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1994-05-02
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94 lines
<text>
<title>
Denmark: Economy
</title>
<article><hdr>The World Factbook 1993: Denmark
Economy</hdr><body>
<p>Overview: This modern economy features high-tech agriculture,
up-to-date small-scale and corporate industry, extensive
government welfare measures, comfortable living standards, and
high dependence on foreign trade. Denmark's new center-left
coalition government will concentrate on reducing the persistent
high unemployment rate and the budget deficit as well as
following the previous government's policies of maintaining low
inflation and a current account surplus. In the face of recent
international market pressure on the Danish krone, the coalition
has also vowed to maintain a stable currency. The coalition
hopes to lower marginal income taxes while maintaining overall
tax revenues; boost industrial competitiveness through labor
market and tax reforms and increased research and development
funds; and improve welfare services for the neediest while
cutting paperwork and delays. Prime Minister RASMUSSEN's reforms
will focus on adapting Denmark to EC's economic and monetary
union (EMU) criteria by 1999, although Copenhagen won from the
EC the right to opt out of the EMU if a national referendum
rejects it. Denmark is, in fact, one of the few EC countries
likely to fit into the EMU on time. Denmark is weathering the
current worldwide slump better than many West European
countries. As the EC's single market (formally established on 1
January 1993) gets underway, Danish economic growth is expected
to pickup to around 2% in 1993. Expected Danish approval of the
Maastricht treaty on EC political and economic union in May 1993
would almost certainly reverse the drop in investment, further
boosting growth. The current account surplus remains strong as
limitations on wage increases and low inflation - expected to be
around 1% in 1993 - improve export competitiveness. Although
unemployment is high, it remains stable compared to most European
countries.
</p>
<p>National product: GDP - purchasing power equivalent - $94.2
billion (1992)
</p>
<p>National product real growth rate: 1% (1992)
</p>
<p>National product per capita: $18,200 (1992)
</p>
<p>Inflation rate (consumer prices): 1.5% (1992)
</p>
<p>Unemployment rate: 11.4% (1992)
</p>
<p>Budget: revenues $48.8 billion; expenditures $55.3 billion,
including capital expenditures of $NA (1992)
</p>
<list>
<l>Exports: $37.3 billion (f.o.b., 1992)</l>
<l> commodities: meat and meat products, dairy products,
transport equipment (shipbuilding), fish, chemicals, industrial
machinery</l>
<l> partners: EC 54.3% (Germany 23.6%, UK 10.1%, France 5.7%),
Sweden 10.5%, Norway 5.8%, US 4.9%, Japan 3.6% (1992)</l>
<l>Imports: $30.3 billion (c.i.f., 1992)</l>
<l> commodities: petroleum, machinery and equipment, chemicals,
grain and foodstuffs, textiles, paper</l>
<l> partners: EC 53.4% (Germany 23.1%, UK 8.2%, France 5.6%),
Sweden 10.8%, Norway 5.4%, US 5.7%, Japan 4.1% (1992)</l>
</list>
<p>External debt: $40 billion (1992 est.)
</p>
<p>Industrial production: growth rate 1.9% (1992)
</p>
<p>Electricity: 11,215,000 kW capacity; 34,170 million kWh
produced, 6,610 kWh per capita (1992)
</p>
<p>Industries: food processing, machinery and equipment, textiles
and clothing, chemical products, electronics, construction,
furniture, and other wood products, shipbuilding
</p>
<p>Agriculture: accounts for 4% of GDP and employs 5.6% of labor
force (includes fishing and forestry); farm products account for
nearly 15% of export revenues; principal products - meat, dairy,
grain, potatoes, rape, sugar beets, fish; self-sufficient in
food production
</p>
<p>Economic aid: donor - ODA and OOF commitments (1970-89) $5.9
billion
</p>
<p>Currency: 1 Danish krone (DKr)=100 re
</p>
<p>Exchange rates: Danish kroner (DKr) per US$1 - 6.236 (January
1993), 6.036 (1992), 6.396 (1991), 6.189 (1990), 7.310 (1989),
6.732 (1988)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>