Denmark

Economic indicators

The economy of Denmark is based on strong fundamentals. Its GDP per capita ranks second highest in the EU. Denmark with its industrialized market economy depends heavily on imported raw materials and foreign trade.
Tax cuts and lowering of interest rates (initiated in 2003) have helped in stimulating the domestic consumer demand. After strong growth in 2004-06 the economy slowed in 2007, as rising interest rates and a cooling housing market depressed private consumption and investment growth eased. The slowdown will continue in 2008-09. The unemployment rate is under control (estimated at 4.8% in 2006) while as the inflation is estimated around 1.8%.

Main sectors of industry

Denmark has limited natural resources and as a result the development of heavy industry is restrained. However, the country has enough oil and gas reserves that can ensure its energy independence. The major activity sectors are: chemical and pharmaceutical, biotechnology, and services (73% of GDP). Denmark is the world's leading manufacturer of wind turbines and exports 85% of its production. The agriculture sector only accounts for 2.3% of the GDP. Two-third of the agricultural production is exported. More than one-fourth of the country’s labor force is employed in the public sector.

 It has become one of the world's largest exporters of agricultural products. Most of Denmark's land is used for farming with over 50000 farmers.  Danish butter, cheese, eggs, and meats are known all over the world.  Ninety percent of the agricultural income comes from animal production.

Source: World Bank - World Development Indicators - last available data.

Sources of economic information

Ministries

Ministry of Economic and Business AffairsMinistry of FinanceMinistry of Food, Agriculture and Fisheries

Statistical Office

Statistics Denmark

Central Bank

Danish National Bank

Stock Exchange

Copenhagen Stock Exchange

Online newspapers

Jyllands Posten
The Copenhagen Post
The Copenhagen Star
Copenhagen Business
Borsen

Search Engines

Altavista.dk
Excite
Jubii
Yahoo!

Economic portals

The Economist

Political outline

Executive Power

The Monarch is the head of the state and theoretically holds all executive powers. But in reality the executive powers are exercised on behalf of the monarch by the Prime Minister.

Legislative Power

Following legislative elections, the leader of the majority party or the leader of the majority coalition is usually appointed Prime Minister by the monarch for a four-year term. The cabinet, called Council of State, is appointed by the Monarch on Prime Minister's recommendation. 
The legislature is unicameral. The parliament called People's Assembly has the ultimate legislative authority; its members are elected by popular vote on the basis of proportional representation to serve four-year terms. On a vote of no confidence motion the parliament may force the entire government to resign.

Main political parties

Denmark has a multi-party system, with the following four parties as major political parties:
- Liberal Party – a social liberal party, advocates major reforms in country's education & tax systems;
- Social Democratic Party – follows social-democratic ideology, supports public spending on healthcare, education and infrastructure;
- Conservative People's Party – a conservative centre-right political party;
- SF (Socialist People's Party) – follows popular-socialism inspired by socialism and green politics.

Current political leaders

Monarch: Queen Margrethe II (since January 1972); heir apparent Crown Prince FREDERIK
Prime Minister: Anders Fogh Rasmussen (since November 2001, re-elected in February 2005) – Liberal Party, heading a coalition government with Conservative People's Party.

Next election dates

People's Assembly: February 2009

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