Our Money
1.9% rate of inflation in December 2024. The lowest rates of inflation in the European Union were in Ireland (0.5%), Lithuania, and Luxembourg (1.1%), while the highest were in Romania (5.4%), Belgium (4.8%), and Croatia (4%).
52.7 million DKK investment against negative social control—harmful or coercive measures, including intimidation and punishment, used to enforce social or cultural norms. The government will expand the safety consultant scheme, which offers specialized advice to people in cases of negative social control and honor-related conflicts. It will also fund three other related initiatives.
A new collective agreement for employees in the industry sector for the next two years. 850,000 people work in the industry sector (manufacturing and processing) and are covered by the collective agreement. The trade unions are negotiating with the employers’ associations on three main points: salary increases (4% predicted increase), better work-life balance (more money into the fritvalgskontoen), and pension (a higher contribution to pension from the employer side).
Over the past decade, the top 1% in Denmark have seen their income grow by 60%, compared to just a 9% increase for the middle class. In 2023 alone, the top 1% boosted their wealth by 14.8%, while the middle class experienced a 0.6% drop in income.
State of the Markets
2.9% unemployment rate in December 2024. 88,400 people are unemployed in Denmark, an increase of 100 since November. 75,800 people are on unemployment benefits, while 12,700 people are on kontanthjaelp (social benefits).
Denmark’s economy, heavily dependent on exports, is vulnerable to global trade disruptions caused by rising barriers and competition from China and the U.S., says National Bank Governor Christian Kettel Thomsen. With half of private sector jobs tied to exports and key materials coming from China, Denmark faces significant risks. Thomsen warns against too much protectionism and urges Europe to find a balance between strengthening its economy and keeping the benefits of free trade.
The Greenlandic GDP is 20.3 billion DKK (lower than Andorra and Djibouti), which is 125 times smaller than Denmark. Denmark contributes 5.5 billion DKK a year to the Greenlandic budget. The European Union also contributes 350 million DKK a year. 40% of the Greenlandic yearly budget comes from Denmark and the European Union.
- Fishing is the cornerstone of Greenland’s economy, with fish products making up over 90% of the country’s 6.2 billion DKK exports in 2023. This reliance makes Greenland highly sensitive to international fish prices, catch quotas, competition, and labor shortages, leaving its economy among the most vulnerable in the world.
Increased tariffs for Danish companies on the US market would be severely damaging for our economy.
- 15% of all Danish exports go to the United States.
- 3,800 companies export there.
- 100,000 jobs are connected to US exports.
- Pharma is the largest sector in regards to US exports
