The economy of Denmark is a modern market economy with comfortable living standards, a high level of government services and transfers, and a high dependence on foreign trade. The economy is dominated by the service sector with 80% of all jobs, whereas about 11% of all employees work in manufacturing and 2% in agriculture. Nominal gross national income per capita was the tenth-highest in the world at $55,220 in 2017. Correcting for purchasing power, per capita income was Int$52,390 or 16th-highest globally. Income distribution is relatively equal, but inequality has increased somewhat during the last decades, however, due to both a larger spread in gross incomes and various economic policy measures. In 2017 Denmark had the seventh-lowest Gini coefficient (a measure of economic inequality) of the 28 European Union countries. With 5,789,957 inhabitants (1 July 2018), Denmark has the 39th largest national economy in the world measured by nominal gross domestic product (GDP) and 60th 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. Since 1990 Denmark has consistently had a current account surplus, with the sole exception of 1998. 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. A decisive reason for this are the widespread compulsory funded labour market pensions schemes which have caused a considerable increase in private savings rates and today play an important role for the economy.
Denmark has a very long tradition of adhering to a fixed exchange-rate system and still does so today. It is unique among OECD countries to do so while maintaining an independent currency: The Danish krone, which is pegged to the euro. Though eligible to join the EMU, the Danish voters in a referendum in 2000 rejected exchanging the krone for the euro. Whereas Denmark's neighbours like Norway, Sweden, Poland and United Kingdom generally follow inflation targeting in their monetary policy, the priority of Denmark's central bank is to maintain exchange rate stability. Consequently, the central bank has no role in domestic stabilization policy. Since February 2015, the central bank has maintained a negative interest rate in order 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 2017 78.8% of all 15-64-year-old people were active on the labour market, the sixth-highest number among all OECD countries. 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. There is no legal minimum wage in Denmark. The labour market is traditionally characterized by a high degree of union membership rates and collective agreement coverage. The concept of flexicurity has been important historically.
Denmark is an example of the Nordic social model, characterized by an internationally high tax level, and a correspondingly high level of government-provided services (e.g. health care, child care and education services) and income transfers to various groups like retired or disabled people, unemployed persons, students, etc. Altogether, taxes paid in 2017 amounted to 46.1% of GDP. Danish fiscal policy is generally considered healthy. Net government debt is very close to zero, amounting to 1.3% of GDP in 2017. Danish fiscal policy is characterized by a long-term outlook, taking into account likely future fiscal demands. 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. Responding to this, age eligibility rules for receiving public age-related transfers were changed. 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.
|Economy of Denmark|
|Currency||Danish krone (DKK, kr) = 0.15 USD|
|EU, WTO, OECD and others|
|GDP|| $450 billion (nominal) $530 billion (PPP)|
$0.29 trillion (2017) (PPP)
GDP per capita
|$56,000 (2017) (nominal) $50,000 (2017) (PPP)|
GDP by sector
|agriculture: 1.6%; mining and quarrying: 1.2%; industry: 14.4%; utilities and construction: 7.7%; services: 75.2% (2017)|
Population below poverty line
|13.4% (2011 est.)|
|0.929 (No. 11, 2018)|
|3.0 million (September 2018)|
Labour force by occupation
|agriculture: 2.4%; mining and quarrying: 0.1%; industry: 10.7%; utilities and construction: 6.7%; services: 79.9% (2017)|
Average gross salary
|463,000 DKK, 62,000 € / 73,000 $, annual (2015)|
|292,000 DKK, 39,000 € / 46,000 $, annual (2015)|
|Exports||$113,2 billion (2017) 35rd|
Main export partners
| Germany 15.5% |
United Kingdom 8.2%
United States 7.5%
China 4.4% (2017)
|Imports||$94,61 billion (2017)|
Main import partners
| Germany 21.3% |
Poland 4.0% (2017)
Gross external debt
|$484.8 billion (31 March 2016 est.)|
|64.6% of GDP (1 July 2018)|
|1.3% of GDP (net debt 2017)|
36.4% of GDP (gross debt 2017)
|1.1% of GDP (2017)|
|Revenues||$172.5 billion (2017 est.)|
|Expenses||$168.9 billion (2017 est.)|
|Economic aid||ODA, 0.72% of GNI (2017)|
|(Standard & Poor's) AAA (Domestic)|
AAA (T&C Assessment)
|$65 billion (March 2016)|
Denmark's long-term economic development has largely followed the same pattern as other Northwestern European countries. In most of recorded history Denmark has been an agricultural country with most of the population living on a subsistence level. Since the 19th century Denmark has gone through an intense technological and institutional development. The material standard of living has experienced formerly unknown rates of growth, and the country has been industrialized and later turned into a modern service society.
Almost all of the land area of Denmark is arable. Unlike most of its neighbours, Denmark has not had extractable deposits of minerals or fossile fuels, except for the deposits of oil and natural gas in the North Sea, which started playing an economic role only during the 1980s. On the other hand, Denmark has had a logistic advantage through its long coastal line and the fact that you are nowhere more than 50 kilometers from the sea - an important fact for the whole period before the industrial revolution when sea transport was cheaper than land transport. Consequently, foreign trade has always been very important for the economic development of Denmark.
Already during the Stone Age there was some foreign trade, and even though trade has made up only a very modest share of total Danish value added until the 19th century, it has been decisive for economic development, both in terms of procuring vital import goods (like metals) and because new knowledge and technological skills have often come to Denmark as a byproduct of goods exchange with other countries. The emerging trade implied specialization which created demand for means of payments, and the earliest known Danish coins date from the time of Svend Tveskæg around 995.
According to economic historian Angus Maddison, Denmark was the sixth-most prosperous country in the world around 1600. The population size relative to arable agricultural land was small so that the farmers were relatively affluent, and Denmark was geographically close to the most dynamic and economically leading European areas since the 16th century: the Netherlands, the northern parts of Germany, and Britain. Still, 80 to 85% of the population lived in small villages on a subsistence level.
Mercantilism was the leading economic doctrine during the 17th and 18th century in Denmark, leading to the establishment of monopolies like Asiatisk Kompagni, development of physical and financial infrastructure like the first Danish bank Kurantbanken in 1736 and the first "kreditforening" (a kind of building society) in 1797, and the acquisition of some minor Danish colonies like Tranquebar.
At the end of the 18th century major agricultural reforms took place that entailed decisive structural changes. Politically, mercantilism was gradually replaced by liberal thoughts among the ruling elite. Following a monetary reform after the Napoleonic wars, the present Danish central bank Danmarks Nationalbank was founded in 1818.
There exist 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. When grain production became less profitable in the second half of the century, the Danish farmers made an impressive and uniquely successful change from vegetarian to animal production leading to a new boom period. Parallelly industrialization took off in Denmark from the 1870s. 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 first half of the century was marked by the two world wars and the Great Depression during the 1930s. 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. Foreign trade increased heavily relative to GDP. The economic role of the public sector increased considerably, and the country was increasingly transformed from an industrial country to a country dominated by production of services. 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. 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. For the next decades the Danish economy struggled with several major so-called "balance problems": High unemployment, current account deficits, inflation, and government debt. 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 1994 active labour market policies were introduced that via a series of labour market reforms have helped reducing structural unemployment considerably. 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. 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. 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. Mainly because of these changes, from 2012 onwards the Danish fiscal sustainability problem is generally considered to be solved. 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. 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.
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. Correcting for purchasing power, income was Int$52,390 or 16th-highest among the 187 countries.
During the last three decades household saving rates in Denmark have increased considerably. 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. Secondly, compulsory funded pension schemes became normal for most employees from the 1990s. 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. The pension wealth consequently is a very important both for the life-cycle of a typical individual Danish household and for the national economy. A large part of the pension wealth is invested abroad, thus giving rise to a fair amount of foreign capital income. In 2015, average household assets were more than 600% of their disposable income, among OECD countries second only to the Netherlands. At the same time, average household gross debt was almost 300% of disposable income, which is also at the highest level in OECD. Household balance sheets are consequently very large in Denmark compared to most other countries. Danmarks Nationalbank, the Danish central bank, has attributed this to a well-developed financial system.
Income inequality has traditionally been low in Denmark. According to OECD figures, in 2000 Denmark had the lowest Gini coefficient of all countries. However, inequality has increased during the last decades. According to data from Statistics Denmark, the Gini coefficient for disposable income has increased from 22.1 in 1987 to 29.3 in 2017. The Danish Economic Council found in an analysis from 2016 that the increasing inequality in Denmark is due to several components: Pre-tax labour income is more unequally distributed today than before, capital income, which is generally less equally distributed than labour income, has increased as share of total income, and economic policy is less redistributive today, both because public income transfers play a smaller role today and because the tax system has become less progressive.
In international comparisons, Denmark has a relatively equal income distribution. According to the CIA World Factbook, Denmark had the twentieth-lowest Gini coefficient (29.0) of 158 countries in 2016. According to data from Eurostat, Denmark was the EU country with the seventh-lowest Gini coefficient in 2017. Slovakia, Slovenia, Czechia, Finland, Belgium and the Netherlands had a lower Gini coefficient for disposable income than Denmark.
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. The labour market is also traditionally characterized by a high degree of flexicurity, i.e. a combination of labour market flexibility and economic security for workers. The degree of flexibility is in part maintained through active labour market policies. The effective compensation rate for unemployed workers has been declining for the last decades, however. Unlike in most Western countries there is no legal minimum wage in Denmark.
A relatively large proportion of the population is active on the labour market, not least because of a very high female participation rate. The total participation rate for people aged 15 to 64 years was 78.8% in 2017. This was the 6th-highest number among OECD countries, only surpassed by Iceland, Switzerland, Sweden, New Zealand and the Netherlands. The average for all OECD countries together was 72.1%.
According to Eurostat, the unemployment rate was 5.7% in 2017. This places unemployment in Denmark somewhat below the EU average, which was 7.6%. 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. and U.S.- but much higher than in continental Europe, where the corresponding figure is around 10%, and in Sweden. This attrition can be very costly, with new and old employees requiring half a year to return to old productivity levels, but with attrition bringing the number of people that have to be fired down.
As a small open economy, Denmark is very dependent on its foreign trade. 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. Service exports were dominated by freight sea transport services from the Danish merchant navy. Most of Denmark's most important trading partners are neighbouring countries. 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. Consequently, Denmark has changed from a net debtor to a net creditor country. 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 particular, the Danish national saving rate in financial assets increased by 11 per cent of GDP from 1980 to 2015. Two main reasons for this large change in domestic saving behaviour were the growing importance of large-scale compulsory pension schemes and several Danish fiscal policy reforms during the period which considerably decreased tax deductions of household interest expense, thus reducing the tax subsidy to private debt.
The Danish currency is the Danish krone, subdivided into 100 øre. The krone and øre were introduced in 1875, replacing the former rigsdaler and skilling. 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. 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. Rising inflation led to Denmark declaring a more consistent fixed exchange-rate policy in 1982. 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 2000, the Danish government advocated Danish EMU membership and called a referendum to settle the issue. With a turn-out of 87.6%, 53% of the voters rejected Danish membership. 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. As a consequence of the exchange rate policy, the bank must always adjust its interest rates in order to ensure a stable exchange rate and consequently cannot at the same time conduct monetary policy in order to stabilize e.g. domestic inflation or unemployment rates. This makes the conduct of stabilization policy fundamentally different from the situation in Denmark's neighbouring countries like Norway, Sweden, Poland og United Kingdom, in which the central banks have a central stabilizing role. Denmark is presently the only OECD member country maintaining an independent currency with a fixed exchange rate. 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. Danmarks Nationalbank reacted in various ways, chiefly by lowering its interest rates to record low levels. On 6 February 2015 the certificates of deposit rate, one of the four official Danish central bank rates, was lowered to -0.75%. 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. Inflation has generally been low and stable for the last decades. Whereas in 1980 annual inflation was more than 12%, in the period 2000-2017 the average inflation rate was 1.8%.
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. Regions administer mainly health care services, whereas municipalities administer primary education and social services. Municipalities in principle independently levy income and property taxes, but the scope for total municipal taxation and expenditure is closely regulated by annual negotiations between the municipalities and the Finance Minister of Denmark. At the central government level, the Ministry of Finance carries out the coordinating role of conducting economic policy. 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. have a non-negative fiscal sustainability indicator. The Budget Law also assigned the role of independent fiscal institution (IFI, informally known as "fiscal watchdog") to the already-existing independent advisory body of the Danish Economic Councils.
Danish fiscal policy is generally considered healthy. Government net debt was close to zero at the end of 2017, amounting to DKK 27.3 billion, or 1.3% of GDP. The government sector having a fair amount of financial assets as well as liabilities, government gross debt amounted to 36.1% of GDP at the same date. The gross EMU-debt as percentage of GDP was the sixth-lowest among all 28 EU member countries, only Estonia, Luxembourg, Bulgaria, the Czech Republic and Romania having a lower gross debt. 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. (e.g. 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. 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. This implies that under the assumptions employed in the projections, fiscal policy could be permanently loosened (via more generous public expenditures and/or lower taxes) by ca. 1% of GDP while still maintaining a stable government debt-to-GDP ratio in the long run.
The tax level as well as the government expenditure level in Denmark ranks among the highest in the world, which is traditionally ascribed to the Nordic model of which Denmark is an example, including the welfare state principles which historically evolved during the 20th century. In 2017, the official Danish tax level amounted to 46.1% of GDP. 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. The Danish tax-to-GDP-ratio of 46% was the second-highest among all OECD countries, second only to France. The OECD average was 34.2%. 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. 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.
Professor of Economics at Princeton University Henrik Kleven has suggested that three distinct policies in Denmark and its Scandinavian neighbours imply that the high tax rates cause only relatively small distortions to the economy: widespread use of third-party information reporting for tax collection purposes (ensuring a low level of tax evasion), broad tax bases (ensuring a low level of tax avoidance), and a strong subsidization of goods that are complementary to working (ensuring a high level of labour force participation).
Parallel to the high tax level, government expenditures make up a large part of GDP, and the government sector carries out many different tasks. By September 2018, 831,000 people worked in the general government sector, corresponding to 29.9% of all employees. In 2017, total government expenditure amounted to 50.9% of GDP. Government consumption took up precisely 25% of GDP (e.g. education and health care expenditure), and government investment (infrastructure etc.) expenditure another 3.4% of GDP. Personal income transfers (for e.g. elderly or unemployed people) amounted to 16.8% of GDP.
Denmark has an unemployment insurance system called the A-kasse (arbejdsløshedskasse). This system requires a paying membership of a state-recognized unemployment fund. Most of these funds are managed by trade unions, and part of their expenses are financed through the tax system. Members of an A-kasse are not obliged to be members of a trade union. Not every Danish citizen or employee qualifies for a membership of an unemployment fund, and membership benefits will be terminated after 2 years of unemployment. A person that is not a member of an A-kasse cannot receive unemployment benefits. Unemployment funds do not pay benefits to sick members, who will be transferred to a municipal social support system instead. Denmark has a countrywide, but municipally administered social support system against poverty, securing that qualified citizens have a minimum living income. All Danish citizens above 18 years of age can apply for some financial support if they cannot support themselves or their family. Approval is not automatic, and the extent of this system has generally been diminished since the 1980s. Sick people can receive some financial support throughout the extent of their illness. 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. Several reforms of the rights of the unemployed have followed up, partially inspired by the Danish Economic Council. 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 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.
Agriculture was once the most important industry in Denmark. Nowadays, it is of minor economic importance. In 2016, 62,000 people, or 2.5% of all employed people worked in agriculture and horticulture. Another 2,000 people worked in fishing. As value added per person is relatively low, the share of national value added is somewhat lower. Total gross value added in agriculture, forestry and fishing amounted to 1.6% of total output in Denmark (in 2017). Despite this, Denmark is still home to various types of agricultural production. Within animal husbandry, it includes dairy and beef cattle, pigs, poultry and fur animals (primarily mink) - all sectors that produce mainly for export. Regarding vegetable production, Denmark is a leading producer of grass-, clover- and horticultural seeds. 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. The Danish agricultural industry is historically characterized by freehold and family ownership, but due to structural development farms have become fewer and larger. In 2017 the number of farms was approximately 35,000, of which approximately 10,000 were owned by full-time farmers.
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. The milk quota is 1,142 tonnes. Danish dairy farmers are among the largest and most modern producers in Europe. More than half of the cows live in new loose-housing systems. Export of dairy products accounts for more than 20 percent of the total Danish agricultural export. The total number of cattle in 2011 was approximately 1.5 million. Of these, 565,000 were dairy cows and 99,000 were suckler cows. The yearly number of slaughtering of beef cattle is around 550,000.
For more than 100 years the production of pigs and pig meat was a major source of income in Denmark. 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. Approximately 90 percent of the production is exported. This accounts for almost half of all agricultural exports and for more than 5 percent of Denmark's total exports. About 4,200 farmers produce 28 million pigs annually. Of these, 20.9 million are slaughtered in Denmark.
Fur animal production on an industrial scale started in the 1930s in Denmark. Denmark is now the world's largest producer of mink furs, with 1,400 mink farmers fostering 17.2 million mink and producing around 14 million furs of the highest quality every year. Approximately 98 percent of the skins sold at Kopenhagen Fur Auction are exported. Fur ranks as Danish agriculture's third largest export article, at more than DKK 7 billion annually. 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. 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. Special attention is given to the welfare of the mink, and regular "Open Farm" arrangements are made for the general public. Mink thrive in, but are not a native to Denmark, and it is considered an invasive species. American Mink are now widespread in Denmark and continues to cause problems for the native wildlife, in particular waterfowl. 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. Chickens for slaughter are often produced in units with 40,000 broilers. 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 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. 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.
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. Production has decreased in recent years, though. Whereas in 2006 output (measured as gross value added or GVA) in mining and quarrying industries made up more than 4% of Denmarks's total GVA, in 2017 it amounted to 1.2%. The sector is very capital-intensive, so the share of employment is much lower: About 2,000 persons worked in the oil and gas extraction sector in 2016, and another 1,000 persons in extraction of gravel and stone, or in total about 0.1% of total employment in Denmark.
In 2017 total output (gross value added) in manufacturing industries amounted to 14.4% of total output in Denmark. 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.
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). Apart from public administration, education and health services, main service sub-industries were trade and transport services, and business services.
Significant investment has been made in building road and rail links between Copenhagen and Malmö, Sweden (the Øresund Bridge), and between Zealand and Funen (the Great Belt Fixed Link). The Copenhagen Malmö Port was also formed between the two cities as the common port for the cities of both nations.
The main railway operator is Danske Statsbaner (Danish State Railways) for passenger services and DB Schenker Rail for freight trains. The railway tracks are maintained by Banedanmark. Copenhagen has a small Metro system, the Copenhagen Metro and the greater Copenhagen area has an extensive electrified suburban railway network, the S-train.
Denmark is in a strong position in terms of integrating fluctuating and unpredictable energy sources such as wind power in the grid. 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.
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. The goal is a full independence of fossil fuels by 2050. 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. 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. 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 1972, the overall energy consumption has dropped by 6%, even though the GDP has doubled in the same period. Denmark had the 6th best energy security in the world in 2014. 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. 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. As of 2015, Denmark has no environment tax on electricity.
Denmark is a long time leader in wind energy and a prominent exporter of Vestas and Siemens wind turbines, and as of May 2011 Denmark derives 3.1% of its gross domestic product from renewable (clean) energy technology and energy efficiency, or around €6.5 billion ($9.4 billion). It has integrated fluctuating and less predictable energy sources such as wind power into the grid. Wind produced the equivalent of 43% of Denmark's total electricity consumption in 2017. The share of total energy production is smaller: In 2015, wind accounted for 5% of total Danish energy production.
Energinet.dk is the Danish national transmission system operator for electricity and natural gas. The electricity grids of western Denmark and eastern Denmark were not connected until 2010 when the 600MW Great Belt Power Link went into operation.
Waste-to-energy incinerators produce mostly heating and hot water. Vestforbrænding in Glostrup Municipality operates Denmark's largest incinerator, a cogeneration plant which supplies electricity to 80,000 households and heating equivalent to the consumption in 63,000 households (2016). Amager Bakke is an example of a new incinerator being built.
In addition to Denmark proper, the Kingdom of Denmark comprises two autonomous constituent countries in the North Atlantic Ocean: Greenland and the Faroe Islands. Both use the Danish krone as their currency, but form separate economies, having separate national accounts etc. Both countries receive an annual fiscal subsidy from Denmark which amounts to about 25% of Greenland's GDP and 11% of Faroese GDP. For both countries, fishing industry is a major economic activity.
Neither Greenland nor the Faroe Islands are members of the European Union. Greenland left the European Economic Community in 1986, and the Faroe Islands declined membership in 1973, when Denmark joined.
The following table shows the main economic indicators in 1980–2017. Inflation under 2% is in green.
(in Bil. US$ PPP)
|GDP per capita
(in US$ PPP)
(in % of GDP)
|1980||58.9||11,504||−0.5 %||11.3 %||5.3 %||n/a|
|1981||64.0||12,491||−0.7 %||11.7 %||7.1 %||n/a|
|1982||70.5||13,766||3.7 %||10.1 %||7.6 %||n/a|
|1983||75.2||14,689||2.6 %||6.8 %||8.4 %||n/a|
|1984||81.1||15,858||4.2 %||6.3 %||7.9 %||n/a|
|1985||87.0||17,025||4.0 %||4.7 %||6.6 %||n/a|
|1986||93.1||18,200||4.9 %||3.7 %||5.0 %||n/a|
|1987||95.7||18,681||0.3 %||4.0 %||5.0 %||n/a|
|1988||99.1||19,317||0.0 %||4.5 %||5.7 %||n/a|
|1989||103.6||20,194||0.6 %||4.8 %||6.8 %||n/a|
|1990||109.0||21,227||1.5 %||2.6 %||7.2 %||n/a|
|1991||114.2||22,192||1.4 %||2.4 %||7.9 %||n/a|
|1992||119.1||23,072||2.0 %||2.1 %||8.6 %||66.8|
|1993||121.9||23,538||0.0 %||1.2 %||9.5 %||78.6 %|
|1994||131.2||25,242||5.3 %||2.0 %||7.7 %||75.2 %|
|1995||138.0||26,452||3.0 %||2.0 %||6.8 %||71.4 %|
|1996||144.6||27,531||2.9 %||2.2 %||6.3 %||68.3 %|
|1997||151.8||28,783||3.3 %||2.2 %||5.2 %||64.3 %|
|1998||156.9||29,629||2.2 %||1.8 %||4.9 %||60.3 %|
|1999||164.0||30,860||2.9 %||2.5 %||5.1 %||56.8 %|
|2000||174.0||32,645||3.7 %||2.9 %||4.3 %||52.4 %|
|2001||179.4||33,543||0.8 %||2.4 %||4.5 %||48.5 %|
|2002||183.0||34,095||0.5 %||2.4 %||4.6 %||49.1 %|
|2003||187.4||34,811||0.4 %||2.1 %||5.4 %||46.2 %|
|2004||197.7||36,627||2.7 %||1.1 %||5.5 %||44.2 %|
|2005||208.8||38,592||2.3 %||1.8 %||4.8 %||37.4 %|
|2006||223.7||41,211||3.9 %||1.9 %||3.9 %||31.5 %|
|2007||231.7||42,538||0.9 %||1.7 %||3.8 %||27.3 %|
|2008||235.0||42,924||−0.5 %||3.4 %||3.5 %||33.3 %|
|2009||225.2||40,863||−4.9 %||1.3 %||6.0 %||40.2 %|
|2010||232.2||41,958||1.9 %||2.3 %||7.5 %||42.6 %|
|2011||240.2||43,194||1.3 %||2.8 %||7.6 %||46.1 %|
|2012||245.2||43,933||0.2 %||2.4 %||7.5 %||44.9 %|
|2013||251.5||44,882||0.9 %||0.8 %||7.0 %||44.0 %|
|2014||260.1||46,223||1.6 %||0.6 %||6.5 %||43.9 %|
|2015||267.2||47,202||1.6 %||0.5 %||6.2 %||39.6 %|
|2016||275.9||48,338||2.0 %||0.3 %||6.2 %||37.8 %|
|2017||286.8||49,883||2.1 %||1.1 %||5.8 %||36.4 %|
Denmark has fostered and is home to many multi-national companies. Many of the largest are interdisciplinary with business - and sometimes research activities - in several fields. The most notable companies include:
Many of the largest food producers are also engaged in biotechnology and research. Notable companies dedicated to the pharmaceutical and biotechnology sector, includes:
Denmark has a long tradition for cooperative production and trade on a large scale. The most notable cooperative societies today includes the agricultural coop of Dansk Landbrugs Grovvareselskab (DLG), dairy producer Arla Foods and the retail cooperative Coop Danmark. 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. It is part of the larger multi-sector cooperative Coop amba which has 1.7 million members in that same year.
The cooperative structure also extends to both the housing and banking sector. 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 municipality of Copenhagen alone holds a total of 153 housing cooperatives and "Arbejdernes Andelsboligforening Århus" (AAB Århus) is the largest individual housing cooperative in Denmark, with 23,000 homes in Aarhus.
Danish industry has gained on the use of green taxes (dansk erhvervsliv har vundet på brugen af grønne afgifter)
We have a tax system that goes beyond environment reasons to also fill up the state coffers (idag er vi imidlertid endt med et afgiftssystem, der går ud over den rent miljømæssige begrundelse og også er blevet en måde at fylde statskassen op.)
But in reality they also help pay for schools, hospitals and police (Men i virkeligheden er de også med til at betale for skoler, sygehuse og politi)
Arbejdsmarkedets Tillægspension (ATP) is a supplementary (income-related) pension in Denmark, and is Denmark's largest lifelong pension plan. Citizens of Denmark become eligible for ATP payments as soon as they turn 65 years old. Arbejdsmarkedets Tillægspension was amended into law on March 7, 1964.Confederation of Danish Industry
The Confederation of Danish Industry (DI) is one of Denmark's business organizations (chambers of commerce) and employers' organizations. DI's members are 10,000 private enterprises in manufacturing and the service industry, from virtually all sub-sectors. Also, a number of sectoral employers' associations and branch federations are included in DI's framework, being integrated in part or in full in DI. Moreover, the members of DI in each county constitute a regional federation dealing with regional policy as well as educational issues. The organization represents its members in public discussions of new political ideas, and it comments on current events in Denmark. The DI director general and CEO is Karsten Dybvad.Copenhagen Capacity
Copenhagen Capacity is Greater Copenhagen's official organization for investment, promotion and business development. The organization was established in 1994 by Copenhagen Municipality, Frederiksberg Municipality, Copenhagen County, Frederiksborg County and Roskilde County, and works closely with "Invest in Denmark", the official investment promotion agency within the Ministry of Foreign Affairs of Denmark.
It operates as an independent organization financed by Capital Region of Denmark and Region Zealand. It offers business development services (market research, business set-up, business expansion) to foreign-owned companies free of charge and promises "full confidentiality".Copenhagen Stock Exchange
The Copenhagen Stock Exchange or CSE (Danish: Københavns Fondsbørs), since 2014 officially called Nasdaq Copenhagen, is an international marketplace for Danish securities, including shares, bonds, treasury bills and notes, and financial futures and options.Nasdaq Copenhagen is one of the Nasdaq Nordic Exchanges. Nasdaq Nordic goes back to the 2003 merger of OM AB and HEX plc to form OMX and is, since February 2008, part of Nasdaq, Inc. (formerly known as NASDAQ OMX Group).Danish krone
The krone (Danish pronunciation: [ˈkʁoːnə]; plural: kroner; sign: kr.; code: DKK) is the official currency of Denmark, Greenland, and the Faroe Islands, introduced on 1 January 1875. Both the ISO code "DKK" and currency sign "kr." are in common use; the former precedes the value, the latter in some contexts follows it. The currency is sometimes referred to as the Danish crown in English, since krone literally means crown. Historically, krone coins have been minted in Denmark since the 17th century.
One krone is subdivided into 100 øre (Danish pronunciation: [ˈøːɐ]; singular and plural), the name øre possibly deriving from Latin aureus meaning "gold coin", or more plausibly from Latin as, pl aeres, meaning "bronze coin", from aes, aeris, "bronze". Altogether there are eleven denominations of the krone, with the smallest being the 50 øre coin, which is valued at one half of a krone. Formerly there were more øre coins, but those were discontinued due to inflation.
The krone is pegged to the euro via the ERM II, the European Union's exchange rate mechanism. Adoption of the euro is favoured by some of the major political parties, however a 2000 referendum on joining the Eurozone was defeated with 53.2% voting to maintain the krone and 46.8% voting to join the Eurozone.Danish property bubble of 2000s
During the Danish property bubble of 2001 through 2006, Danish property prices rose faster than at any point in history, in some years increasing by more than 25%. Apartments and homes near the big cities rose especially fast.
Some of the rise can be attributed to falling interest rates, the introduction of new loan types (such as interest-only mortgages), improving economy and increasing urbanisation, higher wages along with other factors. Some observers have also noted increased interest in homes and a dramatic increase in the number of TV programs regarding home decoration, home sales, gardening etc. The increasing number of parents buying apartments for their children is also an important factor, dramatically increasing the demand on smaller apartments, typically 2 - 3 rooms, thus giving rising prices from the lower segment of apartments.
However, many banks and analysts acknowledge that prices have increased more than can be explained by their models even when taking the economic factors into account and that homes have indeed become less affordable. In particular, it is becoming increasingly difficult for first-time buyers to enter the market, and they now make up a historically low fraction of all buyers.
This has led some observers to speculate that the Danish real estate market may be in a bubble where price increases have been fueled by speculation beyond what can be justified by fundamental economics. Some have warned that the market may be in for a correction, i.e., major price decreases. Still, as of March 2007, this has not occurred. Apartments in Copenhagen have fallen 7% in the first quarter of 2007 and the supply is still rising.
However, there are signs that the market is softening and prices have fallen in some areas. In 2006, the number of homes for sale increased dramatically, tripling in some areas. It was estimated that 10% of all apartments in Copenhagen are for sale. The total inventory of homes for sale totaled more than one average year of home sales. In the statistics for the fourth quarter 2006, some areas experienced a quarter-to-quarter price fall around 4-5%, the first significant fall in over a decade.
Two of the major real estate agencies claim they are observing price falls, with the biggest agency (Home) claiming to have observed falls since July 2006 The softening comes at a time when there has been an explosion in the building of new apartments and homes all around in the country. In Copenhagen alone, as many as 2,000 new apartments are expected to be added to the inventory during 2007.
Denmark 2007 - -12%Danish state bankruptcy of 1813
Denmark had been waging the Napoleonic Wars since it started in 1803 and ended in 1815, this led to expansive note-issuing and put Denmark in a tough position and weakened their monetary system. Due to the excessive note-issuing and trying to remain neutral under England's skepticism, all came together to cause the bankruptcy of Denmark on January 5, 1813. During the war, England became skeptical of Denmark's neutrality, which lead England to invade the south of Denmark, capture their naval fleet, and lose Norway in 1814, which prompted them to side with France, and then accept defeat in 1815. These events further pushed Denmark into bankruptcy and their financial struggles lasted through the establishment of the Danish central bank, Danmarks Nationalbank, in 1818 up until 1845, when the silver standard was reintroduced in the Danish banking system.Danmarks Nationalbank
Danmarks Nationalbank (in Danish often simply Nationalbanken) is the central bank of the Kingdom of Denmark. It is a non-eurozone member of the European System of Central Banks (ESCB). Since its establishment in 1818, the objective of the Nationalbank as an independent and credible institution is to issue the Danish currency, the krone, and ensure its stability. The Board of Governors holds full responsibility for the monetary policy.The building which houses the bank's headquarters was designed by the renowned architect Arne Jacobsen, in collaboration with Hans Dissing and Otto Weitling. After Jacobsen's death, his office, renamed Dissing+Weitling, has brought the construction to completion.
Danmarks Nationalbank undertakes all functions related to the management of the Danish central-government debt. The division of responsibility is set out in an agreement between the Ministry of Finance of Denmark and Danmarks Nationalbank.
Danish and Faroese banknotes are printed at Danmarks Nationalbank's Banknote Printing Works. This ended 20 December 2016, and the printing of banknotes has been outsourced due to less demand for cash, and cut in expenses of 100 million kroner until 2020.Danske Spil
Danske Spil A/S is the national lottery in Denmark, founded in 1948. The first game was established May 8, 1949 and was a 1-X-2 TOTO game with 12 football matches. Today Danske Spil A/S, previously known as Dansk Tipstjeneste A/S, offers a number of games: Number games, instant games, knowledge games and gambling on machines.Economy of the Faroe Islands
The economy of the Faroe Islands was the 166th largest in the world in 2014, having a nominal gross domestic product (GDP) of $2.613 billion per annum.High dependence on fishing means the economy remains extremely vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants. Petroleum found close to the Faroese area gives hope for deposits in the immediate area, which may lay the basis to sustained economic prosperity. Also important are the annual subsidy from Denmark, which amounts to about 3% of the GDP.The Faroes have one of the lowest unemployment rates in Europe, but this is not necessarily a sign of a recovering economy, as many young students move to Denmark and other countries once they are finished with high school. This leaves a largely middle-aged and elderly population that may lack the skills and knowledge to take IT positions in business and industry.Fishing industry in Denmark
The fishing industry in Denmark operates around the coastline, from western Jutland to Bornholm. While the overall contribution of the fisheries sector to the country's economy is only about 0.5 percent, Denmark is ranked fifth in the world in exports of fish and fish products. Approximately 20,000 Danish people are employed in fishing, aquaculture, and related industries.Denmark's coastline measures about 7,300 kilometres (4,500 mi) in length, and supports three types of fishery industries: for fish meal and fish oil, pelagic fishery for human consumption, and the demersal fishery for white fish, lobster and deep water prawns. The key ports for demersal fishing are Esbjerg, Thyborøn, Hanstholm, Hirtshals, and Skagen. The North Sea and Skagen account for 80% of the catches.The Danish fishing fleet is noted for its economic democracy: the value of the catch is shared by everyone on the ship according to a pre-set scale, and this system unites the whole crew's interest in returning the largest possible catch. Fish waste is sold to Danish mink farmers. The mink pelts are sold at the world's largest fur auctions, held annually in Copenhagen.Flexicurity
Flexicurity (a portmanteau of flexibility and security) is a welfare state model with a pro-active labour market policy. The term was first coined by the social democratic Prime Minister of Denmark Poul Nyrup Rasmussen in the 1990s.
The term refers to the combination of labour market flexibility in a dynamic economy and security for workers.
The Government of Denmark views flexicurity as entailing a "golden triangle" with a "three-sided mix of (1) flexibility in the labour market combined with (2) social security and (3) an active labour market policy with rights and obligations for the unemployed".The European Commission considers flexicurity as an integrated strategy to simultaneously enhance flexibility and security in the labour market. Flexicurity is designed and implemented across four policy components: 1) flexible and reliable contractual arrangements; 2) comprehensive lifelong learning strategies; 3) effective active labour market policies; and 4) modern social security systems providing adequate income support during employment transitions.
It is important to recognize that the flexicurity concept has been developed in countries with high wages, besides clear progressive taxation, as in for example, Denmark.List of Danes by net worth
This is a list of Danish US dollar billionaires based on an annual assessment of wealth and assets compiled and published by Forbes magazine in 2018, 2017 and 2015.List of Danish regions by Human Development Index
This is a list of regions of Denmark by Human Development Index as of 2017.List of banks in Denmark
This is a list of Commercial banks and savings banks located in Denmark. This list is based upon information from the Finanstilsynet, the financial regulatory authority of the Danish government responsible for the regulation of financial markets in Denmark.Mink industry in Denmark
The mink industry is important to the economy of Denmark as the country is the largest producer of mink skins in the world, producing 40 percent of the world's pelts. Ranked third in Denmark's agricultural export items of animal origin, fur and mink skins have a yearly export value of about EUR 0,5 billion. Kopenhagen Fur, located in Copenhagen, is the world's largest fur auction house; annually, it sells approximately 14 million Danish mink skins produced by 2,000 Danish fur farmers, and 7 million mink skins produced in other countries. Mink produced in Denmark is considered to be the finest in the world and is ranked by grade, with the best being Saga Royal, followed by Saga, Quality 1, and Quality 2.Royal Mint (Denmark)
The Royal Mint of Denmark (Danish: Den Kongelige Mønt) is a mint established by the Danish monarchy in the early 16th century, which currently by law is the only company allowed to mint the Danish currency (DKK). The Danish State now owns the company as an entity belonging to the Danish Central Bank.Taxation in Denmark
Taxation in Denmark consists of a comprehensive system of direct and indirect taxes. Ever since the income tax was introduced in Denmark via a fundamental tax reform in 1903, it has been a fundamental pillar in the Danish tax system. Today various personal and corporate income taxes yield around two thirds of the total Danish tax revenues, indirect taxes being responsible for the last third. The state personal income tax is a progressive tax while the municipal income tax is a proportional tax above a certain income level.Tourism in Denmark
Tourism in Denmark constitutes a growth industry. Tourism is a major economic contributor at approx. DKK 82 billion in revenue and 120,000 full-time-equivalent-jobs annually, for the tourism experience industry alone in 2014.Inbound tourists to Denmark mainly comprise people from neighboring countries, especially Germany, followed by Sweden, Norway, and the Netherlands. The UNWTO's World Tourism rankings show that Denmark had 8.7 million visitor arrivals in 2010. The total annual number of overnight stays in Denmark has been somewhat declining in 2011.Denmark has long stretches of sandy beaches, attracting many tourists in the summer, with Germany accounting for most foreign visitors. Swedish and Norwegian tourists often come to visit the relatively lively city of Copenhagen, while many young Scandinavians come for Denmark's comparably cheap and readily accessible beer, wines and spirits.
As Europe's oldest kingdom and the home of Hans Christian Andersen, Denmark is often marketed as a "fairytale country". The term is so ingrained, that it is still used in international news reports, especially when the news is of a nature contradicting the image, such as the Copenhagen riots or the Jyllands-Posten Muhammad cartoons controversy.
Denmark has a relatively large outbound tourism, with Spain as primary destination, accounting for 14% of all overnight stays abroad of four days or more in 2013. Turkey ranks as the primary destination outside of Europe at 7%.
Part of the Kingdom of Denmark
|States with limited|
Economic classification of countries
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|Other national accounts|
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investment position (NIIP)
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|Income and taxes|
|Purchasing power parity (PPP)|
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|Countries by region|