hagen has
won from the European Union (EU) the right to opt out of the European
Monetary Union (EMU) if a national referendum rejects it. Denmark is,
in fact, one of the few EU countries likely to fit into the EMU on
time. Denmark is weathering the current worldwide slump better than
many West European countries. As the EU's single market (formally
established on 1 January 1993) gets underway, Danish economic growth
is expected to pickup to around 2% in 1994. Danish approval of the
Maastricht treaty on EU political and economic union in May 1993 has
reversed the drop in investment, further boosting growth. The current
account surplus remains strong as limitations on wage increases and
low inflation - expected to be around 2% in 1994 - improve export
competitiveness. Although unemployment is high, it remains stable
compared to most European countries.
National product:
GDP - purchasing power equivalent - $95.6 billion (1993)
National product real growth rate:
0.5% (1993)
National product per capita:
$18,500 (1993)
Inflation rate (consumer prices):
1.8% (1993 est.)
Unemployment rate:
11.8% (1993 est.)
Budget:
revenues:
$48 billion
expenditures:
$55.7 billion, including capital expenditures of $NA (1993)
Exports:
$36.7 billion (f.o.b., 1993)
commodities:
meat and meat products, dairy products, transport equipment
(shipbuilding), fish, chemicals, industrial machinery
partners:
EC 54.3% (Germany 23.6%, UK 10.1%, France 5.7%), Sweden 10.5%, Norway
5.8%, US 4.9%, Japan 3.6% (1992)
Imports:
$29.7 billion (c.i.f., 1993 est.)
commodities:
petroleum, machinery and equipment, chemicals, grain and foodstuffs,
textiles, paper
partners:
EC 53.4% (Germany 23.1%, UK 8.2%, France 5.6%), Sweden 10.8%, Norway
5.4%, US 5.7%, Japan 4.1% (1992)
External debt:
$40 billion (1992 est.)
Industrial production:
growth rate -2.5% (1993 est.)
Electricity:
capacity:
11,215,000 kW
production:
34.17 billion kWh
consumption per capita:
6,610 kWh (1992)
Industries:
food processing, machinery and equipment, textiles and clothing,
chemical products, electronics, construction, furniture, and other
wood products, shipbuilding
Agriculture:
accounts for 4% of GDP and employs 5.6% of labor force (includes
fishing and forestry); farm products account for nearly 15% of export
revenues; principal products - meat, dairy, grain, potatoes, rape,
sugar beets,