jobscopenhagen.com

Denmark is characterised by modern market economy with an advanced government walfare system, advanced standard of living and astable politicals System.Denmark rejected euro (EUR) currency, continueing with danish krone.

Tax rate in Denmark is highest in the world, current average income tax rate is at 47.4%, outpacing Sweden's steep 46% tax rate. However there is 25% flate rate for English speaking (or other language) professionals, in Denmark, involved in research work.

The Danish labor force numbers approximately 2.86 million, 72.5 % in the service sector, 23.8 % in industrial and 2.9 % working in the agricultural sector. Familiar Danish companies include Maersk Group (international shipping), Bang & Olufsen (audio electronics), Carlsberg (beer), Danfoss (heating and cooling) and Lego (toys).

Denmark can be divided into four economic regions: the capital region (Greater Copenhagen), the rest of Denmark, Greenland and the Faroe Islands. The capital region has the largest concentration of workers, as one quarter of population lives in or around Copenhagen. About 42 percent of workers in the capital region have public and personal services jobs, and 19 percent have financial or business occupations. More than half a million Danes call Copenhagen home, and there are 5,451 registered businesses with more than ten employees.

In Copenhagen biotechnology, medical/health-related industries, and information technology (IT) and communication are major sectors. The IT and communication sector in particular is showing strong growth in Copenhagen, not only in the number of companies but also in earnings. Transportation and logistics businesses thrive in Copenhagen due to its central location in the Baltic Region and the excellence of its infrastructure.

Greenland’s economy is very dependent on fishing, particularly shrimp, halibut and crab. Greenland’s biggest asset is, ironically, global warming, with eco-tourism a main source of jobs and income.

North of Scotland is the Danish province of the Faroe Islands. The Faroese economy is dependent on fishing.

Denmark has considerable natural resources, including chalk, fish, gravel, limestone, natural gas, petroleum, salt and arable farmland. Denmark’s farms cover 66 percent of its land. 

The most recent country report on Denmark by the Organization for Economic Cooperation and Development (OECD) predicts the deepest recession in forty years for the Danish economy this year and next. The OECD figures paint a grim picture, with a four percent drop in the GDP expected. Unemployment is currently at 3.3 percent, but by next year, according to the OECD, 220,000 will be out of a job; this represents 7.9 percent of the labor market. The OECD blames the deep recession primarily on a combination of the bursting housing bubble, damaged financial industries and declining exports, which will drop by almost 13 percent this year. According to OECD chief economist Jørgen Elmeskov, "The large drop in homeowners’ equity will affect consumer spending and as a consequence, demand will drop."

Quarterly unemployment fell by 1.3 percent, or 36,000 employees. Statistics Denmark data shows that 84,000 jobs were lost in the past year, and that 60,000 people lost their jobs in the first three months of 2009. The figure, calculated by looking at company payments to national pension fund ATP, paints a darker picture of unemployment than by using the traditional method of looking at jobless claims.