Economy of Denmark

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{rate, high, increase}
{government, party, election}
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{food, make, wine}
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$313.825 billion (2010 forecast)[1] (nominal; 31st)

$56,790 (2010 forecast)[1] (nominal; 5th)

With very few natural resources, the mixed economy of Denmark relies almost entirely on human resources. The service sector makes up the vast amount of the employment and economy. Its industrialised market economy depends on imported raw materials and foreign trade. Within the European Union, Denmark advocates a liberal trade policy. Its standard of living is average among the Western European countries[8][9] - and for many years the most equally distributed[10] as shown by the Gini coefficient - in the world, and the Danes devote 0.8% of Gross National Income (GNI) to foreign aid. It is a society based on consensus (dialogue and compromise) with the Danish Confederation of Trade Unions and the Confederation of Danish Employers in 1899 in Septemberforliget (The September Settlement) recognising each others' right to organise and thus negotiate.[11] The employers' right to hire and fire their employees whenever they find it necessary is recognised.

Denmark produces oil, natural gas, wind- and bio-energy. Its principal exports are machinery, instruments and food products. The U.S. is Denmark's largest non-European trading partner, accounting for around 5% of total Danish merchandise trade. Aircraft, computers, machinery, and instruments are among the major U.S. exports to Denmark. There are several hundred U.S.-owned companies in Denmark, some of them just registered for tax purposes, which is beneficial for holding companies. Among major Danish exports to the U.S. are industrial machinery, chemical products, furniture, pharmaceuticals, and canned ham and pork.

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