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Denmark
Chamber of Commerce Country Factsheet Last update: 19.06.2018

Your advisors at the Chamber of Commerce

  • Steven Koener
    +352423939379
  • Violaine Mathurin
    +352423939481
Contact us: europe@cc.lu

Key Indicators

Area
43,094 km2
Population
5,605,948 (July 2017 est.)
Government type
constitutional monarchy
Languages
Danish, Faroese, Greenlandic (an Inuit dialect), German (small minority)
GDP
$285.5 billion (2017 est.)
Growth rate
1.9% (2017 est.)
HDI
6
Capital
Copenhagen

 

Introduction

Once the seat of Viking raiders and later a major north European power, Denmark has evolved into a modern, prosperous nation that is participating in the general political and economic integration of Europe. It joined NATO in 1949 and the EEC (now the EU) in 1973. However, the country has opted out of certain elements of the EU's Maastricht Treaty, including the European Economic and Monetary Union, European defense cooperation, and issues concerning certain justice and home affairs.

Source: The CIA World Factbook - Denmark

 

Macroeconomic indicators

GDP is projected to grow at close to 2% in 2018 and 2019, supported by accelerating private consumption and an improved external environment. While rising labour force participation will partly help to meet growing labour demand, wage and price inflation are expected to rise as labour shortages increase. A decreasing trade balance will slowly reduce the considerable current account surplus.

The fiscal policy stance is expected to support growth. A tighter fiscal stance would be prudent, given continued very accommodative monetary policy conditions and intensifying supply-side constraints. The buoyant economic conditions and solid housing market present a welcome opportunity to further shift the tax structure from labour towards immovable capital and ease rent regulation to reduce the price pressure on owner-occupied dwellings.

Source: OECD - Economic Forecast

IMF Statistics:

Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
1.2630.9861.0131.4461.684
Gross domestic product, current prices
U.S. dollars (Billions)
346.119295.091302.571314.766326.813
Gross domestic product per capita, current prices
U.S. dollars (Units)
61,507.91152,138.90353,242.90855,154.49157,017.320
Inflation, average consumer prices
Percent change
0.5640.4520.4001.1001.400
Volume of imports of goods and services
Percent change
3.310-0.0014.5735.6195.622
Volume of exports of goods and services
Percent change
3.0500.2993.7034.7954.796
Unemployment rate
Percent of total labor force
6.5336.1756.0005.8005.800
Current account balance
U.S. dollars (Billions)
26.71220.74920.34220.84120.848
Current account balance
Percent of GDP
7.7187.0316.7236.6216.379
Colored cells are estimates

Source: IMF Statistics - Denmark

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

  • Convention from 17.11.1980 (Memorial 1982, A no.10, p.122)
  • Effective as of 01.01.1979 (Memorial 1982, A no.10, p.122)
  • Protocol Amendment from 04.06.2009 (Memorial 2010, A no.51, p.899)
  • Effective as of 01.01.2011 (Memorial 2010, A no.51, p.899)
  • Protocol Amendment from 09.07.2013 (Memorial 2014, A no.126, p.1813)
  • Effective as of 01.01.2015 (Memorial 2014, A no.126, p.1813)

Air Services agreement

  • Agreement from 10.06.1958 (Memorial 1960, p. 220 )
  • Effective as of 26.02.1960 (Memorial 1960, p. 489)

Source: Administration des contributions directes

 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in Denmark

Embassy of the Grand Duchy of Luxembourg in Denmark

Ambassador: Mrs Janine FINCK

05, Fridtjof Nansens Plads
DK - 2100 COPENHAGEN

Tel.: +45 35 26 82 00
Fax: +45 35 26 82 08
Email: copenhague.amb(at)mae.etat.lu  

Honorary Consul

Honorary Consul with jurisdiction over Jutland: Mr Poul Viggo Bartels PETERSEN

Raadhuspladsen, 3
DK-8000 Aarhus C

Tel: +45 38 77 45 88
E-Mail: pvp(at)kromannreumert.com

Honorary Consul with jurisdiction over GreenlandMr Jens PAULSEN

Advokatfirmaet Paulsen|Keldsen
Kissarneqqortuunnguaq 9
Postboks 510
3900 Nuuk 

Tel: +299 32 12 52
E-Mail: jens(at)paulsen.gl

Economic and Commercial Attaché (AWEX): Mrs Martine Leclercq

Vesterbrogade 1E, 1. tv
1620 Copenhague V
Danemark
Tel: +45-33-13.02.11
E-mail: copenhague(at)awex-wallonia.com 

Source: Ministry of Foreign Affairs of Luxembourg

Source: AWEX

Country risk as defined by Office du Ducroire for Denmark

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Denmark

Other useful links