Denmark

About Denmark

Background:

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.

PEOPLE

Population:
5,500,510 (July 2009 est.)
country comparison to the world: 109

Nationality:
noun: Dane(s)
adjective: Danish

Ethnic groups:
Scandinavian, Inuit, Faroese, German, Turkish, Iranian, Somali

Religions:
Roman Catholic 26.8%, Protestant 2.1%, other 3.3%, unspecified 8.8%, unaffiliated 59% (2001 census)

Languages:
Danish, Faroese, Greenlandic (an Inuit dialect), German (small minority)
note: English is the predominant second language

GOVERNMENT

Country name:
conventional long form: Kingdom of Denmark
conventional short form: Denmark
local long form: Kongeriget Danmark
local short form: Danmark

Government type:
constitutional monarchy

Capital:
name: Copenhagen
geographic coordinates: 55 40 N, 12 35 E
time difference: UTC+1 (6 hours ahead of Washington, DC during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
note: applies to continental Denmark only, not to its North Atlantic components

Flag description:
red with a white cross that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side; the banner is referred to as the Dannebrog (Danish flag) and is one of the oldest national flags in the world; traditions as to the origin of the flag design vary, but the best known is a legend that the banner fell from the sky during an early-13th century battle; caught up by the Danish king before it ever touched the earth, this heavenly talisman inspired the royal army to victory
note: the shifted design element was subsequently adopted by the other Nordic countries of Finland, Iceland, Norway, and Sweden

ECONOMY

Economy - overview:
This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. The Danish economy is also characterized by extensive government welfare measures, an equitable distribution of income, and comfortable living standards. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus. After a long consumption-driven upswing, Denmark's economy began slowing in early 2007 with the end of a housing boom. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crises cut Danish GDP by 0.9% in 2008 and 4.3% in 2009. Historically low levels of unemployment have risen sharply with the recession. Denmark is likely to make a slow and modest recovery, though unemployment is likely to rise through 2010. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit during 2009. Nonetheless, Denmark's fiscal position remains among the strongest in the EU. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro.

GDP (purchasing power parity):
$197.7 billion (2009 est.)
country comparison to the world: 53
$206.5 billion (2008 est.)
$209 billion (2007 est.)
note: data are in 2009 US dollars

GDP - per capita (PPP):

$36,200 (2009 est.)
country comparison to the world: 30
$37,700 (2008 est.)
$38,200 (2007 est.)
note: data are in 2009 US dollars

Budget:
revenues: $175.4 billion
expenditures: $175.6 billion (2009 est.)

Inflation rate (consumer prices):
1.3% (2009 est.)
country comparison to the world: 48
3.4% (2008 est.)

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

Exports:
$91.9 billion (2009 est.)
country comparison to the world: 35
$114.9 billion (2008 est.)

Imports:
$84.07 billion (2009 est.)
country comparison to the world: 33
$109.1 billion (2008 est.)

Exchange rates:
Danish kroner (DKK) per US dollar - 5.4742 (2009), 5.0236 (2008), 5.4797 (2007), 5.9468 (2006), 5.9969 (2005)
note: the Danish krone is pegged to the euro