Denmark Economy and Business

• GDP: US$257.3 billion (2006).
• Main exports: Machinery, food, chemicals, wind turbines and furniture.
• Main imports: Consumer goods, chemicals, food, petroleum and raw materials.
• Main trade partners: UK, USA, Sweden, Norway and Germany.

The standard of living is generally high. Compared to most industrialised countries, Denmark retains a large and important agricultural sector, two-thirds of whose produce is exported.

Danish manufacturing depends on imports of raw materials and components. Iron, steel and the production of other metals are the most important industries, followed by electronics, chemicals and biotechnology, paper and printing, textiles, furniture and cement.

Since the discovery of offshore oil and gas reserves in the 1980s, production has gradually increased to the point where the country can meet all its domestic energy needs.

Most of Denmark's trade is conducted within the EU, of which it is a member, although it has proved reluctant to adopt measures that are perceived as threatening to its sovereignty. It has thus so far refused to join the single European currency zone.

Recent economic performance has been steady: inflation (below 2%) and unemployment (3.8%) are better than the EU averages; in 2006, annual growth was estimated at 3.5%.

Denmark is a member of the Nordic Union. Its links with Scandinavia were further enhanced by the Øresund road and rail bridge linking it to Sweden, which opened in 2000. The Malmö/Copenhagen region is now increasingly integrated economically.

English is widely used for all aspects of business. Local businesspeople expect visitors to be punctual and the approach to business is often direct and straightforward. Avoid business visits from mid June to mid August, which are prime holiday periods.

Office hours: Mon-Fri 0900-1600/1730 (some offices close earlier on Fridays).

Copenhagen is home to Scandinavia's largest convention centre, the Bella Center, near the airport. Further sizeable conference facilities can be found at Odense, Aalborg and Aaarhus.

Handelskskammeret (Danish Chamber of Commerce)
Sundkrogskai 20, Postboks 2698, DK-2100 Copenhagen, Denmark
Tel: 7733 4711.
Website: www.hts.dk