[92], Agriculture was once the most important industry in Denmark. Denmark's small open economy is highly dependent on foreign trade, and the government strongly supports trade liberalization. The average for all OECD countries together was 72.1%. The Danish economy emerged relatively unscathed from the pandemic, with a shallow 2 percent recession in 2020. Moreover, Denmark is among the world leaders in wireless communications, internet and new media. The krone and re were introduced in 1875, replacing the former rigsdaler and skilling. [83], Professor of Economics at Princeton University Henrik Kleven has suggested that three distinct policies in Denmark and its Scandinavian neighbours imply that the high tax rates cause only relatively small distortions to the economy: widespread use of third-party information reporting for tax collection purposes (ensuring a low level of tax evasion), broad tax bases (ensuring a low level of tax avoidance), and a strong subsidization of goods that are complementary to working (ensuring a high level of labour force participation). On Sept. 10, Danish authorities lifted all pandemic restrictions and pronounced that covid-19 is no longer a " critical threat " in the country. [130] It is part of the larger multi-sector cooperative Coop amba which has 1.7million members in that same year. Danfoss, headquartered in Nordborg, designs and manufactures industrial electronics, heating and cooling equipment, as well as drivetrains and power solutions. [47] According to data from Eurostat, Denmark was the EU country with the seventh-lowest Gini coefficient in 2017. PESTLE Analysis of Denmark Their ability to work will be re-evaluated by the municipality after 5 months of illness.[89][90]. Denmark houses a number of significant engineering and high-technology firms, within the sectors of industrial equipment, aerospace, robotics, pharmaceutical and electronics. A relatively large proportion of the population is active on the labour market, not least because of a very high female participation rate. Marking a break with decades of pro-privatization dogma, the bill is a small step toward an economy that serves social need, not just profits for shareholders. According to data from Statistics Denmark, the Gini coefficient for disposable income has increased from 22.1 in 1987 to 29.3 in 2017. In the Danish mixed welfare-state economy, private sector expenditures account for more than half of the net national income. More than 75 percent of eligible citizens as of late October were fully vaccinated. Denmark Guide: The Danish advantage, What makes the Danish economy so Denmarks fiscal position is sound, and the country entered the global COVID-19 pandemic from a position of strength, highlighted by the Danish economy having a low fiscal deficit of 2.3 percent of GDP in 2021. 2017: Fortsat fald i den offentlige finansielle nettogld. In 2017, the export of organic products reached DK 2.95billion, a 153% increase from 2012 five years earlier, and a 21% increase from 2016. Government consumption took up precisely 25% of GDP (e.g. [127][128], The following table shows the main economic indicators in 19802017. A large part of the pension wealth is invested abroad, thus giving rise to a fair amount of foreign capital income. In an international context, a relatively large proportion of the population is part of the labour force, in particular because the female participation rate is very high. Denmark 's top statutory personal income tax rate is 55.9 percent, Norway 's is 38.4 percent, and Sweden 's is 57.1 percent. Brief from Danske Bank, published 24 March 2014. In 2020 the number of farms was approximately 33,000,[95] of which approximately 10,000 were owned by full-time farmers.[96].

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