section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Denmark has a developed mixed economy that is classed as a high-income economy by the World Bank. In 2022, it ranked 8th in the world in terms of gross national income (PPP) per capita and 10th in nominal GNI per capita. Denmark's economy stands out as one of the most free in the Index of Economic Freedom and the Economic Freedom of the World. It is the 10th most competitive economy in the world, and 7th in Europe and North America, according to the World Economic Forum in its Global Competitiveness Report 2019.
  
  Denmark has the fourth highest ratio of tertiary degree holders in the world. The country ranks highest in the world for workers' rights. GDP per hour worked was the 16th highest in 2022. The country has a market income inequality close to the OECD average, but after taxes and public cash transfers the income inequality is considerably lower. According to Eurostat, Denmark's Gini coefficient for disposable income was the 7th-lowest among EU countries in 2017. According to the International Monetary Fund, Denmark has the world's highest minimum wage. As Denmark has no minimum wage legislation, the high wage floor has been attributed to the power of trade unions. For example, as the result of a collective bargaining agreement between the 3F trade union and the employers group Horesta, workers at McDonald's and other fast food chains make the equivalent of US$ 20 an hour, which is more than double what their counterparts earn in the United States, and have access to paid vacation, parental leave and a pension plan. Union density in 2015 was 68%.
  
  Once a predominantly agricultural country on account of its arable landscape, since 1945 Denmark has greatly expanded its industrial base and service sector. By 2017 services contributed circa 75% of GDP, manufacturing about 15% and agriculture less than 2%. Major industries include wind turbines, pharmaceuticals, medical equipment, machinery and transportation equipment, food processing, and construction. Circa 60% of the total export value is due to export of goods, and the remaining 40% is from service exports, mainly sea transport. The country's main export goods are: wind turbines, pharmaceuticals, machinery and instruments, meat and meat products, dairy products, fish, furniture and design. Denmark is a net exporter of food and energy and has for a number of years had a balance of payments surplus which has transformed the country from a net debitor to a net creditor country. By 1 July 2018, the net international investment position (or net foreign assets) of Denmark was equal to 64.6% of GDP.
  
  Denmark is part of the European Union 's internal market, which represents more than 508 million consumers. Several domestic commercial policies are determined by agreements among European Union (EU) members and by EU legislation. Support for free trade is high among the Danish public; in a 2016 poll 57% of respondents saw globalisation as an opportunity whereas 18% viewed it as a threat. 70% of trade flows are inside the European Union. As of 2017, Denmark's largest export partners are Germany, Sweden, the United Kingdom and the United States.
  
  Denmark's currency, the krone (DKK), is pegged at approximately 7.46 kroner per euro through the ERM II. Although a September 2000 referendum rejected adopting the euro, the country follows the policies set forth in the Economic and Monetary Union of the European Union (EMU) and meets the economic convergence criteria needed to adopt the euro. The majority of the political parties in the Folketing support joining the EMU, but since 2010 opinion polls have consistently shown a clear majority against adopting the euro. In March 2018, 29% of respondents from Denmark in a Eurobarometer opinion poll stated that they were in favour of the EMU and the euro, whereas 65% were against it. The exact same poll conducted in November 2023, was almost unchanged with 31% in favour and 63% against.
  
  Ranked by turnover in Denmark, the largest Danish companies are: A.P. Møller-Mærsk (international shipping), Novo Nordisk (pharmaceuticals), ISS A/S (facility services), Vestas (wind turbines), Arla Foods (dairy), DSV (transport), Carlsberg Group (beer), Salling Group (retail), Ørsted A/S (power), Danske Bank.
  
  The Danish government focused into methods to increase taxes on energy dealers in 2023.