Creative Industries Denmark
Population: 5,605,948 (July 2017 est.)
Internet country code: .dk
Kingdom of Denmark / Kongeriget Danmark
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 European Union’s Maastricht Treaty, including the European Economic and Monetary Union (EMU), European defense cooperation, and issues concerning certain justice and home affairs.
This thoroughly modern market economy features advanced industry with world-leading firms in pharmaceuticals, maritime shipping, and renewable energy, a high-tech agricultural sector, a high standard of living, extensive government welfare measures, and an equitable distribution of income.
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 2.1% in 2017. The expansion is expected to decline slightly in 2018. Unemployment stood at 5.5% in 2017, based on the national labor survey. 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. Since 2014 the balance has shifted between surplus and deficit. In 2017 there was a surplus of 1.0%. The government projects a lower deficit in 2018 and 2019 of 0.7%, and public debt (EMU debt) as a share of GDP is expected to decline to 35.6% in 2018 and 34.8% in 2019. The Danish Government plans to address increasing municipal, public housing and integration spending in 2018.
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 the shifted design element was subsequently adopted by the other Nordic countries of Finland, Iceland, Norway, and Sweden
note: the shifted design element was subsequently adopted by the other Nordic countries of Finland, Iceland, Norway, and Sweden
All publications published by the Trade Council are available at the Danish website markedsinformation.um.dk. Some reports are in English.