Nice street in Denmark

Denmark Economy

Denmark's economy in numbers:

Nominal GDP of USD 400 billion in 2022.

GDP per capita of USD 68,122 compared to the global average of USD 10,589.

Average real GDP growth of 2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 79% of overall GDP, manufacturing 13%, other industrial activity 7%, and agriculture 1%. Looking at GDP by expenditure, private consumption accounted for 46% of GDP in 2021, government consumption 24%, fixed investment 23%, and net exports 7%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 72% of total merchandise exports, mineral fuels 4%, food 17%, ores and metals 2% and agricultural raw materials 2%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 74% of total merchandise imports, mineral fuels 8%, food 13%, ores and metals 2% and agricultural raw materials 2%, with other goods accounting for 1% of the total. Total exports were worth USD 131 billion in 2022, while total imports were USD 128 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.0% in the decade to 2022. To read more about GDP growth in Denmark, go to our dedicated page.

Fiscal policy:

Denmark's fiscal surplus averaged 0.9% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 6.0% in the decade to 2022. For more information on Denmark's unemployment click here.

Inflation:

Inflation averaged 1.6% in the decade to 2022. Go to our Denmark inflation page for extra insight.

Monetary Policy:

Denmark's monetary policy rate ended 2022 at 1.75%, up from -0.20% a decade earlier. See our Denmark monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the krone weakened by 18.6% vs the U.S. dollar. For more info on the krone, click here.
A preliminary national accounts release showed the economy contracted 1.8% in seasonally adjusted sequential terms in Q1 (Q2: +2.7 s.a. qoq), the worst result since the outset of the Covid-19 pandemic. The deterioration was due to contractions in private consumption and exports. More positively, public spending growth quickened, fixed investment rebounded and growth in imports cooled, preventing a steeper overall GDP contraction. Looking at sectoral data, the downturn was brought about by a setback in the all-important pharmaceutical industry. In Q2, our Consensus is for sequential GDP to rebound. Inflation declined in April from Q1, although consumers were more pessimistic in the month. Meanwhile, sentiment in the retail and services sectors improved.
Projections out to 2033.

41 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 19 expert analysts.

Want to get insight on the economic outlook for Denmark in the coming years? FocusEconomics collects projections out to 2033 on 41 economic indicators for Denmark from a panel of 19 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Denmark economy. To download a sample report on the Denmark's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Denmark Economic Data

2018 2019 2020 2021 2022
Population (million) 5.8 5.8 5.8 5.8 5.9
GDP (USD bn) 357 346 355 405 400
GDP per capita (USD) 61,701 59,672 60,952 69,421 68,122
GDP (EUR bn) 302 310 311 343 381
GDP per capita (EUR) 52,295 53,311 53,467 58,726 64,810
GDP (DKK bn) 2,253 2,311 2,321 2,551 2,832
Economic Growth (Nominal GDP, ann. var. %) 2.8 2.6 0.4 9.9 11.0
Economic Growth (GDP, ann. var. %) 2.0 1.5 -2.4 6.8 2.7
Domestic Demand (ann. var. %) 2.7 0.5 -0.3 7.4 -0.3
Private Consumption (ann. var. %) 3.5 1.6 -1.4 5.5 -1.4
Government Consumption (ann. var. %) 0.0 0.8 -1.7 4.6 -2.8
Fixed Investment (ann. var. %) 4.2 -1.3 4.3 6.6 3.2
Exports (G&S, ann. var. %) 3.4 4.5 -6.1 7.7 10.8
Imports (G&S, ann. var. %) 5.1 3.0 -2.8 8.8 6.5
Industrial Production (ann. var. %) 2.0 2.7 -5.3 9.9 12.4
Retail Sales (ann. var. %) 1.7 0.7 4.7 2.3 -5.3
Disposable Income (ann. var. %) 1.6 1.2 -0.9 9.1 3.5
Wages (ann. var. %) 1.0 2.1 2.4 1.2 2.2
Unemployment (% of active population, aop) 5.2 5.0 5.6 5.1 4.5
Fiscal Balance (% of GDP) 0.8 4.2 4.2 4.1 3.4
Public Debt (% of GDP) 34.0 33.7 42.3 36.0 29.8
Inflation (CPI, ann. var. %, eop) 0.8 0.8 0.5 3.1 8.7
Inflation (CPI, ann. var. %, aop) 0.8 0.8 0.4 1.9 7.7
Inflation (Core, ann. var. %, aop) 0.7 0.8 0.9 1.1 4.7
Inflation (PPI, ann. var. %, aop) 4.3 -0.6 -2.7 13.6 28.9
Certificates of Deposit Rate (%, eop) -0.65 -0.75 -0.60 -0.60 1.75
3-Month CIBOR (%, eop) -0.28 -0.40 -0.23 -0.28 2.45
10-Year Bond Yield (%, eop) 0.22 -0.17 -0.46 0.05 2.71
Stock Market (ann. var. of KAX all-share %) -13.0 27.4 29.0 27.2 -1.5
Exchange Rate (DKK per USD, eop) 6.53 6.66 6.08 6.54 6.97
Exchange Rate (DKK per USD, aop) 6.32 6.67 6.54 6.29 7.08
Exchange Rate (DKK per EUR, eop) 7.46 7.47 7.44 7.44 7.44
Exchange Rate (DKK per EUR, aop) 7.45 7.47 7.45 7.44 7.44
Current Account Balance (EUR bn) 22.0 26.2 25.2 31.3 50.9
Current Account Balance (% of GDP) 7.3 8.5 8.1 9.1 13.4
Merchandise Trade Balance (EUR bn) 5.8 11.2 8.8 4.3 2.6
Foreign Direct Investment (EUR bn) -2.2 24.1 1.4 4.1 4.2

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