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Economy of Denmark, the Faroes and Greenland
Topic Started: Oct 11 2008, 01:25 PM (25 Views)
Denmark Oct 11 2008, 01:25 PM Post #1
Member Avatar
Smily Herder
[ * * * * * * * * * * ]
 DANISH ECONOMY
From the CIA World Factbook.

Economy - overview
The Danish economy has in recent years undergone strong expansion fuelled primarily by private consumption growth, but also supported by exports and investments. 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. Unemployment is low and capacity constraints are limiting growth potential. 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 privatisation 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 so far Denmark has decided not to join 15 other EU members in the euro. Nonetheless, the Danish krone remains pegged to the euro. Economic growth gained momentum in 2004 and the upturn continued through 2007. The controversy over caricatures of the Prophet Muhammad printed in a Danish newspaper in September 2005 led to boycotts of some Danish exports to the Muslim world, especially exports of dairy products, but the boycotts did not have a significant impact on the overall Danish economy. Because of high GDP per capita, welfare benefits, a low Gini index, and political stability, the Danish living standards are among the highest in the world. A major long-term issue will be the sharp decline in the ratio of workers to retirees.

GDP (purchasing power parity):
$203.3 billion (2007 est.)
GDP (official exchange rate):
$311.9 billion (2007 est.)
GDP - real growth rate:
1.7% (2007 est.)
GDP - per capita (PPP):
$37,200 (2007 est.)
GDP - composition by sector:
agriculture: 1.3%
industry: 25.7%
services: 73% (2007 est.)
Labour force:
2.86 million (2007 est.)
Labour force - by occupation:
agriculture: 3%
industry: 21%
services: 76% (2004 est.)
Unemployment rate:
2.8% (2007 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 24% (2000 est.)
Distribution of family income - Gini index:
24 (2005)
Inflation rate (consumer prices):
1.7% (2007 est.)
Investment (gross fixed):
22.9% of GDP (2007 est.)
Budget:
revenues: $170.6 billion
expenditures: $156.8 billion (2007 est.)
Public debt:
26% of GDP (2007 est.)
Agriculture - products:
barley, wheat, potatoes, sugar beets; pork, dairy products; fish
Industries:
iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, construction, furniture and other wood products, shipbuilding and refurbishment, windmills, pharmaceuticals, medical equipment
Industrial production growth rate:
0.5% (2007 est.)
Electricity - production:
43.35 billion kWh (2006)
Electricity - consumption:
34.02 billion kWh (2005)
Electricity - exports:
13.72 billion kWh (2006)
Electricity - imports:
6.77 billion kWh (2006)
Oil - production:
342,000 bbl/day (2006 est.)
Oil - consumption:
171,000 bbl/day (2006 est.)
Oil - exports:
320,000 bbl/day (2006)
Oil - imports:
164,000 bbl/day (2006 est.)
Oil - proven reserves:
1.328 billion bbl (1 January 2006 est.)
Natural gas - production:
9.87 billion cu m (2006 est.)
Natural gas - consumption:
4.775 billion cu m (2005 est.)
Natural gas - exports:
5.35 billion cu m (2005 est.)
Natural gas - imports:
0 cu m (2005)
Natural gas - proved reserves:
75.66 billion cu m (1 January 2006 est.)
Current account balance:
$4.279 billion (2007 est.)
Exports:
$101.2 billion f.o.b. (2007 est.)
Exports - commodities:
machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills
Exports - partners:
Germany 17.4%, Sweden 14.5%, UK 8%, US 6.1%, Norway 5.7%, France 4.8%, Netherlands 4.8% (2007)
Imports:
$102 billion f.o.b. (2007 est.)
Imports - commodities:
machinery and equipment, raw materials and semi manufactures for industry, chemicals, grain and foodstuffs, consumer goods
Imports - partners:
Germany 21.7%, Sweden 14.4%, Netherlands 7.1%, Norway 6%, China 5.3%, UK 5.2%, Italy 4.1%, France 4% (2007)
Economic aid - donor:
ODA, $2.236 billion (2006)
Reserves of foreign exchange and gold:
$34.32 billion (2006 est.)
Debt - external:
$492.6 billion (30 June 2007)
Stock of direct foreign investment - at home:
$149.7 billion (2007 est.)
Stock of direct foreign investment - abroad:
$166.6 billion (2007 est.)
Market value of publicly traded shares:
$178 billion (2005)
Currency (code):
Danish krone (DKK)
Exchange rates:
Danish kroner per US dollar - 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003)
Fiscal year:
calendar year
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Denmark Oct 11 2008, 01:35 PM Post #2
Member Avatar
Smily Herder
[ * * * * * * * * * * ]
 FAROESE ECONOMY
From the CIA World Factbook.

Economy - overview
The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. Since 2003 the Faroese economy has picked up as a result of higher prices for fish and for housing. Unemployment is minimal and government finances are relatively sound. Oil finds close to the Islands give hope for economically recoverable deposits, which could eventually lay the basis for a more diversified economy and lessen dependence on Danish economic assistance. Aided by a substantial annual subsidy (about 15% of GDP) from Denmark, the Faroese have a standard of living not far below the Danes and other Scandinavians.

GDP (purchasing power parity):
$1 billion (2001 est.)
GDP (official exchange rate):
$1.7 billion (2005 est.)
GDP - real growth rate:
2.4% (2005 est.)
GDP - per capita (PPP):
$31,000 (2001 est.)
GDP - composition by sector:
agriculture: 27%
industry: 11%
services: 62% (1999)
Labour force:
24,250 (October 2000)
Labour force - by occupation:
agriculture: 33%
industry: 33%
services: 34% (October 2000)
Unemployment rate:
2.1% (2006)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
1.8% (2005)
Budget:
revenues: $588 million
expenditures: $623 million (2005)
Agriculture - products:
milk, potatoes, vegetables; sheep; salmon, other fish
Industries:
fishing, fish processing, small ship repair and refurbishment, handicrafts
Industrial production growth rate:
8% (1999 est.)
Electricity - production:
290 million kWh (2005)
Electricity - consumption:
269.7 million kWh (2005)
Electricity - exports:
0 kWh (2005)
Electricity - imports:
0 kWh (2005)
Oil - production:
0 bbl/day (2005 est.)
Oil - consumption:
4,600 bbl/day (2005 est.)
Oil - exports:
0 bbl/day (2004)
Oil - imports:
4,580 bbl/day (2004)
Oil - proven reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2005 est.)
Natural gas - consumption:
0 cu m (2005 est.)
Natural gas - exports:
0 cu m (2005 est.)
Natural gas - imports:
0 cu m (2005)
Natural gas - proven reserves:
0 cu m (1 January 2006 est.)
Exports:
$634 million f.o.b. (2006)
Exports - commodities:
fish and fish products 94%, stamps, ships (1999)
Exports - partners:
Denmark 29.4%, UK 24.2%, Norway 13.2%, Nigeria 10.4%, Netherlands 6.7% (2007)
Imports:
$751 million c.i.f. (2006)
Imports - commodities:
consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt (1999)
Imports - partners:
Denmark 52.3%, Norway 21.8%, Sweden 5.1%, UK 4.6% (2007)
Economic aid - recipient:
$105 million; note - annual subsidy from Denmark (2005)
Debt - external:
$64 million (1999)
Currency (code):
Danish krone (DKK)
Exchange rates:
Danish kroner per US dollar - 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003)
Fiscal year:
calendar year
Edited by Denmark, Oct 11 2008, 01:36 PM.
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Denmark Oct 11 2008, 01:44 PM Post #3
Member Avatar
Smily Herder
[ * * * * * * * * * * ]
 GREENLANDIC ECONOMY
From the CIA World Factbook.

Economy - overview
The economy remains critically dependent on exports of fish and a substantial subsidy from the Danish Government, which supplies about half of government revenues. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in the economy. Several interesting hydrocarbon and mineral exploration activities are ongoing. Press reports in early 2007 indicated that two international aluminium companies were considering building smelters in Greenland to take advantage of local hydropower potential. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs. Air Greenland began summer-season direct flights to the US east coast in May 2007, potentially opening a major new tourism market.

GDP (purchasing power parity):
$1.1 billion (2001 est.)
GDP (official exchange rate):
$1.7 billion (2005 est.)
GDP - real growth rate:
2% (2005 est.)
GDP - per capita (PPP):
$20,000 (2001 est.)
GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%
Labour force:
32,120 (2004)
Unemployment rate:
9.3% (2005 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
1% (2005 est.)
Budget:
revenues: $1.36 billion
expenditures: $1.27 billion (2005)
Agriculture - products:
forage crops, garden and greenhouse vegetables; sheep, reindeer; fish
Industries:
fish processing (mainly shrimp and Greenland halibut); gold, niobium, tantalite, uranium, iron and diamond mining; handicrafts, hides and skins, small shipyards
Industrial production growth rate:
NA%
Electricity - production:
300 million kWh (2005)
Electricity - consumption:
279 million kWh (2005)
Electricity - exports:
0 kWh (2005)
Electricity - imports:
0 kWh (2005)
Oil - production:
0 bbl/day (2005 est.)
Oil - consumption:
3,880 bbl/day (2005 est.)
Oil - exports:
149.1 bbl/day (2004)
Oil - imports:
4,013 bbl/day (2004)
Oil - proven reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2005 est.)
Natural gas - consumption:
0 cu m (2005 est.)
Natural gas - exports:
0 cu m (2005 est.)
Natural gas - imports:
0 cu m (2005)
Natural gas - proven reserves:
0 cu m (1 January 2006 est.)
Exports:
$480 million f.o.b. (2006)
Exports - commodities:
fish and fish products 94% (prawns 63%) (2001 est.)
Exports - partners:
Denmark 62.2%, Japan 10%, Canada 7.4%, China 5.9% (2007)
Imports:
$712 million c.i.f. (2006)
Imports - commodities:
machinery and transport equipment, manufactured goods, food, petroleum products
Imports - partners:
Denmark 68.1%, Sweden 19.2%, Canada 2.9% (2007)
Economic aid - recipient:
$512 million; note - subsidy from Denmark (2005)
Debt - external:
$25 million (1999)
Currency (code):
Danish krone (DKK)
Exchange rates:
Danish kroner per US dollar - 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003)
Fiscal year:
calendar year
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Denmark Oct 11 2008, 01:45 PM Post #4
Member Avatar
Smily Herder
[ * * * * * * * * * * ]
 DANISH COMPANIES

  • A. P. Moller-Maersk Group
  • Arla Foods
  • Adecco A/S
  • Bang & Olufsen
  • Brødrene Hartmann
  • Bestseller A/S
  • COWEX
  • COWI
  • Carlsberg
  • Coloplast
  • Coop Norden
  • Dampskibsselskabet Norden
  • Dampskibsselskabet TORM
  • Danfoss
  • Danisco
  • Danish Crown
  • Danske Bank
  • Danske Æbler
  • Dansk Supermarked Group
  • Debitor Registret A/S
  • DONG Energy
  • DSB
  • ECCO
  • Egmont
  • Group 4 Securicor
  • Grundfos
  • GSA Invest
  • Gumlink
  • H. Lundbeck
  • Haldor Topsoe
  • ISS
  • Io Interactive
  • JYSK
  • Jyske Bank
  • Københavns Lufthavne
  • LEGO Group
  • Lurpak
  • LM Glasfiber
  • Mekoprint
  • Martin Light
  • NEG Micon
  • NKT Holding
  • Nordea Bank Danmark
  • Nordisk Film
  • Novo Nordisk
  • Parken Sport & Entertainment
  • Pharmacosmos
  • Pharma Nord
  • Post Danmark
  • Royal Copenhagen
  • Rockwool International
  • Saxo Bank
  • Scandinavian Airlines System (Danish-Norwegian-Swedish)
  • Skagen
  • Skandinavisk Tobakskompagni
  • SimCorp
  • Stimorol
  • Struers
  • TDC
  • Terma
  • Tuborg
  • Vestas
  • Velux
  • William Demant
  • Widex
Edited by Denmark, Oct 11 2008, 01:48 PM.
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