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Denmark
 

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



Your advisors at the Chamber of Commerce

Georgia Kossmann

+352 42 39 39 357

Contact us: europe@cc.lu

Key indicators

Area
43,094 km2
Population
5,894,687 (July 2021 est.)
Government type
parliamentary constitutional monarchy
Languages
Danish, Faroese, Greenlandic (an Inuit dialect), German (small minority); note - English is the predominant second language
GDP
$355.184 billion (2020 est.)
Growth rate
-2.7% (2020 est.)
HDI
10
Capital
Copenhagen

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 descriptor 2021 2022 2023 2024 2025

Gross domestic product, constant prices

Percent change

(Units)

6.845

2.731

1.813

2.130

1.484

Gross domestic product, current prices

Percent change

(Billions)

405.688

400.167

405.199

409.989

424.326

Gross domestic product per capita, current prices

Percent change

(Units)

69,466.552

68,131.892

68,299.821

68,897.547

71,127.031

Inflation, average consumer prices

Percent change

(Units)

1.944

8.534

3.353

1.459

1.987

Volume of imports of goods and services

Percent change

(Units)

8.912

6.300

7.644

6.289

1.940

Volume of exports of goods and services

Percent change

(Units)

7.671

10.843

12.538

9.230

2.000

Unemployment rate

Percent change

(Units)

5.092

4.475

4.892

4.892

4.900

Current account balance

Percent change

(Billions)

37.028

53.491

44.184

40.617

41.014

Current account balance

Percent change

(Units)

9.127

13.367

10.904

9.907

9.666
Estimates

Source: IMF Statistics - Denmark

Relationships with Luxembourg

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: Ms Janine FINCK

05, Fridtjof Nansens Plads
DK - 2100 Copenhagen 
Denmark

Tel.: +45 35 26 82 00
Fax: +45 35 26 82 08
E-Mail: copenhague.amb@mae.etat.lu  

Honorary Consul

Honorary Consul with jurisdiction over Jutland:

Mr Morten WINTHER

c/o Boyden A/S
Lille Torv 6A, 3rd Floor
DK-8000 Aarhus C
Denmark

Tel.: +45 70 262 261
Mobile: +45 20 28 28 84
E-Mail : aarhus@consul-hon.lu 

Source: Ministry of Foreign Affairs of Luxembourg


Economic and Cultural Attaché: 

Hans Henrik Simonsen Jensen

Tel: (+45) 35 25 62 71 (direct)
Fax: (+45) 35 26 82 08
Email: Henrik.Jensen@mae.etat.lu

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

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