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. Since February 2015, the central bank has maintained a negative interest rate to contain an upward exchange rate pressure. Consequently, the central bank has no role in a domestic stabilization policy. Whereas Denmark's neighbours like Norway, Sweden, Poland and the United Kingdom generally follow inflation targeting in their monetary policy, the priority of Denmark's central bank is to maintain exchange rate stability. Though eligible to join the Economic and Monetary Union of the European Union (EMU), the Danish voters in a referendum in 2000 rejected exchanging the krone for the euro. It is unique among OECD countries to do so while maintaining an independent currency: The Danish krone, which is pegged to the euro. With 5,892,871 inhabitants (), Denmark has the 36th largest national economy in the world measured by nominal gross domestic product (GDP), and the 51st largest in the world measured by purchasing power parity (PPP).ĭenmark has a very long tradition of adhering to a fixed exchange-rate system and still does so today. In 2017, Denmark had the seventh-lowest Gini coefficient (a measure of economic inequality) of the then 28 European Union countries. This increase was attributed to both a larger spread in gross incomes and various economic policy measures. The income distribution is relatively equal but inequality has somewhat increased during the last decades. Correcting for purchasing power, per capita income was Int$57,781 or 10th-highest globally. The nominal gross national income per capita was the seventh-highest in the world at $58,439 in 2020. The economy is dominated by the service sector with 80% of all jobs, whereas about 11% of all employees work in manufacturing and 2% in agriculture. The economy of Denmark is a modern mixed economy with comfortable living standards, a high level of government services and transfers, and a high dependence on foreign trade. All values, unless otherwise stated, are in US dollars.
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