DenmarkChapitres
Denmark has a highincome, open economy with strong macroeconomic fundamentals, including a high GDP per capita and positive fiscal and current account balances. The country’s economy benefits from wellmanaged public finances, significant exports of niche industries such as pharmaceuticals, wind turbines and food products, and substantial energy production from North Sea resources and wind parks. However, the economy remains sensitive to external demand, especially from neighbouring countries, and faces challenges such as very high household debt and a large public sector share of employment. Overall, Denmark’s economic outlook suggests continued steady growth, supported by resilient exports and solid domestic conditions, while global uncertainties and external factors continue to influence performance.
Source: Coface
Indicateurs clés
- Surface
- 43,094 sq km
- Population
- 5 976 992 (2024)
- Type de gouvernement
- parliamentary constitutional monarchy
- Langues
- Danish, Faroese, Greenlandic (an Inuit dialect), German (small minority); note - English is the predominant second language
- PIB
- $424.52 billion (2024)
- Taux de croissance
- 3.5% (2024)
- HDI
- 4
- Capitale
- Copenhagen
Indicateurs macroéconomiques
Economic expansion driven by exports and increasing domestic demand
Recent statistical revisions for 2021-2024 implied a smaller carry-over from 2024 to 2025, leading to a lower headline GDP growth figure for 2025. Nevertheless, the Danish economy is expected to expand at solid rates over the coming years, with real GDP projected to grow at about 2% annually in 2025 and 2026 and slightly less in 2027. Industrial production is expected to expand, and the renewal of North Sea gas extraction should further boost real growth this year. Private and public consumption and investments, helped by lower interest rates, are set to become the main factors behind economic growth, replacing net exports. Real wage increases are projected to boost household real incomes, which in turn are expected to translate into higher consumption.
Slowing export growth in 2027
The pharmaceutical industry — particularly Danish-owned production abroad — has been a key driver of export growth. However, goods exports experienced significant volatility in the first half of 2025, partly due to pharmaceutical exports declining after an unusually high fourth quarter in 2024. Current export levels suggest that export growth in 2025 will likely lag behind previous years. Service exports have declined over the past year, primarily due to reduced sea transportation activity. Looking ahead, export growth is expected to be more subdued as a result of higher US tariffs and weaker global trade. However, substantial growth in pharmaceutical production and exports, much of which is produced abroad, and continued growth in other export markets are forecast to sustain the overall export momentum.
Source: European Commission
IMF Statistics:
| Subject descriptor | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|
|
All Items, Consumer price index (CPI), Period average, percent change Percent (Units) |
3.353 |
1.268 |
1.925 |
2.055 |
2.0 |
|
Current account balance (credit less debit), Percent of GDP Percent (Units) |
11.005 |
12.193 |
12.235 |
11.661 |
11.401 |
|
Current account balance (credit less debit), US dollar US dollar (Billions) |
44.532 |
51.763 |
56.235 |
58.31 |
59.465 |
|
Exports of goods and services, Volume, Free on board (FOB), Percent change Percent (Units) |
7.783 |
7.109 |
1.499 |
2.731 |
2.6 |
|
Gross domestic product (GDP), Constant prices, Percent change Percent (Units) |
0.607 |
3.479 |
1.84 |
2.205 |
1.64 |
|
Gross domestic product (GDP), Current prices, Per capita, US dollar US dollar (Units) |
68207.562 |
71214.061 |
76580.718 |
82705.782 |
85595.735 |
|
Gross domestic product (GDP), Current prices, US dollar US dollar (Billions) |
404.652 |
424.525 |
459.612 |
500.051 |
521.566 |
|
Imports of goods and services, Volume, Cost insurance freight (CIF), Percent change Percent (Units) |
2.523 |
4.155 |
0.732 |
3.519 |
3.05 |
|
Unemployment rate |
2.767 |
2.9 |
2.95 |
2.95 |
2.95 |
Estimates
Source: IMF Statistics - Denmark
Le Luxembourg et le pays
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)
Informations supplémentaires
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 Copenhagen
Ambassador:Mr Henri SCHUMACHER
Amaliegade 8B, 2.
DK- 1256 Copenhague K
Tel.: +45 35 26 82 00
Fax: +45 35 26 82 08
E-Mail: copenhague.amb@mae.etat.lu
Site web: www.copenhague.mae.lu
Honorary Consul
Aarhus
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
Nuuk
Honorary Consul with jurisdiction over the entire territory of Greenland
Arctic Law Greenland Aps
Issortarfimmut 6, 102
P.O. Box 510
3900 Nuuk
Tél.: +299584398
E-mail: nuuk@consul-hon.lu
Source: Ministry of Foreign Affairs of Luxembourg
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