International Market Development

 International market development | Comprehensive analysis of Danish economy and market conditions

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Author : Bozhou Marine
Update time : 2021-01-13 15:06:28

 
In this article, we mainly introduce the basic situation of the Danish market. Including: geographic location, major cities, population conditions, ethnic groups, major festivals, natural resources, major industries, infrastructure, GDP, foreign exchange reserves, employment, prices, taxes, etc.
 

 
  Introduction

 
 
The Kingdom of Denmark, referred to as Denmark, one of the five Nordic countries, is a constitutional monarchy with two autonomous territories, the Faroe Islands and Greenland. It faces Sweden and Norway across the North Sea and the Baltic Sea in the north, and is collectively called the Scandinavian country, and borders Germany in the south.
 
Denmark is a highly developed capitalist country. It is also a founding country of NATO and a member of the European Union. Denmark has an extremely complete social welfare system, a highly developed economy, a very small gap between the rich and the poor, and the citizens enjoy an extremely high quality of life.
 
 

  Capital
 
Copenhagen (English: Copenhagen) is the capital, largest city and largest port of the Kingdom of Denmark. It is also the largest city in Northern Europe. It is also the political, economic, cultural and transportation center of Denmark, and a world-famous international metropolis.
 
Copenhagen is located in the east of Sealand, Denmark, across the Øresund Strait from Malmö, Sweden’s third largest city.
 
Copenhagen was once selected by the UN-HABITAT as the "world's most livable city" and given the "best design city" evaluation. Copenhagen is also one of the happiest cities in the world. Most of Denmark's important food, shipbuilding, machinery, electronics and other industries are concentrated here, and many important international conferences in the world are held here.
 
 

  Main City
 

1. Copenhagen
 
Copenhagen (Copenhagen, Koebenhavn) is the largest city in Northern Europe. It originally meant "merchant port". It has a free port and an air port. It is a hub of world transportation. Since Queen Margaret II, the royal family who has ruled Europe for the longest time, lives here, it also has a nickname-"The City of Queens. This city was named in 1996 for its rich artistic and cultural essence." European Capital of Culture.



Copenhagen - Photo | Google

2. Aarhus
 
Aarhus is the second largest city in Denmark; it is also one of the oldest cities in Northern Europe. Aarhus is a neat and beautiful city, with typical European pastoral scenery, and various building designs, forming a unique and novel building complex. The seaside of Aarhus is a summer resort, and the cool sea breeze blows in, which is refreshing. Little white sails on the sea, and non-stop yachts, attract tourists from all over the world to come here for leisure.
 
Aarhus has a rail link with Germany, and there is an airport on the outskirts of the city, so transportation is extremely convenient. The industry in Aarhus is dominated by light industry. Mainly include dairy products, sugar, agricultural and livestock processing, and wine making. Heavy industries include shipbuilding (boats, yachts, etc.), machinery manufacturing, cement and mobile homes.



Aarhus - Photo | Google

3. Aalborg
 
Aalborg is the fourth largest city in Denmark; it is located at the northern tip of Denmark. Founded in 1342, Aalborg is now a modern city that combines industry, shipping and trade. There are electronics, steel, power generation, shipbuilding, cement, chemicals, pharmaceuticals, food processing, aquatic products, and agriculture, animal husbandry and sideline industries. The tobacco, aquatic products, shipbuilding, cement and other industries are particularly prominent, with more than 60% of products for export. Aalborg Port is located at the entrance of the Lim Strait that connects the North Sea and the Katagat Strait. It is one of the Scandinavian shipping centers with an annual throughput of 7 million tons.
 


Aalborg - Photo | Google

 
  Jet Lag
 
China is 7 hours faster than Denmark.
 
 

  Population and Ethnicity
 
5.825 million people (September 2020), Danes account for about 86%.
 
 

  Language
 
The official language is Danish.
 
 

  Main Holiday
 
New Year / January 1st ;
Maundy Thursday / The Thursday before Easter ;
Good Friday / The Friday before Easter;
Indefinite Easter (Easter Day);
Common Prayer Day / The fourth Thursday after Easter, ;
Ascension Day / The fifth Thursday after Easter: ;
Whit Sunday / The seventh Sunday after Easter, ;
Whit Monday / The eighth Monday after Easter ;
Constitution Day / June 5 Constitution Day ;
Christmas Eve / December 24th;
Christmas / December 25th;
Boxing Day / December 26th.



 
  Natural Resources
 
Poor natural resources. Except for oil and natural gas, there are few other mineral deposits. The proved remaining recoverable oil reserves are 1.16 billion barrels, ranking 38th in the world. The proved remaining recoverable reserves of natural gas are 101 billion cubic meters, ranking 54th in the world. The proved reserves of lignite are 90 million cubic meters. The forest covers an area of ​​486,000 hectares, and the coverage rate is about 11.4%. The North Sea and the Baltic Sea are important offshore fishing grounds.
 
 

  Competitive Industries
 
Industry
 
Industry occupies an important position in the national economy, but its proportion in the national economy has gradually declined in recent years. The total industrial output value accounts for about 14% of the GDP. The main industrial sectors are: food processing, machinery manufacturing, oil extraction, shipbuilding, cement, electronics, chemicals, metallurgy, medicine, textiles, furniture, tobacco, paper and printing equipment, etc. More than 60% of the products are for export, accounting for about 70% of total exports. Products such as marine main engines, cement equipment, hearing aids, enzyme preparations and artificial insulin are world-renowned. The enterprises are mainly small and medium-sized.
 

Agriculture
 
Agriculture and animal husbandry are highly developed. In recent years, under the influence of the EU's common agricultural policy, the share of agriculture in the national economy has declined year by year, but it still accounts for a large proportion of foreign trade. The total output value of agriculture and animal husbandry accounts for about 1% of the GDP. There are 28,000 square kilometers of arable land and 42,000 farms. The level of agricultural technology and productivity rank among the advanced countries in the world. In addition to satisfying the domestic market, most of the agricultural and livestock products are for export, accounting for 20% of the total export volume. The export volume of pork, cheese and butter ranks among the top in the world. It is one of the largest mink producers in the world, with an annual output of about 12 million pieces.
 

Service Industry
 
The service industry is developed, accounting for about 84% of GDP. Mainly include business, telecommunications, finance, insurance, tourism and technical services. Tourism is an important industry in the Danish service industry. The main tourist spots include Copenhagen, Odense (the hometown of Andersen), Lego City, the west coast of Jutland and Skayan, the northernmost point.
 
 

  Infrastructure
 
Aviation
 
The routes from China to Denmark operated by Scandinavian Airlines include Beijing and Shanghai, and direct flights to Copenhagen Airport, the capital of Denmark. Denmark's domestic routes are flown by Meschke Aviation, connecting Copenhagen and important domestic cities such as Billund, Aalborg, Aarhus, Kalundborg, Chisted, Sønderborg, and Rønne.
 

Railway
 
The Danish State Railways (DSB, Danish State Railways) connects Copenhagen with the capitals of various European countries and has regular train schedules every day. There are two types: one is the intercity train (IC, Intercity), which has modern equipment and must be reserved in advance. The other is the relatively slow speed of Inter-regional trains (IR, Inter-regional). Regardless of the length of the journey, the booking fee for intercity trains is about 30 crowns (60 crowns for first-class cars), and about 20 crowns for interregional trains.
 
ScanRail Pass, Eurail Pass, and other train coupons can be used to ride ferries and trains operated by the Danish National Railway, but cannot be used on private railways.
 

Highway
 
The main service targets are small towns that cannot be reached by train or plane. There are also long-distance buses traveling on the following routes:
 
1. Copenhagen-Friedrichshafen
2. Copenhagen (via Aarhus)-Aalborg
 

Water Transport
 
There are many islands in Denmark. In addition to bridges, ferry is an important means of transportation connecting the islands. Most ferries in Denmark carry people and vehicles. Large-scale ferries are also equipped with restaurants, shops, children's play areas and other facilities. Many ferries operated by Scandlines can carry cars and bicycles. You can check ferry timetables or buy ferry tickets at various train stations in Denmark.
 
 

  Highly developed economy but slow growth
 
Denmark is a developed western industrial country, with a per capita GDP ranking top in the world and ranking 10th in the 2019 Global Competitiveness Report of the World Economic Forum. In 2019, Denmark's gross domestic product is about 347.5 billion U.S. dollars, or about 2.3 trillion yuan. The economy is equivalent to Chongqing's GDP, with an economic growth rate of 2.4%.
 
Denmark has a very high per capita GDP in the world. In 2019, the per capita GDP reached 60,556 U.S. dollars (IMF data), which is equivalent to nearly 400,000 yuan. The per capita GDP of Denmark is 1.27 times that of Germany, 1.48 times that of Japan, and about 6 times that of ours.
 


Denmark's GDP growth rate trend graph over the years | TRADING ECONOMICS
 
According to the latest news, the Danish Central Bank expects 2020 GDP to be -3.6%.
 
 

  Decline in foreign exchange reserves
 
 


Trends of Denmark's foreign exchange reserves over the years | TRADING ECONOMICS
 
The latest data show that Denmark’s foreign exchange reserves have decreased from DKK 461.4 billion in October 2020 to DKK 456.4 billion in November.
 
 

  The overall increase in the employed population, the overall decline in the unemployment rate
 
 


Denmark's employment population trends over the years | TRADING ECONOMICS
 
From 2014 to 2019, the overall employment population in Denmark has shown an increase.
The latest data shows that the number of people employed in Denmark has increased from 2.733 million in the second quarter of 2020 to 2.748 million in the third quarter of 2020.
 
 


Unemployment rate trend chart in Denmark over the years | TRADING ECONOMICS
 
From 2010 to 2019, the unemployment rate in Denmark has continued to decline, and the impact of the epidemic has increased significantly in early 2020.
 
The latest data shows that the unemployment rate in Denmark fell from 4.8% in September 2020 to 4.6% in October.
 
 

  Prices continue to rise, and inflation remains low
 
 


Denmark Consumer Price Index CPI Trend Chart | TRADING ECONOMICS
 
 


Denmark's inflation rate trend chart over the years | TRADING ECONOMICS
 
The latest data shows that Denmark’s annual inflation rate rose from 0.4% in October 2020 to 0.5% in November. Health care prices have risen faster, and entertainment and cultural prices have rebounded. At the same time, the inflation rate for food and non-alcoholic beverages fell, while the inflation rate for restaurants and hotels remained flat.
 
 

  Corporate income tax rate 22%
 
 


Danish corporate income tax trends over the years | TRADING ECONOMICS
 
In 2020, the Danish corporate income tax rate is 22%.
 
 

  Personal income tax rate 55.8%
 
 


Danish corporate income tax trends over the years | TRADING ECONOMICS
 
In 2020, the Danish personal income tax rate is 55.8%.



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