The economy of Denmark is one of the most developed and prosperous in the world. It is a high-income economy with a strong welfare system and is ranked as one of the happiest countries in the world. The Danish economy is largely service-oriented, with services accounting for approximately three-quarters of GDP. The main industries are manufacturing (including pharmaceuticals, electronics, and food processing), finance and banking, information technology, shipping, energy production (primarily wind energy), and tourism.
According to cheeroutdoor, Denmark has a free market economy that is highly competitive and open to foreign investment. The government plays an important role in the economy by providing subsidies to certain industries such as renewable energy or by regulating certain sectors to protect consumers from exploitation.
The Danish labor market is considered one of the most flexible in Europe due to its low unemployment rate (3.7 percent) which has been steadily declining since 2013, as well as its relatively low wages which make it an attractive destination for foreign businesses seeking to invest in Europe. Denmark also boasts a high level of productivity thanks to its well-educated workforce as well as its efficient infrastructure including modern transportation links and digital communications networks.
Denmark has a strong social welfare system which provides citizens with benefits such as health care, unemployment insurance, child benefits, housing subsidies, pensions, etc., making it one of the best places to live and work in Europe. This system also encourages entrepreneurship by providing generous grants for start-ups or small businesses looking to expand their operations.
Overall, Denmark’s economy remains stable despite some fluctuations due to external factors like Brexit or trade wars between other countries. This stability has allowed Denmark’s citizens to enjoy a high standard of living while also investing in their future economic growth through innovation and technological advances.
The first hunters settled in the area more than 10,000 BCE The Stone Age was followed by a flourishing Bronze Age around 1,000 BCE Around 500 possibly new people arrive in the land settling in the islands. It is the North Germans who settle down as fishermen and sailors. Some place names continue to testify to the mythology that developed during this period: Odin, Thor and Freja.
During the Viking Age (8-10th century), traders, sailors and pirates from not only Denmark but also the rest of the North moved west to England and to the east far into Russia. They dominated the seas in Northern Europe, and it was also during this period that the first signs of a kingdom were formed in Denmark.
Economy
| Inflation rate | 1.10% |
| Unemployment rate | 5.7% |
| Gross domestic product (GDP) | $ 287,800,000,000 |
| GDP growth rate | 2.30% |
| GDP per capita | $ 50,100 |
| GDP by sector | |
| Agriculture | 1.30% |
| Industry | 22.90% |
| Service | 75.80% |
| State budget | |
| Revenue | 152.2 billion |
| Expenditure | 140.6 billion |
| Proportion of the population below the national poverty line | 13.4% |
| Distribution of household income | |
| Top 10% | 28.7 |
| Lower 10% | 1.9 |
| Industrial production growth rate | 0.80% |
| Investment volume | 18.8% of GDP |
| National debt | 35.30% of GDP |
| Foreign exchange reserves | $ 68,800,000,000 |
| Tourism | 2014 |
| Visitors | 10,267,000 |
| Revenue | $ 7,002,000,000 |
- COUNTRYAAH: Find major trading partners of Denmark, including major exports and major imports with latest trade value and market share as well as growth rate.
Archaeological excavations show that the most important urban centers were Roskilde, Hedeby and Jelling. After Danish victories over the Germans, the river Ejderen became the most stable Danish border to the south, and a large wall was erected south and west of Hedeby.
After a series of battles among rival kings, the center of power in the 10th century was moved to Jelling, where Gorm became king of Jutland. His son, Harald Blåtand, is given credit for the gathering of Denmark and the conquest of large areas in Norway.
The subsequent kingdoms extended the Danish power to Sweden, and with the Kalmar Union in 1397 Margrethe I succeeded in uniting Denmark, Norway, Sweden, Finland, Iceland, Greenland and the Faroe Islands. However, the united Nordic countries had a short life span.
The introduction of Protestantism into Denmark and the ever-stronger position of Hanseatic cities in Northern Germany meant a corresponding weakening of the Danish military force. The Danish kings participated in numerous wars against Sweden and Germany in particular, and with the gradual weakening of the nobility, the king was eventually able to cast himself as a sovereign ruler, enabling him to issue laws to be followed throughout the country.
Inspiration from the French Revolution and the continued struggle against feudalism and monarchy enabled the end of the 18th century (1792) to abolish the stave band and thus the transfer of the land to the Danish peasants. In 1814, a school reform was introduced, imposing a compulsory education and during the same period agriculture was rapidly developing. The account of feudalism had removed a number of important barriers to the development of the productive forces.
- Paulsourcing: Top 10 tips for doing business in Denmark, covering country profile and market entry requirement.
The Napoleonic Wars brought peace to an end between Denmark and Norway, and after Napoleon’s defeat, Sweden attacked Denmark and annexed with the Kiel Peace in 1814 Norway (see The Danish Age in Norway).
The period after 1814 was to some extent characterized by economic crisis due to war, the loss of Norway and because Hamburg replaced Copenhagen as a trade and financial center in Northern Europe. It was not until about 1830 that this crisis was over, prices of agricultural products stabilized, trade increased and industrialization began.
After the revolutions in Europe in 1848, King Frederick VII convened a constitutional assembly that abolished the monarchy and instituted a parliamentary monarchy. The Constitution of 1849 guaranteed freedom of the press, religion and assembly. Nationalism and liberalism were the main ideological trends of the period.
The conflict with Germany over counties Schleswig and Holstein reinforced this nationalism, but by the war against Prussia and Austria in 1864, Denmark lost. The counties as well as Southern Jutland were lost and the Liberal Danish government had to step down.
Note: the capital city of Denmark, abbreviated as DMK by abbreviationfinder.org, is Copenhagen with a population of 1,200,000 (2011). Other major cities include Aarhus with a population of 250,000, Odense with a population of 168,000, Triangle area (Vejle-Fredericia-Kolding-Middelfart) with a population of 163,000, Ålborg-Nørresundby with a population of 125,000, Esbjerg with a population of 72,000 (2011.
Copenhagen – city in Denmark
Copenhagen, Denmark’s capital and largest city, located by the Sound along the strait between Zealand and Amager. The metropolitan area around the metropolis is constantly growing, and several administrative units are part of Greater Copenhagen. In a narrow sense, the city of Copenhagen includes the three municipalities of Copenhagen, Frederiksberg and Gentofte. The interconnected city, the Metropolitan Area, is located in 18 municipalities and has DKK 1.30 million residents (2017). In addition, settlements such as Hørsholm, Farum, Taastrup and Greve Strand are considered to be included in Greater Copenhagen. Often the concept of the Capital Region of Copenhagen and Frederiksberg as well as all the municipalities in the former Copenhagen, Frederiksborg and Roskilde counties and Stevns municipality are used. Total 2.04 million residents (2017).
The Capital Region is another administrative unit, which exclusively comprises the municipalities of Northeast Zealand and Bornholm. Total 1.81 million residents (2017).
Copenhagen also constitutes an administrative unit, see the City of Copenhagen.
Copenhagen
City geography
Copenhagen’s old town within the looped ramparts is Greater Copenhagen’s functional core, which also includes the neighborhood between HC Andersens Boulevard and the railway terrain.
Here are the institutions that characterize a capital: Christiansborg with the Folketing, the Royal House’s Amalienborg, ministerial buildings, the Supreme Court, the Stock Exchange, Danmarks Nationalbank and the cathedral (Vor Frue Kirke) in addition to the National Museum, the Royal Library, the Royal Theater and other cultural institutions.
The University of Copenhagen has also retained premises in the inner city, but otherwise has its departments spread over several districts. The inner city also houses the headquarters of a large number of companies and organizations; in addition, department stores, a rich selection of specialty shops, eateries and rides.
The interest in living centrally in the city is great, and especially neighborhoods by the harbor such as Nyhavn and the area by Amaliehaven have been transformed into exclusive homes. Christianshavn and the port areas at Islands Brygge and on the Zealand side have also been built up with offices and housing for people with high incomes in line with the winding up of industry and port activities.
In a semicircle around the inner city lie the so-called bridge quarters; Østerbro, Nørrebro, Vesterbro, Islands Brygge and Amagerbro were built in 1870-1920.
Most of the commercial buildings that arose in backyards and on vacant areas in the outer bridge quarters have now disappeared, and the bridge quarters appear as residential areas, on whose access roads and ring streets, among other things. are many shops with both groceries and select items.
Especially Vesterbro and the inner Nørrebro were built as speculative buildings with small apartments and low technical standards. Many of these homes have been demolished, rebuilt or combined since the 1970’s as part of extensive renovations, which has led to rising rents and a considerable replacement of the occupants.
The outer parts of Copenhagen Municipality (Enghave, Valby, Vigerslev, Vanløse, Brønshøj, Utterslev and Sundbyerne) were, like the nearest surrounding municipalities, built in 1920-60. The buildings here are predominantly a mixture of detached houses and low-rise buildings, often in green, park-like surroundings.
