Most of these funds are managed by trade unions, and part of their expenses are financed through the tax system. According to OECD figures, in 2000 Denmark had the lowest Gini coefficient of all countries. per capita since 2007 is comparable to the declines in debt-crisis countries like Portugal or Spain, even though Denmark has never lost the . Significant investment has been made in building road and rail links between Copenhagen and Malm, Sweden (the resund Bridge), and between Zealand and Funen (the Great Belt Fixed Link). [79], Denmark has an unemployment insurance system called the A-kasse (arbejdslshedskasse). Why Denmark's near-full employment rate isn't such a good thing - CTVNews [42] Over the years, the wealth of the Danish pension funds have accumulated so that in 2016 it constituted twice the size of Denmark's GDP. [53] This includes mandatory activation for those unemployed under the age of 30. [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). Dated January 2008, retrieved 1 December 2018. Economy of Denmark - Wikipedia Denmark Guide: The Danish advantage, What makes the Danish economy so Foreign trade increased heavily relative to GDP. The claim that Denmark is ranked the happiest country in the world due to its short workweeks, high minimum wage, and free university and health and child care is rated PARTLY FALSE, based on our. The number of dairy farmers has reduced to about 3,800 with an average herd size of 150 cows. [102], Denmark is also a large exporter of pumps, with the company Grundfos holding 50% of the market share, manufacturing circulation pumps. Total gross value added in agriculture, forestry and fishing amounted to 1.6% of total output in Denmark (in 2017). In the minor productions of poultry, 13million ducks, 1.4million geese and 5.0million turkeys were slaughtered in 2012. These reasons cannot be described in a few sentences. Another 2,000 people worked in fishing. The agriculture and food sector as a whole represented 25% of total Danish commodity exports in 2015. 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. For more than 100 years the production of pigs and pig meat was a major source of income in Denmark. The country has been a member of the European Union (EU) since 1973. At the turn of the century industry (including artisanry) fed almost 30% of the population. However, tax rates are not necessarily the most revealing feature of Scandinavian income tax systems. There are more than 550 American subsidiaries established in Denmark and a strong American Chamber of Commerce with approximately 240 members. Whereas in 1980 annual inflation was more than 12%, in the period 20002017 the average inflation rate was 1.8%. By 1 July 2018, the net foreign wealth or net international investment position of Denmark was equal to 64.6% of GDP, Denmark thus having the largest net foreign wealth relative to GDP of any EU country. From danmarkshistorien.dk, Aarhus University. [123][124] The share of total energy production is smaller: In 2015, wind accounted for 5% of total Danish energy production.[112]. [113] Since 1972, the overall energy consumption has dropped by 6%, even though the GDP has doubled in the same period.
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