Production has decreased in recent years, though. Nowadays, it is of minor economic importance. Trade in goods made up slightly more than 60% of both exports and imports, and trade in services the remaining close to 40%. Maintenance of the fixed exchange rate is the responsibility of Danmarks Nationalbank, the Danish central bank. The start of the second quarter was significantly affected by the partial shutdown of society in March, after which the gradual reopening lead to generally higher production towards the end of the quarter, the statistical office added. [56], According to Eurostat, the unemployment rate was 5.7% in 2017. In 2017, the current account surplus amounted to approximately 8% of GDP. The welfare system related to the labor market has experienced several reforms and financial cuts since the late 1990s due to political agendas for increasing the labor supply. Commerce Policy | On the other hand, Denmark has had a logistic advantage through its long coastal line and the fact that no point on Danish land is more than 50 kilometers from the sea – an important fact for the whole period before the industrial revolution when sea transport was cheaper than land transport. New cars are taxed by means of a registration tax (85% to 150%) and VAT (25%). Denmark first introduced active labour market policies (ALMPs) in the 1990s after an economic recession that resulted in high unemployment rates. In 2016, 62,000 people, or 2.5% of all employed people worked in agriculture and horticulture. Electricity prices for household consumers (taxes included), first half 2018 (EUR per kWh). With a turn-out of 87.6%, 53% of the voters rejected Danish membership. The economy is dominated by the service sector with 80% of all jobs, whereas about 11% of all employees work in manufacturing and 2% in agriculture. StatBank Denmark, Table UHTP: International trade in services, quarterly by imports and exports, items and time. Retrieved 24 November 2018. [101], Denmark has some sources of oil and natural gas in the North Sea with Esbjerg being the main city for the oil and gas industry. Retrieved on 23 November 2018. doi: 10.1787/325ddad1-en (Accessed on 24 November 2018). Of these, 565,000 were dairy cows and 99,000 were suckler cows. The milk quota is 1,142 tonnes. In Spring 2018, the so-called Fiscal Sustainability Indicator was calculated to be 1.2 (by the Danish government) respectively 0.9% (by the Danish Economic Council) of GDP. Government consumption took up precisely 25% of GDP (e.g. [6] The sector is very capital-intensive, so the share of employment is much lower: About 2,000 persons worked in the oil and gas extraction sector in 2016, and another 1,000 persons in extraction of gravel and stone, or in total about 0.1% of total employment in Denmark.[14]. They have had a "youth initiative" or the Danish Youth Unemployment Programme in place since 1996.
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