This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy among the highest standards of living in the world and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. After a long consumption-driven upswing, Denmark's economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09 and, following a short respite in 2010, continued to decline in 2011 though at a slower pace. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crises cut Danish real GDP by 0.8% in 2008 and 5.8% in 2009. Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-11, based on the national measure, about two-thirds average EU unemployment. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009. In spite of the deficits, the new coalition government plans to deliver a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU at 46.5% of GDP in 2011. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro. Denmark held the EU presidency during the first half of 2012; priorities included promoting a responsible, dynamic, green, and safe Europe, while working to steer Europe out of its euro zone economic crisis.

Data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions

$134.9 billion (31 December 2011 est.)

$156.3 billion (31 December 2010 est.)

$230.8 billion (31 December 2011 est.)

$178.4 billion (31 December 2010 est.)

$706.6 billion (31 December 2011 est.)

$679.9 billion (31 December 2010 est.)

$179.5 billion (31 December 2011)

$231.7 billion (31 December 2010)

$186.9 billion (31 December 2009)

Barley, wheat, potatoes, sugar beets; pork, dairy products; fish

Iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, construction, furniture and other wood products, shipbuilding and refurbishment, windmills, pharmaceuticals, medical equipment

1.164 billion bbl (1 January 2011 est.)

101 billion cu m (1 January 2011 est.)

Machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, furniture, windmills

Germany 16.9%, Sweden 13.2%, UK 9.9%, Norway 5.7%, US 5.5%, Netherlands 4.9%, France 4.4% (2011)

Machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods

Germany 20.8%, Sweden 13.6%, Netherlands 7.1%, UK 6.3%, China 6.3%, Norway 5.8% (2011)

$85.05 billion (31 December 2011 est.)

$76.52 billion (31 December 2010 est.)

$121.4 billion (31 December 2011 est.)

$106.3 billion (31 December 2010 est.)

$211.3 billion (31 December 2011 est.)

$187.4 billion (31 December 2010 est.)

Danish kroner (DKK) per US dollar -