Denmark Economy 2012
Economic Profile of Denmark
Denmark, located at the northern part of Europe has a capitalist economy depending on mixed market. It has a peninsular Jutland and more than 1400 islands, of which only about 443 are named ones. Most of these islands in Denmark are uninhabited and just around 70 large ones are supporting human society, some of them being Zealand and Funen
Sectors Contributing to Denmark Economy
Denmark mostly relies on its human resource and the service sector which provides the majority of the income for the country. The majority of the revenue into the country's GDP is contributed by the industrial sector whereas agriculture plays only a small role in the country and contributes only about 2 percent towards the countries income, though Denmark was originally an agriculture based country. Denmark also relies on trade for its yearly per capita income and is ranked among the best countries with the highest Purchasing Power Parity Per capita during the year 2009. It displays a liberal trade policy and it depends on other countries for the raw materials which are indeed minimal inside Denmark; it enjoys a good trade surplus income with the export of processed goods and machineries.
Denmark Economy & Agriculture Sector
Though Denmark was majorly an agriculture based country, the industrialization in the country led to the flow of the labor force from agriculture towards the industrial sector which was relatively more profitable. So by the end of the twentieth century, the people working in the fields and farms decreased to a mere 4% which was a clean 10% decrease when compared with the year 1965. But agricultural land and its productivity are increasing over time due to the introduction of novel methods and better machines which requires less human labor.
Today, Denmark is able to produce much more food and grains than is consumable by the people inside the country (approximately double the amount) and hence it is exported to other countries. Denmark also gains its revenue from fishing and marketing of fish oils and the country has been ranked among the fifteen best fishing nations around the world. Food processing industry, mainly meat and dairy products industry, also is a major source of income and is one of the leading industries in the country involved in export.
Denmark Shipping Industry & Denmark Economy
The shipping industry in the country is also very well established and Denmark has been one of the best suppliers of container ships and vessels worldwide. But this sector, which has been a traditional income source, has also declined a bit over the years; but this profitable sector do provide substantial amount of income towards the country's economy.
Denmark Economy & Trade in Denmark
The country mainly depends on other countries for the metals and other natural resources which are not found inside Denmark. Its dependence on foreign countries for different materials makes it extremely susceptible to the rise and fall of price in the external market. Processed machines, pharmaceuticals, oil, food stuffs, pork and meat are the main export items from the country and the imported items include the raw materials for different industries (more than 65%), automobiles, and other consumer products.
The trade surplus has increased greatly from the year 1990 with the export increasing very steeply when compared to the import. The trade and other related activities are mainly supported at Denmark due to its highly suitable geographic location at the Baltic Sea and its connection with the European mainland. The educated and highly skilled labour force of the country also helps a lot in the improvement of trade related activities.
The members of the European Trade Union like Great Britain and Germany are among the major trade partners of Denmark. Germany is the major export destination of the countries goods. Germany, Sweden and UK together provide the market for around 40 percent of the Danish products and these countries are also the major import partners of Denmark. More than 42 percent of the products and raw materials are imported from the three countries.
Major Companies in Denmark & Role in Denmark Economy
Denmark is the home for a number of international companies like the Nokia, Microsoft and Dell and it also has the major biotech company, Novozymes which markets about seven hundred enzymes and recombinant biotech products around the world. Other major companies at Denmark include Lego, which is a children's toy company, A P Moller Maersk Group, the best container ship operator around the world, the Danish Brewing company Carlsberg and lot more.
