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Denmark
Once the seat of Viking raiders and later a major north European
power, Denmark has evolved into a modern, prosperous nation that is
participating in the general political and economic integration of
Europe. It joined NATO in 1949 and the EEC (now the EU) in 1973.
However, the country has opted out of certain elements of the
European Union's Maastricht Treaty, including the European Economic
and Monetary Union (EMU), European defense cooperation, and issues
concerning certain justice and home affairs.
Capital City: Copenhagen (+1 GMT)
Chief of State: Queen MARGRETHE II
Head of Govt.: Prime Minister Anders Fogh RASMUSSEN
Currency: Danish krone
Main Cities: Arhus, Odense, Aalborg
Major Languages: Danish
Calling Code: 45
Voltage: 220V
Stock Exchanges: Copenhagen Stock Exchange
Primary Religions: Evangelical Lutheran
Main Airports
Århus (AAR) (Tirstrup), Billund Airport (BLL) (Billund),
Copenhagen (CPH) (Kastrup)
U.S. Embassy
Dag Hammarskjolds Alle 24, 2100 Copenhagen O, Denmark
tel. +45 33-41-71-00
Statistics
- GDP: purchasing power parity:
- $188.1 billion (2005 est.)
- GDP - real growth rate:
- 3.4% (2005 est.)
- GDP - per capita: purchasing power parity:
- 34,600 (2005 est.)
- Inflation rate (consumer prices):
- 1.8% (2005 est.)
- Labor force:
- 2.9 million (2005 est.)
- Exports:
- $84.95 billion f.o.b. (2005 est.)
- Exports - partners:
- Germany 17.6%, Sweden 13.2%, UK 8.8%, US 6.4%, France 5.5%,
Netherlands 5.3%, Norway 5.1% (2005)
- Imports:
- $74.69 billion f.o.b. (2005 est.)
- Imports - partners:
- Germany 20.5%, Sweden 13.7%, Norway 7.1%, Netherlands 6.6%,
UK 6%, China 4.7%, France 4.2%, Italy 4% (2005)
- Population:
- 5,450,661 (July 2006 est.)
- Population growth rate:
- 0.33% (2006 est.)
- Population Below Poverty Line:
- NA
- Major 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
- Employing Workers: 15*
- Registering Property: 36*
- Enforcing Contracts: 1*
- Closing a Business: 20*
- *2006 World Bank rank out of 175 countries
- Starting a Business
The table below shows the number of steps and the amount of
time needed to start a business, on average
| Indicator |
Denmark |
Region |
| Procedures (number) |
3 |
|
| Time (days) |
5 |
|
Denmark Risk Assessment
Country Rating
Rating: A1
The political and
economic situation is very good. A quality business environment has
a positive influence on corporate payment behaviour. Corporate
default probability is very low on average.
Risk Assessment
Growth ran out of steam in 2007.
Households cut back on spending under the twofold effect of the
property market correction and rising interest rates. Wage growth
spurred by record employment nonetheless had a mitigating effect on
that slowdown. Meanwhile, companies suffered from erosion of their
productivity and a sharp export downturn.
The economic activity will continue to
slow down in 2008. Households will not increase their spending
despite the expected growth of their disposable income. Property
prices will stabilize at a good level, thereby facilitating a soft
landing in residential activity. Companies will continue to contend
with erosion of their competitiveness amid continuing tight
conditions in the labour market compounded by difficulties in
recruiting skilled workers. Although still underpinned by sales of
oil and natural gas, export growth will be hampered by the limited
availability of production capacity for companies and the economic
slowdowns affecting traditional trading partners. Concurrently, less
robust domestic demand will affect imports, which will tend to limit
the decline of the current account surplus. The fiscal budget will
show a surplus again this year, bolstered by revenues linked to
prices for North Sea oil. Public spending could be higher than
expected, however, due to commitments made during the general
elections in autumn 2007. The government will continue in any case
to reduce public sector debt.
In this context of relatively sluggish
growth, costs in labour-intensive sectors should be under pressure.
Sectors relying on domestic demand should suffer from the slowdown
of household consumption and corporate investment. Corporate
bankruptcies thus accelerated in the first ten months of 2007,
rising 20 per cent, particularly in industry, construction,
distribution, the hotel-catering sector, information technology and
paper/printing . The Coface payment-incident index is nonetheless
still below the world average and payment behaviour should remain
generally satisfactory in 2008.
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