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| The Economy of Denmark |
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Denmark was one of the first fifty economies in the world. The energy sector of Danish economy is self-sufficient economy based on oil and gas that are excavated from its domestic resources. Denmark’s economy mainly relies on its industries and human resources since it has very few natural resources. Another important aspect of Denmark’s economy is the country’s dependence on foreign trade. Exports Danish exports account for almost $95 billion in revenue. One of the main resources of revenue in Denmark has been agriculture; and although this has changed in recent years, the country’s agricultural produce still exceeds its domestic requirements. Denmark exports almost two-thirds of its agricultural produce, which includes dairy products, processed foods, meats, and fish. Danish furniture has been renowned for its unique and articulate designs for centuries. In modern times the demand for Danish furniture has reached record highs and the industry has now become one of Denmark’s largest, accounting for a significant share of Denmark’s export revenue. In addition to these exports, Danish export commodities also include wind power generation equipment, pharmacy products, clothing, instrumentation, machinery and many other diverse products. The countries to which Denmark exports these goods include the United States of America, the United Kingdom, Norway, Sweden, Germany, the Netherlands and other countries in the European Union. Imports Danish imports total almost $90 billion. Commodities imported by Denmark are generally raw materials required for manufacturing industries, such as the iron and steel, chemical, and pharmaceuticals industries, among others. Imports also include consumer goods and food grains. These imports are mainly from countries that include, but are not limited to, Germany, Sweden, France, Italy, the Netherlands, Norway, the United Kingdom, China and other nations in the European Union. Some other important features of the economy The per capita income in Denmark is around $40,000. Consequently, the standard of living of the Danish is quite high. Unemployment rates are just around 2%, placing Denmark among the top five countries in the world with the lowest unemployment rates. In addition to having a high standard of living, the percentage of the population living below the poverty line in Denmark is well below 7%. The main reason behind this is Denmark’s efficient public welfare system. Unemployed citizens get social benefits for up to four years. Senior citizens are either dependant on government pensions or are employed in the government sector at different levels. Denmark’s pension system for senior citizens ranks first among all of the systems in the European Union. |