Economy

The Danish economy is a relatively small, open and highly geared to trade with other countries. Denmark’s national currency is the Danish Krone and the most important export markets are Germany and Sweden. Those two counties along with the Netherlands are also the main Danish import partners. Outside of Europe, the US and Japan are the most important Danish trading partners. In 2012 Denmark exported products and services worth more than $97 billion USD while the Danish GDP per capita was approximately $39.000 USD.

Some of the biggest industrial sectors in Denmark are energy, life sciences and agriculture. Denmark is the third largest oil producer in Western Europe, and one of the world’s top producers of windmills. Around 80 percent of the world’s offshore wind turbines are either Danish produced or have Danish developed foundations and components. In 2012 more than 20 percent of the world’s wind turbines were supplied by Danish-based companies. Danish agriculture produces enough food for around 15 million people - three times the population of Denmark. Danish foods are known worldwide for its high quality and safety. When it comes to life sciences, Denmark came in second after the USA in the 2013 The Worldview Report and Bio-Innovation Scorecard. Some of the world’s leading biotech companies and pharmaceutical research centres reside in Denmark.

Due to the extensive government welfare benefits and an equitable distribution of income, Denmark is one of the countries in the world with the highest social equality. In contrast to the labor markets of most other European countries the Danish labor market is mainly founded on agreements between employer and employee organizations. These encompass basic areas such as minimum wages, the right to strike and work hours.

When the financial crisis hit the world in 2008, Denmark’s historically low unemployment rate rose sharply, and has remained steady at 6 %, two thirds of the average EU unemployment, for the last couple of years. In spite of the global financial difficulties, Denmark’s fiscal position remains among the strongest in the EU.

 

Photo: Some of the world’s leading biotech companies and pharmaceutical research centres reside in Denmark.