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Denmark
Facts on economy
Economic overview This thoroughly modern market economy features high-tech agriculture, up-to-date small-scale and corporate industry, extensive government welfare measures, comfortable living standards, a stable currency, and high dependence on foreign trade. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus. Government objectives include streamlining the bureaucracy and further privatization of state assets. The government has been successful in meeting, and even exceeding, the economic convergence criteria for participating in the third phase (a common European currency) of the European Economic and Monetary Union (EMU), but Denmark has decided not to join the 12 other EU members in the euro; even so, the Danish Krone remains pegged to the euro. Given the sluggish state of the European economy, growth in 2003 was a mere 1.1%.
 
GDP purchasing power parity - $155.3 billion (2002 est.)
 
GDP - real growth rate
 
1.6% (2002 est.)
 
GDP - per capita purchasing power parity - $28,900 (2002 est.)
 
GDP - composition
by sector
agriculture: 3%
industry: 26%
services: 71% (2002 est.)
 
Household income
or consumption by percentage share
 
lowest 10%: 2%
highest 10%: 24% (2000 est.)
 
Distribution of family income - Gini index
 
24.7 (1992)
 
Inflation rate (consumer prices)
 
2.3% (2002 est.)
 
Labor force 2.856 million (2000 est.)
 
Labor force - by occupation agriculture 4%, services 79%, industry 17% (2002 est.)
 
Unemployment rate 5.1% (2002)
 
Budget revenues: $52.9 billion
expenditures: $51.3 billion, including capital expenditures of $500 million (2001 est.)
 
Industries food processing, machinery and equipment, textiles and clothing, chemical products, electronics, construction, furniture and other wood products, shipbuilding, windmills
 
Industrial production growth rate
 
1.4% (2002 est.)
 
Electricity - production
 
35.47 billion kWh (2001)
 
Electricity - production by
source
fossil fuel: 82.7%
hydro: 0.1%
nuclear: 0
other: 17.3% (2001)
 
Electricity - consumption
 
32.41 billion kWh (2001)
 
Electricity - exports 8.775 billion kWh (2001)
 
Electricity - imports 8.199 billion kWh (2001)
 
Oil - production 346,200 bbl/day (2001 est.)
 
Oil - consumption 218,000 bbl/day (2001 est.)
 
Oil - proved
reserves
 
1.23 billion bbl (37257)
 
Natural gas - production
 
8.38 billion cu m (2001 est.)
 
Natural gas - consumption
 
5.28 billion cu m (2001 est.)
 
Natural gas -
proved reserves
 
81.98 billion cu m (37257)
 
Agriculture - products barley, wheat, potatoes, sugar beets; pork, dairy products; fish
 
Exports $56.3 billion f.o.b. (2002 est.)
 
Exports - commodities machinery and instruments, meat and meat products, dairy products, fish, chemicals, furniture, ships, windmills
 
Exports - partners Germany 17.1%, Sweden 11.6%, UK 7.8%, US 6.8%, France 5.8%, Norway 5.7%, Japan 4.4% (2002)
 
Imports $47.9 billion f.o.b. (2002 est.)
 
Imports -
commodities
 
machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods
 
Imports - partners Germany 22.9%, Sweden 10.7%, UK 8.7%, Netherlands 7.8%, France 6%, Norway 4.9%, Italy 4.4% (2002)
 
Debt - external $21.7 billion (2000)
 
Economic aid -
donor
 
ODA, $1.63 billion (1999)
 
Currency Danish krone (DKK)
 
Fiscal year calendar year
 
  source: www.cia.gov