Denmark
The light green area is the rest of the European Union
Denmark was the 36th largest economy in the world by nominal GDP in 2018. GDP per capita is $60,726, which is above the average for high income and OECD countries, and is among the highest in the world. It is a well-developed and open economy. It is ranked 17th in the World Bank's Human Capital Index and 8th in the Logistics Performance Index. It is a member of the EU and OECD. It is not a member of the eurozone but instead pegs its currency (krone) to the euro. Denmark is an example of the Nordic model, characterised by an internationally high tax level, and a correspondingly high level of government-provided services. Services was the largest economic sector in 2018 (65 percent of GDP), followed by manufacturing (12.6 percent), and agriculture (1 percent). In 2017, the largest export sectors were services (39.45 percent), chemicals (15.13 percent), agriculture (13.8 percent), and machinery (10.1 percent). The largest individual exports were transport services (21.19 percent), ICT services (12.8 percent), and packaged medicaments (8.5 percent). Its largest export partners were Germany (13.4 percent), Sweden (10.73 percent), USA (7.25 percent), UK (6.2 percent), and Norway (5.63 percent). The largest goods imports were cars (4.89 percent), packaged medicaments (3.45 percent), refined petroleum (3.1 percent), and crude oil (2.4 percent). Denmark's economy has long benefitted from free trade, specialisation, and proximity to the large markets of the UK and the Netherlands. Unusually, its modern economy was developed mainly through agriculture, particularly butter and bacon exports to the UK. It was not until the 1950s that manufacturing displaced agriculture in importance. The Danish economy is also unusual in that there were no forced nationalisations of industry in the 20th century and that industry developed without import substitution. Light industry developed organically to supply the domestic market and later began exporting. In the late 1960s, the welfare state was developed as new taxes provided the government with increased income. In 1973, Denmark joined the European Economic Community at the same time as its key trading partner, the UK. However, it has opted out of four areas of EU cooperation, including the euro and a common-defence policy. The economy continues to evolve and rates highly in terms of digitisation and productivity. The economy contracted during the global financial crisis but has since returned to modest growth.