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Europe
Denmark |
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Last reviewed: 27 June 2008 |
Country information
ECONOMY
Basic Economic Facts:
GDP: 140 billion (2005)
Annual Growth: 3.5% (2006 est), 2.0% (2007 est), 1.3% (2008 est)
Inflation: 1.8% (2007)
Unemployment: 3.3% (2007)
Government finances: The general government surplus was 4.7% of GDP in 2006, 3.9% of GDP in 2007 (est) and debt has fallen to 30% of GDP. There has been no net foreign debt since 2005, thanks to strong current account surpluses due largely to North Sea oil.
Major Industries: Agricultural products, grains, meat and dairy, fish, beer, oil and gas, home electronics, furniture and fashion.
Natural resources: North Sea - oil and gas, fish. Greenland - fish, zinc, lead, molybdenum, uranium, gold, platinum. The Faroe Islands - fish, petroleum, natural gas, salt, limestone, stone, gravel and sand.
Member of the EU: Yes (they joined at the same time as the UK in 1973).
euro zone participant: No.
The Danish economy, after a downturn in 2002-2003, experienced a sustained upturn and a healthy government surplus. That boom now seems to be over. The latest statistics show a significant dip in business and consumer confidence across the board, with a slowdown expected in the construction sector in particular.
