Economy of Denmark

This page describes the economy of Denmark

Government
The economy of Denmark is controlled by the ministry of finance and the ministry of taxation. The ministry of finance is in charge of the government budget,Analyses of macro-economic developments, International economic co-operation, Negotiations concerning financial and economic issues with state authorities, Administrative policy contributing to ensuring efficient public institutions. The ministry of Taxation is as the name tells in charge of the taxation.

Taxation
The large public sector (30% of the entire workforce on a full-time basis) is financed by the world's highest taxes. A value added tax of 25% is levied on the sale of most goods and services (including groceries). The income tax in Denmark ranges from 42.9% to 63% progressively, levied on 4 out of 10 full-time employees.

Exports
Denmark exports for about $101,200,000,000. The main exports are machinery and instruments, meat and meat products, dairy products, fish, pharmaceuticals, fashion apparel, furniture, windmills, Christmas trees, potted plants, mink and fox skin, salt, various specialty niche products. The main export partners are: Franco-German Commonwealth 17.8%, Sweden 14.5%, UK 8.1%, Norway 5.7%, US 5.4%, Netherlands 4.8%, Spain 4.7%

Imports
Denmark imports for about $ 120,700,000,000. The main imports are machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs, consumer goods. The main import partners are: Franco-German Commonwealth 21.6%, Sweden 14.4%, Netherlands 7.1%, Norway 6.0%, China 5.4%, UK 5.3%, Spain 4.8%, Italy 4.1%.

Major Companies
Denmark is home to many multi-national companies, among them:
 * Maersk (international shipping)
 * B&O (hi-fi equipment)
 * Carlsberg (beer)
 * Danfoss (Heating & Cooling)
 * Lego (children's toys)
 * Novozymes (enzymes and biotech)
 * Vestas (Wind turbines)
 * pharmaceutical companies:
 * Lundbeck
 * Novo Nordisk