Denmark, with a population of just below 6 million people and being one of the smallest Countries in Europe and the world, Denmark is an economic giant, with GDP of over 300 billion Euro. Denmark is in land size ranked number 136 of the world, in population size ranked 111, but in GDP ranked number 32 and that tells something about this “small” giant.
Denmark has a diverse, mixed economy mostly relying on small and medium sized companies, and relies almost entirely on human resources, as there are few mineral resources available, except for mature oil and gas wells in the North Sea. Danish people work hard and smart and enjoy the world’s highest minimum wage in the world. Denmark is among the countries with the highest credit rating and had a balance of payments surplus since1990.
Main exports are: industrial manufactured goods, chemicals and agricultural products and others for consumption. In 2009 meat (pork) and meat products exports were 5.5% of Denmark GDP. Denmark is a net food and energy. Danish well known companies are Maersk, Carlsberg, ISS and Lego. Within the European Union, Denmark advocates a liberal trade policy.
The Danes devote 0.8% of gross national income to foreign aid. Leading Danish aid and development organization Danida is well known in Ghana.
The US is Denmark’s largest non-European trading partner, accounting for around 5% of total Danish merchandise trade. Among major Danish are industrial machinery, chemical products, furniture, pharmaceuticals, Lego and canned ham and pork. Cooperatives form a large part of some sectors, be it in housing, agriculture or retail. Services mounted to 49 % of GDP which is one of the highest in the world.
Denmark is one of the EU countries that don’t use the Euro but its krone is pecked at a fixed rate to the Euro. In 2014 the United Nations happiness report, so despite the highest VAT, high company and personal taxes, the Danes are happy people.