (small minority)
note: English is the predominant second language
Religions:
Evangelical Lutheran (official) 76%, Muslim 4%, other (denominations of less than 1% each, includes Roman Catholic, Jehovah's Witness, Serbian Orthodox Christian, Jewish, Baptist, and Buddhist) 20% (2017 est.)
Age structure:
0-14 years: 16.41% (male 472,106/female 447,997)
15-24 years: 13.08% (male 374,379/female 358,927)
25-54 years: 38.76% (male 1,080,118/female 1,092,503)
55-64 years: 12.52% (male 349,091/female 352,903)
65 years and over: 19.23% (male 483,519/female 594,405) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 56
youth dependency ratio: 26.3
elderly dependency ratio: 29.7
potential support ratio: 3.4 (2015 est.)
Median age:
total: 42.2 years
male: 41.2 years
female: 43.2 years (2017 est.)
country comparison to the world: 31
Population growth rate:
0.22% (2017 est.)
country comparison to the world: 182
Birth rate:
10.5 births/1,000 population (2017 est.)
country comparison to the world: 186
Death rate:
10.3 deaths/1,000 population (2017 est.)
country comparison to the world: 35
Net migration rate:
2.1 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 46
Population distribution:
with excellent access to the North Sea, Skagerrak, Kattegat, and the Baltic Sea, population centers tend to be along coastal areas, particularly in Copenhagen and the eastern side of the country's mainland
Urbanization:
urban population: 88% of total population (2017)
rate of urbanization: 0.58% annual rate of change (2015-20 est.)
Major urban areas - population:
COPENHAGEN (capital) 1.268 million (2015)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.04 male(s)/female
25-54 years: 0.99 male(s)/female
55-64 years: 0.99 male(s)/female
65 years and over: 0.81 male(s)/female
total population: 0.97 male(s)/female (2017 est.)
Mother's mean age at first birth:
29.1 years (2015 est.)
Maternal mortality ratio:
6 deaths/100,000 live births (2015 est.)
country comparison to the world: 169
Infant mortality rate:
total: 4 deaths/1,000 live births
male: 4.1 deaths/1,000 live births
female: 3.9 deaths/1,000 live births (2017 est.)
country comparison to the world: 191
Life expectancy at birth:
total population: 79.5 years
male: 77.1 years
female: 82.1 years (2017 est.)
country comparison to the world: 47
Total fertility rate:
1.73 children born/woman (2017 est.)
country comparison to the world: 167
Health expenditures:
10.8% of GDP (2014)
country comparison to the world: 16
Physicians density:
3.66 physicians/1,000 population (2014)
Hospital bed density:
2.5 beds/1,000 population (2015)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 99.6% of population
rural: 99.6% of population
total: 99.6% of population
unimproved:
urban: 0.4% of population
rural: 0.4% of population
total: 0.4% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
19.7% (2016)
country comparison to the world: 111
Education expenditures:
7.6% of GDP (2014)
country comparison to the world: 8
School life expectancy (primary to tertiary education):
total: 19 years
male: 18 years
female: 20 years (2014)
Unemployment, youth ages 15-24:
total: 12%
male: 13.1%
female: 10.9% (2016 est.)
country comparison to the world: 109
Government
Country name:
conventional long form: Kingdom of Denmark
conventional short form: Denmark
local long form: Kongeriget Danmark
local short form: Danmark
etymology: the name derives from the words "Dane(s)" and "mark"; the latter referring to a march (borderland) or forest
Government type:
parliamentary constitutional monarchy
Capital:
name: Copenhagen
geographic coordinates: 55 40 N, 12 35 E
time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
note: applies to continental Denmark only, not to its North Atlantic components
Administrative divisions:
metropolitan Denmark - 5 regions (regioner, singular - region); Hovedstaden (Capital), Midtjylland (Central Jutland), Nordjylland (North Jutland), Sjaelland (Zealand), Syddanmark (Southern Denmark)
note: an extensive local government reform merged 271 municipalities into 98 and 13 counties into five regions, effective 1 January 2007
Independence:
ca. 965 (unified and Christianized under HARALD I Gormson); 5 June 1849 (became a parliamentary constitutional monarchy)
National holiday:
Constitution Day, 5 June (1849); note - closest equivalent to a national holiday
Constitution:
history: several previous; latest adopted 5 June 1953
amendments: proposed by the Folketing with consent of the government; passage requires approval by the next Folketing following a general election, approval by simple majority vote of at least 40% of voters in a referendum, and assent by the chief of state; changed several times, last in 2009 (Danish Act of Succession) (2016)
Legal system:
civil law; judicial review of legislative acts
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Denmark
dual citizenship recognized: yes
residency requirement for naturalization: 7 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Queen MARGRETHE II (since 14 January 1972); Heir Apparent Crown Prince FREDERIK, elder son of the monarch (born on 26 May 1968)
head of government: Prime Minister Lars LOKKE RASMUSSEN (since 28 June 2015)
cabinet: Council of State appointed by the monarch
elections/appointments: the monarchy is hereditary; following legislative elections, the leader of the majority party or majority coalition usually appointed prime minister by the monarch
Legislative branch:
description: unicameral People's Assembly or Folketing (179 seats, including 2 representing Greenland and 2 representing the Faroe Islands; members directly elected in multi-seat constituencies by proportional representation vote; members serve 4-year terms unless the Folketing is dissolved earlier)
elections: last held on 18 June 2015 (next to be held by June 2019)
election results: percent of vote by party - SDP 26.3%, DF 21.1%, V 19.5%, EL 7.8%, LA 7.5%, AP 4.8%, SLP 4.6%, SF 4.2%, C 3.4%, other 0.9%; seats by party - SDP 47, DF 37, V 34, EL 14, LA 13, AP 9, SLP 8, SF 7, C 6; note - does not include each of the 2 seats from Greenland and the Faroe Islands
Judicial branch:
highest court(s): Supreme Court (consists of the court president and 18 judges)
judge selection and term of office: judges appointed by the monarch upon the recommendation of the Minister of Justice with the advice of the Judicial Appointments Council, a 6-member independent body of judges and lawyers; judges appointed for life with retirement at age 70
subordinate courts: Special Court of Indictment and Revision; 2 High Courts; Maritime and Commercial Court; county courts
Political parties and leaders:
The Alternative A or AP [Uffe ELBAEK]
Conservative People's Party or DKF or C [Soren PAPE POULSEN]
Danish People's Party or DF or O [Kristian THULESEN DAHL]
Liberal Alliance or LA [Anders SAMUELSEN]
Liberal Party (Venstre) or V [Lars LOKKE RASMUSSEN]
Red-Green Alliance (Unity List) or EL [collective leadership, spokesperson Pernille SKIPPER]
Social Democrats or A [Mette FREDERIKSEN]
Social Liberal Party or B [Morten OSTERGAARD]
Socialist People's Party or SF [Pia OLSEN DYHR]
Political pressure groups and leaders:
Confederation of Danish Employers or DA [Jacob HOLBRAAD]
Confederation of Danish Industries or DI [Karsten DYBVAD]
Confederation of Danish Labor Unions or LO [Lizette RISGAARD]
DaneAge Association [Bjarne HASTRUP]
Danish Shipowners' Association [Anne STEFFENSEN]
Danish Bankers Association [Ulrik NODGAARD]
Danish Society for Nature Conservation or DN [Maria Reumert GJERDING]
other: environmental groups; humanitarian relief; development assistance; human rights NGOs
International organization participation:
ADB (nonregional member), AfDB (nonregional member), Arctic Council, Australia Group, BIS, CBSS, CD, CE, CERN, EAPC, EBRD, ECB, EIB, EITI (implementing country), ESA, EU, FAO, FATF, G-9, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, NATO, NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, Paris Club, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMIL, UNMISS, UNRWA, UNTSO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Lars Gert LOSE (since 17 September 2015)
chancery: 3200 Whitehaven Street NW, Washington, DC 20008
telephone: [1] (202) 234-4300
FAX: [1] (202) 328-1470
consulate(s) general: Chicago, Houston, New York
Diplomatic representation from the US:
chief of mission: Ambassador Carla SANDS (since 15 December 2017)
embassy: Dag Hammarskjolds Alle 24, 2100 Copenhagen 0
mailing address: Unit 5280, DPO, AE 09716
telephone: [45] 33 41 71 00
FAX: [45] 35 43 02 23
Flag description:
red with a white cross that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side; the banner is referred to as the Dannebrog (Danish flag) and is one of the oldest national flags in the world; traditions as to the origin of the flag design vary, but the best known is a legend that the banner fell from the sky during an early-13th century battle; caught up by the Danish king before it ever touched the earth, this heavenly talisman inspired the royal army to victory; in actuality, the flag may derive from a crusade banner or ensign
note: the shifted cross design element was subsequently adopted by the other Nordic countries of Finland, Iceland, Norway, and Sweden
National symbol(s):
lion, mute swan; national colors: red, white
National anthem:
name: "Der er et yndigt land" (There is a Lovely Land); "Kong Christian" (King Christian)
lyrics/music: Adam Gottlob OEHLENSCHLAGER/Hans Ernst KROYER; Johannes EWALD/unknown
note: Denmark has two national anthems with equal status; "Der er et yndigt land," adopted 1844, is a national anthem, while "Kong Christian," adopted 1780, serves as both a national and royal anthem; "Kong Christian" is also known as "Kong Christian stod ved hojen mast" (King Christian Stood by the Lofty Mast) and "Kongesangen" (The King's Anthem); within Denmark, the royal anthem is played only when royalty is present and is usually followed by the national anthem; when royalty is not present, only the national anthem is performed; outside Denmark, the royal anthem is played, unless the national anthem is requested
Economy
Economy - overview:
This thoroughly modern market economy features advanced industry with world-leading firms in pharmaceuticals, maritime shipping, and renewable energy, and a high-tech agricultural sector. Danes enjoy a high standard of living, and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. An aging population will be a long-term issue.
Denmark’s small open economy is highly dependent on foreign trade, and the government strongly supports trade liberalization. Denmark is a net exporter of food, oil, and gas and enjoys a comfortable balance of payments surplus, but depends on imports of raw materials for the manufacturing sector.
Denmark is a member of the EU but not the eurozone. Despite previously meeting the criteria to join the European Economic and Monetary Union, Denmark has negotiated an opt-out with the EU and is not required to adopt the euro.
Denmark is experiencing a modest economic expansion. The economy grew by 2.0% in 2016 and an estimated 2.3% in 2017. The expansion is expected to decline slightly in 2018. Unemployment stood at 5.8% in 2017, based on the national measure. The labor market was tight in 2017, with corporations experiencing some difficulty finding appropriately-skilled workers to fill billets. The Danish Government offers extensive programs to train unemployed persons to work in sectors that need qualified workers.
Denmark maintained a healthy budget surplus for many years up to 2008, but the global financial crisis swung the budget balance into deficit. The 2017 deficit was 0.6%. The government projects a lower deficit in 2018, and public debt (EMU debt) as a share of GDP is expected to decline. The Danish Government plans to address tax reform and increased defense spending in 2018.
GDP (purchasing power parity):
$285.5 billion (2017 est.)
$280.1 billion (2016 est.)
$275.4 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 60
GDP (official exchange rate):
$324.1 billion (2017 est.)
GDP - real growth rate:
1.9% (2017 est.)
1.7% (2016 est.)
1.6% (2015 est.)
country comparison to the world: 158
GDP - per capita (PPP):
$49,600 (2017 est.)
$49,100 (2016 est.)
$48,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 31
Gross national saving:
27.9% of GDP (2017 est.)
28.2% of GDP (2016 est.)
28.9% of GDP (2015 est.)
country comparison to the world: 38
GDP - composition, by end use:
household consumption: 48%
government consumption: 25.2%
investment in fixed capital: 20%
investment in inventories: -0.2%
exports of goods and services: 54.5%
imports of goods and services: -47.5% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 1.1%
industry: 23.7%
services: 75.2% (2017 est.)
Agriculture - products:
barley, wheat, potatoes, sugar beets; pork, dairy products; fish
Industries:
wind turbines, pharmaceuticals, medical equipment, shipbuilding and refurbishment, iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, construction, furniture and other wood products
Industrial production growth rate:
2% (2017 est.)
country comparison to the world: 140
Labor force:
2.998 million (2017 est.)
country comparison to the world: 104
Labor force - by occupation:
agriculture: 2.4%
industry: 18.3%
services: 79.3% (2016 est.)
Unemployment rate:
5.8% (2017 est.)
6.2% (2016 est.)
country comparison to the world: 80
Population below poverty line:
13.4% (2011 est.)
Household income or consumption by percentage share:
lowest 10%: 1.9%
highest 10%: 28.7% (2007 est.)
Distribution of family income - Gini index:
28.8 (2015 est.)
25.7 (2005 est.)
country comparison to the world: 137
Budget:
revenues: $173.5 billion
expenditures: $175.5 billion (2017 est.)
Taxes and other revenues:
53.5% of GDP (2017 est.)
country comparison to the world: 11
Budget surplus (+) or deficit (-):
-0.6% of GDP (2017 est.)
country comparison to the world: 51
Public debt:
35.1% of GDP (2017 est.)
37.7% of GDP (2016 est.)
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
country comparison to the world: 147
Fiscal year:
calendar year
Inflation rate (consumer prices):
1% (2017 est.)
0.3% (2016 est.)
country comparison to the world: 43
Central bank discount rate:
0.05% (2016 est.)
0.05% (2015 est.)
country comparison to the world: 148
Commercial bank prime lending rate:
2.9% (31 December 2017 est.)
3.25% (31 December 2016 est.)
country comparison to the world: 169
Stock of narrow money:
$191.5 billion (31 December 2017 est.)
$159.3 billion (31 December 2016 est.)
country comparison to the world: 26
Stock of broad money:
$201.8 billion (31 December 2017 est.)
$173.4 billion (31 December 2016 est.)
country comparison to the world: 39
Stock of domestic credit:
$739.9 billion (31 December 2017 est.)
$637.3 billion (31 December 2016 est.)
country comparison to the world: 21
Market value of publicly traded shares:
$224.9 billion (31 December 2012 est.)
$179.5 billion (31 December 2011 est.)
$231.7 billion (31 December 2010 est.)
country comparison to the world: 32
Current account balance:
$23.61 billion (2017 est.)
$24.09 billion (2016 est.)
country comparison to the world: 14
Exports:
$113.2 billion (2017 est.)
$103.6 billion (2016 est.)
country comparison to the world: 35
Exports - commodities:
wind turbines, pharmaceuticals, machinery and instruments, meat and meat products, dairy products, fish, furniture and design
Exports - partners:
Germany 16.3%, Sweden 11.9%, US 8.2%, UK 6.5%, Norway 6.1%, Netherlands 5.1%, China 4.4% (2016)
Imports:
$94.61 billion (2017 est.)
$86.39 billion (2016 est.)
country comparison to the world: 35
Imports - commodities:
machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods
Imports - partners:
Germany 21.4%, Sweden 12.2%, Netherlands 8%, China 7.3%, Norway 5.5%, UK 4.2% (2016)
Reserves of foreign exchange and gold:
$68.8 billion (31 December 2017 est.)
$64.25 billion (31 December 2016 est.)
country comparison to the world: 32
Debt - external:
$484.8 billion (31 March 2016 est.)
$519.8 billion (31 March 2015 est.)
country comparison to the world: 24
Stock of direct foreign investment - at home:
$145.9 billion (31 December 2017 est.)
$147.9 billion (31 December 2016 est.)
country comparison to the world: 37
Stock of direct foreign investment - abroad:
$248 billion (31 December 2017 est.)
$235.4 billion (31 December 2016 est.)
country comparison to the world: 24
Exchange rates:
Danish kroner (DKK) per US dollar -
6.59 (2017 est.)
6.73 (2016 est.)
6.73 (2015 est.)
6.72 (2014 est.)
5.61 (2013 est.)
Energy
Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
27.34 billion kWh (2015 est.)
country comparison to the world: 68
Electricity - consumption:
31.41 billion kWh (2015 est.)
country comparison to the world: 62
Electricity - exports:
9.919 billion kWh (2016 est.)
country comparison to the world: 23
Electricity - imports:
14.98 billion kWh (2016 est.)
country comparison to the world: 14
Electricity - installed generating capacity:
14.01 million kW (2015 est.)
country comparison to the world: 52
Electricity - from fossil fuels:
48.1% of total installed capacity (2015 est.)
country comparison to the world: 154
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 77
Electricity - from hydroelectric plants:
0% of total installed capacity (2015 est.)
country comparison to the world: 172
Electricity - from other renewable sources:
53.6% of total installed capacity (2015 est.)
country comparison to the world: 2
Crude oil - production:
140,600 bbl/day (2016 est.)
country comparison to the world: 40
Crude oil - exports:
78,370 bbl/day (2016 est.)
country comparison to the world: 38
Crude oil - imports:
77,950 bbl/day (2016 est.)
country comparison to the world: 47
Crude oil - proved reserves:
490.6 million bbl (1 January 2017 est.)
country comparison to the world: 49
Refined petroleum products - production:
187,700 bbl/day (2016 est.)
country comparison to the world: 53
Refined petroleum products - consumption:
158,200 bbl/day (2016 est.)
country comparison to the world: 65
Refined petroleum products - exports:
171,600 bbl/day (2016 est.)
country comparison to the world: 35
Refined petroleum products - imports:
165,400 bbl/day (2016 est.)
country comparison to the world: 40
Natural gas - production:
4.618 billion cu m (2015 est.)
country comparison to the world: 52
Natural gas - consumption:
4.392 billion cu m (2015 est.)
country comparison to the world: 70
Natural gas - exports:
2.192 billion cu m (2015 est.)
country comparison to the world: 37
Natural gas - imports:
658 million cu m (2015 est.)
country comparison to the world: 65
Natural gas - proved reserves:
16.88 billion cu m (1 January 2017 est.)
country comparison to the world: 78
Carbon dioxide emissions from consumption of energy:
42 million Mt (2013 est.)
country comparison to the world: 67
Communications
Telephones - fixed lines:
total subscriptions: 1,557,101
subscriptions per 100 inhabitants: 28 (July 2016 est.)
country comparison to the world: 65
Telephones - mobile cellular:
total: 6,985,035
subscriptions per 100 inhabitants: 125 (July 2016 est.)
country comparison to the world: 107
Telephone system:
general assessment: excellent telephone and Internet services
domestic: buried and submarine cables and microwave radio relay form trunk network; multiple mobile-cellular communications systems
international: country code - 45; a series of fiber-optic submarine cables link Denmark with Canada, Faroe Islands, Germany, Iceland, Netherlands, Norway, Poland, Russia, Sweden, and UK; satellite earth stations - 18 (6 Intelsat, 10 Eutelsat, 1 Orion, 1 Inmarsat (Blaavand-Atlantic-East)); note - the Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden) share the Danish earth station and the Eik, Norway, station for worldwide Inmarsat access (2015)
Broadcast media:
strong public-sector TV presence with state-owned Danmarks Radio (DR) operating 6 channels and publicly owned TV2 operating roughly a half-dozen channels; broadcasts of privately owned stations are available via satellite and cable feed; DR operates 4 nationwide FM radio stations, 10 digital audio broadcasting stations, and 14 web-based radio stations; in 2010, there were 140 commercial and 187 community (non-commercial) radio stations (2012)
Internet country code:
.dk
Internet users:
total: 5,424,169
percent of population: 97.0% (July 2016 est.)
country comparison to the world: 73
Transportation
National air transport system:
number of registered air carriers: 10
inventory of registered aircraft operated by air carriers: 76
annual passenger traffic on registered air carriers: 582,011
annual freight traffic on registered air carriers: 0 mt-km (2015)
Civil aircraft registration country code prefix:
OY (2016)
Airports:
80 (2013)
country comparison to the world: 68
Airports - with paved runways:
total: 28
over 3,047 m: 2
2,438 to 3,047 m: 7
1,524 to 2,437 m: 5
914 to 1,523 m: 12
under 914 m: 2 (2017)
Airports - with unpaved runways:
total: 52
914 to 1,523 m: 5
under 914 m: 47 (2013)
Pipelines:
gas 1,536 km; oil 330 km (2015)
Railways:
total: 3,476 km
standard gauge: 3,476 km 1.435-m gauge (1,756 km electrified) (2017)
country comparison to the world: 55
Roadways:
total: 74,558 km
paved: 74,558 km (includes 1,205 km of expressways) (2017)
country comparison to the world: 64
Waterways:
400 km (2010)
country comparison to the world: 87
Merchant marine:
total: 654
by type: bulk carrier 7, container ship 114, general cargo 77, oil tanker 75, other 381 (2017)
country comparison to the world: 31
Ports and terminals:
major seaport(s): Baltic Sea - Aarhus, Copenhagen, Fredericia, Kalundborg; North Sea - Esbjerg,
river port(s): Aalborg (Langerak)
dry bulk cargo port(s): Ensted (coal)
cruise port(s): Copenhagen
Military & Security
Military expenditures:
1.15% of GDP (2016)
1.12% of GDP (2015)
1.15% of GDP (2014)
1.23% of GDP (2013)
1.35% of GDP (2012)
country comparison to the world: 103
Military branches:
Danish Army, Royal Danish Navy, Royal Danish Air Force (2017)
Military service age and obligation:
18 years of age for compulsory and voluntary military service; conscripts serve an initial training period that varies from 4 to 12 months according to specialization; former conscripts are assigned to mobilization units; women eligible to volunteer for military service; in addition to full time employment, the Danish Military offers reserve contracts in all three branches (2016)
Transnational Issues
Disputes - international:
Iceland, the UK, and Ireland dispute Denmark's claim that the Faroe Islands' continental shelf extends beyond 200 nm; sovereignty dispute with Canada over Hans Island in the Kennedy Channel between Ellesmere Island and Greenland; Denmark (Greenland) and Norway have made submissions to the Commission on the Limits of the Continental Shelf (CLCS) and Russia is collecting additional data to augment its 2001 CLCS submission
Refugees and internally displaced persons:
refugees (country of origin): 18,215 (Syria) (2016)
stateless persons: 7,610 (2016)
