Abstract
This supplementary report examines selected background issues in Denmark using charts and tables. Economic growth accelerated sharply in 1994, following several years of steady but unspectacular expansion. It is projected to slow somewhat in 1995–96 but remain above potential. Unemployment, which had risen steeply during the period of subdued growth, responded slowly to the robust recovery that has been under way since the second half of 1993. However, it has been falling rapidly in recent months. Its rapid fall is projected to continue through 1996.
Denmark: Real GDP Growth
(In percent)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.Economic growth accelerated sharply in 1994, following several years of steady but unspectacular expansion. It is projected to slow somewhat in 1995-96 but remain above potential.
Denmark: Unemployment Rate
(In percent of labor force)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.Unemployment, which had risen steeply during the period of subdued growth, responded slowly to the robust recovery that has been under way since the second half of 1993. However, it has been falling rapidly in recent months. Its rapid fall is projected to continue through 1996.
Denmark: Average Hourly Earnings in Manufacturing
(Percent change)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.Wage inflation has so far remained subdued, in contrast to the experience during earlier cyclical recoveries. Little acceleration is projected in 1995-96.
Denmark: Consumer Price Index
(Percent change)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.The rate of inflation has been dramatically lower in recent years than in the 1980s and among the lowest in industrial countries. A slight acceleration after 1993 reflects mainly the impact of increases in net indirect taxes.
Denmark: Private Saving Ratio
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.Changes in the tax system in the mid-1980s reduced incentives for borrowing and stimulated a large increase in the private savings ratio. This is expected to be sustained in 1995-96.
Denmark: Real Exports of Goods and Services
(In percent)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.Rapid growth in exports sustained economic activity during the period of depressed domestic demand in the late 1980s and early 1990s. Exports weakened markedly during the deep 1992-93 recession in Europe, but recovered strongly in 1994 and are expected to continue to grow rapidly in 1995-1996.
Denmark: Real Imports of Goods and Services
(In percent)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.Imports rose sharply in 1994, in part because the surge in consumer spending was concentrated in durable goods which have a high import content. Their growth is expected to moderate in 1995-96.
Denmark: External Current Account
(In percent of GDP)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.The turnaround in the external current account position, from sizable deficits up to the late 1980s to modest surpluses thereafter, has been sustained in 1994 notwithstanding the pickup in the rate of growth of domestic demand and output. Continued modest surpluses are projected for 1995-96.
Denmark: Net Foreign Debt
(In percent of GDP)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.1/ Series break in 1991 raised the estimate of net external debt by 58bn DKr, or 7% of 1991 GDP.Denmark’s net foreign debt has been falling stedily in recent years, although it remains high for an advanced industrial country. Some further reduction is likely in. the foreseeable future.
Denmark: Effective Exchange Rates (1991=100)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: OECD Economic Outlook.1/ Based on relevant unit labor costs in manufacturing.The Krone has appreciated markedly in nominal effective terms over the past several years. However, the effect of this appreciation on competitiveness has tended to be offset by Denmark’s comparatively low rate of increase in unit labor costs. The real effective exchange rate has fluctuated erratically along a flat trend.
Denmark: General Government Balance
(In percent of GDP)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.The major fiscal consolidation effort of the 1980s was partially reversed in the early 1990s as measures were taken to stimulate economic growth and alleviate unemployment. A renewed emphasis on consolidation is now underway and is projected to continue in 1995-96, reducing general government net borrowing well below the relevant Maastricht criterion.
Denmark: General Government Debt
(In percent of GDP)
Citation: IMF Staff Country Reports 1995, 042; 10.5089/9781451811063.002.A001
Source: Danmarks Statistik. Official projections for 1995 and 1996.Gross government debt is stabilizing at a level substantially higher than the relevant Maastricht criterion. However, a sizable part of the debt reflects institutional factors peculiar to Denmark that distort international comparisons. Adjusted for these factors, the debt is below 60% of GDP.
Denmark: GDP and Expenditure Components
Official estimates as of February 1995.
Estimates as of December 1994.
Denmark: GDP and Expenditure Components
| 1993 | 1990 | 1991 | 1992 | 1993 | 19941/ | ||||
|---|---|---|---|---|---|---|---|---|---|
| In DKr billions | In percent of GDP | (Annual percentage change, in 1980 prices) | |||||||
| Private consumption | 457.9 | 52.4 | … | 1.2 | 1.1 | 2.4 | 6.7 | ||
| Public consumption | 229.8 | 26.3 | -0.4 | -0.1 | 1.4 | 2.8 | 0.9 | ||
| Gross fixed investment | 131.7 | 15.1 | -0.9 | -5.7 | -7.2 | -2.3 | 5.2 | ||
| Residential construction | 25.5 | 1.4 | -13.7 | -11.7 | -5.0 | -3.0 | 7.7 | ||
| General government | 17.4 | 2.2 | -9.9 | -3.8 | 16.6 | 1.5 | 3.4 | ||
| Business 2/ | 88.8 | 10.2 | 2.6 | -4.1 | -12.1 | -3.0 | 5.0 | ||
| Final domestic demand | 819.4 | 93.8 | -0.4 | -0.3 | -0.7 | 2.3 | 4.9 | ||
| Stockbuilding | -7.3 | -0.8 | -0.6 | 0.1 | -0.1 | -0.8 | 1.1 | ||
| Total domestic demand | 812.1 | 93.0 | -1.0 | -0.4 | -0.5 | 1.0 | 7.1 | ||
| Exports of goods and services | 299.9 | 34.3 | 6.9 | 7.7 | 2.7 | -2.0 | 6.0 | ||
| Imports of goods and services | 238.7 | 27.3 | 1.2 | 4.1 | -0.2 | -4.1 | 12.7 | ||
| Foreign balance | 61.2 | 7.0 | 2.6 | 1.6 | 1.8 | -0.3 | -0.7 | ||
| Gross domestic product at market prices | 873.2 | 100.0 | 2.0 | 1.3 | 0.8 | 1.5 | 4.6 | ||
| GDP at factor cost | 754.8 | 100.0 | 1.9 | 1.2 | .7 | 1.3 | 3.9 | ||
| GDP in the private non-agricultural sector 2/ | 482.9 | 64.0 | 2.5 | -0.6 | 3.1 | -1.2 | 5.9 | ||
| Memorandum item: GDP deflator | … | … | 2.6 | 2.2 | 2.0 | 1.1 | 2.2 | ||
Official estimates as of February 1995.
Estimates as of December 1994.
Denmark: GDP and Expenditure Components
| 1993 | 1990 | 1991 | 1992 | 1993 | 19941/ | ||||
|---|---|---|---|---|---|---|---|---|---|
| In DKr billions | In percent of GDP | (Annual percentage change, in 1980 prices) | |||||||
| Private consumption | 457.9 | 52.4 | … | 1.2 | 1.1 | 2.4 | 6.7 | ||
| Public consumption | 229.8 | 26.3 | -0.4 | -0.1 | 1.4 | 2.8 | 0.9 | ||
| Gross fixed investment | 131.7 | 15.1 | -0.9 | -5.7 | -7.2 | -2.3 | 5.2 | ||
| Residential construction | 25.5 | 1.4 | -13.7 | -11.7 | -5.0 | -3.0 | 7.7 | ||
| General government | 17.4 | 2.2 | -9.9 | -3.8 | 16.6 | 1.5 | 3.4 | ||
| Business 2/ | 88.8 | 10.2 | 2.6 | -4.1 | -12.1 | -3.0 | 5.0 | ||
| Final domestic demand | 819.4 | 93.8 | -0.4 | -0.3 | -0.7 | 2.3 | 4.9 | ||
| Stockbuilding | -7.3 | -0.8 | -0.6 | 0.1 | -0.1 | -0.8 | 1.1 | ||
| Total domestic demand | 812.1 | 93.0 | -1.0 | -0.4 | -0.5 | 1.0 | 7.1 | ||
| Exports of goods and services | 299.9 | 34.3 | 6.9 | 7.7 | 2.7 | -2.0 | 6.0 | ||
| Imports of goods and services | 238.7 | 27.3 | 1.2 | 4.1 | -0.2 | -4.1 | 12.7 | ||
| Foreign balance | 61.2 | 7.0 | 2.6 | 1.6 | 1.8 | -0.3 | -0.7 | ||
| Gross domestic product at market prices | 873.2 | 100.0 | 2.0 | 1.3 | 0.8 | 1.5 | 4.6 | ||
| GDP at factor cost | 754.8 | 100.0 | 1.9 | 1.2 | .7 | 1.3 | 3.9 | ||
| GDP in the private non-agricultural sector 2/ | 482.9 | 64.0 | 2.5 | -0.6 | 3.1 | -1.2 | 5.9 | ||
| Memorandum item: GDP deflator | … | … | 2.6 | 2.2 | 2.0 | 1.1 | 2.2 | ||
Official estimates as of February 1995.
Estimates as of December 1994.
Denmark: GDP at Factor Cost
Denmark: GDP at Factor Cost
| 1993 | 1991 | 1992 | 1993 | |||
|---|---|---|---|---|---|---|
| In DKr billions | In percent of GDP | (Annual percentage change, in 1980 prices) | ||||
| Industrial origin, at factor cost | ||||||
| Agriculture | 26.5 | 3.5 | -1.6 | -6.0 | 15.2 | |
| Mining and quarrying | 7.7 | 1.0 | 20.4 | 5.9 | 11.1 | |
| Manufacturing | 142.6 | 18.9 | -0.1 | 1.0 | -3.1 | |
| Electricity, gas, and water | 15.2 | 2.0 | 24.6 | -11.6 | 15.8 | |
| Construction | 39.6 | 5.2 | -7.7 | -8.8 | -1.1 | |
| Non-government services | 368.9 | 48.9 | 0.2 | 1.4 | 1.6 | |
| Government services | 172.9 | 22.9 | -0.8 | 1.2 | 1.4 | |
| Imputed bank service charges | -18.7 | -2.5 | -22.5 | -21.0 | 26.6 | |
| GDP at factor cost | 754.8 | 100.0 | 0.4 | 1.7 | 1.0 | |
| GDP in the private non-agricultural sector | 482.9 | 63. 9 | -0.6 | 3.1 | -1.2 | |
Denmark: GDP at Factor Cost
| 1993 | 1991 | 1992 | 1993 | |||
|---|---|---|---|---|---|---|
| In DKr billions | In percent of GDP | (Annual percentage change, in 1980 prices) | ||||
| Industrial origin, at factor cost | ||||||
| Agriculture | 26.5 | 3.5 | -1.6 | -6.0 | 15.2 | |
| Mining and quarrying | 7.7 | 1.0 | 20.4 | 5.9 | 11.1 | |
| Manufacturing | 142.6 | 18.9 | -0.1 | 1.0 | -3.1 | |
| Electricity, gas, and water | 15.2 | 2.0 | 24.6 | -11.6 | 15.8 | |
| Construction | 39.6 | 5.2 | -7.7 | -8.8 | -1.1 | |
| Non-government services | 368.9 | 48.9 | 0.2 | 1.4 | 1.6 | |
| Government services | 172.9 | 22.9 | -0.8 | 1.2 | 1.4 | |
| Imputed bank service charges | -18.7 | -2.5 | -22.5 | -21.0 | 26.6 | |
| GDP at factor cost | 754.8 | 100.0 | 0.4 | 1.7 | 1.0 | |
| GDP in the private non-agricultural sector | 482.9 | 63. 9 | -0.6 | 3.1 | -1.2 | |
Denmark: Labor Market
Official estimate as of 2/9/95.
At the beginning of the period.
National accounts basis.
December 1994.
Denmark: Labor Market
| 1991 | 1992 | 1993 | 19941/ | |||
|---|---|---|---|---|---|---|
| (In thousands of persons) | ||||||
| Population 2/ | 5,154.0 | 5,170.3 | 5,189.0 | 5,204.0 | ||
| Labor force3/ | 2,822.0 | 2,834.1 | 2847.8 | 2847.0 | ||
| Employed | 2,526.0 | 2,515.8 | 2498.9 | 2,503.6 | ||
| Unemployed | 296.1 | 318.3 | 348.8 | 343.4 | ||
| Number of employees (full-time equivalent) | 1,916.2 | 1,918.4 | … | … | ||
| Agriculture, fishing, mining and quarrying | 38.2 | 38.7 | 36.4 | 34.8 | ||
| Manufacturing, etc | 413.5 | 414.0 | 402.2 | 405.8 | ||
| Energy and water supply | 11.7 | 11.8 | 11.3 | 11.2 | ||
| Construction | 117.2 | 115.6 | 113.4 | 118.0 | ||
| Wholesale and retail trade, restaurants and hotels | 302.1 | 302.9 | 297.5 | 297.0 | ||
| Transport, post, and telecommunications | 150.2 | 148.9 | 145.3 | 144.7 | ||
| Financing and business services | 205.5 | 200.9 | 196.1 | 196.4 | ||
| Central government | 145.1 | 145.0 | 144.4 | 143.3 | ||
| Counties | 134.5 | 131.9 | 131.8 | 131.2 | ||
| Municipalities | 364.1 | 372.2 | 389.9 | 381.4 | ||
| Other Services | 121.3 | 123.7 | 125.5 | 127.8 | ||
| Industry not stated | 0.6 | 0.2 | 0.1 | 0.3 | ||
| Industry, total | 2,003.9 | 2,005.4 | 1,993.9 | 1,991.8 | ||
| (In percent of labor force) | ||||||
| Registered unemployment | 10.6 | 11.3 | 12.4 | 10.94/ | ||
| Men | 9.3 | 10.0 | 11.3 | 9.74/ | ||
| Women | 12.1 | 12.9 | 13.7 | 12.34/ | ||
| Under 25 | 10.1 | 11.5 | 11.7 | 10.44/ | ||
Official estimate as of 2/9/95.
At the beginning of the period.
National accounts basis.
December 1994.
Denmark: Labor Market
| 1991 | 1992 | 1993 | 19941/ | |||
|---|---|---|---|---|---|---|
| (In thousands of persons) | ||||||
| Population 2/ | 5,154.0 | 5,170.3 | 5,189.0 | 5,204.0 | ||
| Labor force3/ | 2,822.0 | 2,834.1 | 2847.8 | 2847.0 | ||
| Employed | 2,526.0 | 2,515.8 | 2498.9 | 2,503.6 | ||
| Unemployed | 296.1 | 318.3 | 348.8 | 343.4 | ||
| Number of employees (full-time equivalent) | 1,916.2 | 1,918.4 | … | … | ||
| Agriculture, fishing, mining and quarrying | 38.2 | 38.7 | 36.4 | 34.8 | ||
| Manufacturing, etc | 413.5 | 414.0 | 402.2 | 405.8 | ||
| Energy and water supply | 11.7 | 11.8 | 11.3 | 11.2 | ||
| Construction | 117.2 | 115.6 | 113.4 | 118.0 | ||
| Wholesale and retail trade, restaurants and hotels | 302.1 | 302.9 | 297.5 | 297.0 | ||
| Transport, post, and telecommunications | 150.2 | 148.9 | 145.3 | 144.7 | ||
| Financing and business services | 205.5 | 200.9 | 196.1 | 196.4 | ||
| Central government | 145.1 | 145.0 | 144.4 | 143.3 | ||
| Counties | 134.5 | 131.9 | 131.8 | 131.2 | ||
| Municipalities | 364.1 | 372.2 | 389.9 | 381.4 | ||
| Other Services | 121.3 | 123.7 | 125.5 | 127.8 | ||
| Industry not stated | 0.6 | 0.2 | 0.1 | 0.3 | ||
| Industry, total | 2,003.9 | 2,005.4 | 1,993.9 | 1,991.8 | ||
| (In percent of labor force) | ||||||
| Registered unemployment | 10.6 | 11.3 | 12.4 | 10.94/ | ||
| Men | 9.3 | 10.0 | 11.3 | 9.74/ | ||
| Women | 12.1 | 12.9 | 13.7 | 12.34/ | ||
| Under 25 | 10.1 | 11.5 | 11.7 | 10.44/ | ||
Official estimate as of 2/9/95.
At the beginning of the period.
National accounts basis.
December 1994.
Denmark: Savings, Investment, and Financial Balances 1/
(In percent of GDP)
National accounts basis.
Official estimate as of February 1995.
Not identical to the current account in the balance of payments because of classification differences with respect to Greenland and Faroe Islands.
Denmark: Savings, Investment, and Financial Balances 1/
(In percent of GDP)
| 1990 | 1991 | 1992 | 1993 | 1994 2/ | ||
|---|---|---|---|---|---|---|
| Total economy | ||||||
| Gross savings | 17.8 | 17.5 | 17.8 | 17.2 | 18.0 | |
| Consumption of fixed capital | 9.0 | 9.2 | 9.4 | 9.6 | … | |
| Gross investment | 17.3 | 16.4 | 15.2 | 14.3 | 15.9 | |
| Capital transfer payments, net | — | — | — | — | — | |
| Financial balance3/ | 0.5 | 1.1 | 2.5 | 3.0 | 2.2 | |
| Public sector | ||||||
| Gross savings | 0.3 | -0.8 | -0.3 | -1.8 | -1.6 | |
| Consumption of fixed capital | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | |
| Gross investment | 2.0 | 1.6 | 2.3 | 2.2 | 2.1 | |
| Capital transfer payments, net | — | 0.3 | -0.3 | -0.5 | -0.5 | |
| Financial balance | -2.2 | -3.2 | -5.4 | -7.5 | -6.4 | |
| Private sector | ||||||
| Gross savings | 17.5 | 18.3 | 18.1 | 19.0 | 19. 7 | |
| Consumption of fixed capital | 8.1 | 8.3 | 8.3 | 8.6 | … | |
| Gross investment | 15. 3 | 14. 8 | 12. 9 | 12. 0 | 13. 8 | |
| Capital transfer payments, net | — | -0.3 | 0.3 | 0.5 | 0.5 | |
| Financial balance | 2.2 | 3.2 | 5.4 | 7.5 | 6.4 | |
National accounts basis.
Official estimate as of February 1995.
Not identical to the current account in the balance of payments because of classification differences with respect to Greenland and Faroe Islands.
Denmark: Savings, Investment, and Financial Balances 1/
(In percent of GDP)
| 1990 | 1991 | 1992 | 1993 | 1994 2/ | ||
|---|---|---|---|---|---|---|
| Total economy | ||||||
| Gross savings | 17.8 | 17.5 | 17.8 | 17.2 | 18.0 | |
| Consumption of fixed capital | 9.0 | 9.2 | 9.4 | 9.6 | … | |
| Gross investment | 17.3 | 16.4 | 15.2 | 14.3 | 15.9 | |
| Capital transfer payments, net | — | — | — | — | — | |
| Financial balance3/ | 0.5 | 1.1 | 2.5 | 3.0 | 2.2 | |
| Public sector | ||||||
| Gross savings | 0.3 | -0.8 | -0.3 | -1.8 | -1.6 | |
| Consumption of fixed capital | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | |
| Gross investment | 2.0 | 1.6 | 2.3 | 2.2 | 2.1 | |
| Capital transfer payments, net | — | 0.3 | -0.3 | -0.5 | -0.5 | |
| Financial balance | -2.2 | -3.2 | -5.4 | -7.5 | -6.4 | |
| Private sector | ||||||
| Gross savings | 17.5 | 18.3 | 18.1 | 19.0 | 19. 7 | |
| Consumption of fixed capital | 8.1 | 8.3 | 8.3 | 8.6 | … | |
| Gross investment | 15. 3 | 14. 8 | 12. 9 | 12. 0 | 13. 8 | |
| Capital transfer payments, net | — | -0.3 | 0.3 | 0.5 | 0.5 | |
| Financial balance | 2.2 | 3.2 | 5.4 | 7.5 | 6.4 | |
National accounts basis.
Official estimate as of February 1995.
Not identical to the current account in the balance of payments because of classification differences with respect to Greenland and Faroe Islands.
Denmark: Prices, Wages, and Unit Labor Costs
(Percentage change)
Official estimates for hourly compensation and unit labor costs.
Index of net retail prices, including energy items.
1990–100.
Productivity in private non-agricultural sector.
Denmark: Prices, Wages, and Unit Labor Costs
(Percentage change)
| 1990 | 1991 | 1992 | 1993 | 19941/ | ||
|---|---|---|---|---|---|---|
| Consumer prices | 2.6 | 2.4 | 2.1 | 1.2 | 2.0 | |
| Net Retail Price Index2/ | 3.1 | 2.6 | 2.1 | 1.4 | 1.6 | |
| Wholesale prices3/ | 1.0 | 1.0 | -1.1 | -0.6 | 1.4 | |
| Consumer goods | 0.6 | 1.9 | -0.6 | -2.0 | 1.0 | |
| Producer goods | 1.4 | 0.7 | -1.3 | — | 2.0 | |
| Domestic goods | 1.3 | 1.3 | -0.6 | -1.0 | 1.0 | |
| Imported goods | 0.7 | — | -2.1 | — | 1.0 | |
| Employment | -1.8 | -1.5 | -0.4 | -0.7 | 0.2 | |
| Productivity4/ | 3.7 | 1.5 | 3.5 | 0.9 | 5.0 | |
| Hourly compensation | 3.9 | 4.2 | 2.9 | 2.4 | 2.9 | |
| Unit labor costs | 1.6 | 1.5 | 2.6 | -0.1 | -0.6 | |
Official estimates for hourly compensation and unit labor costs.
Index of net retail prices, including energy items.
1990–100.
Productivity in private non-agricultural sector.
Denmark: Prices, Wages, and Unit Labor Costs
(Percentage change)
| 1990 | 1991 | 1992 | 1993 | 19941/ | ||
|---|---|---|---|---|---|---|
| Consumer prices | 2.6 | 2.4 | 2.1 | 1.2 | 2.0 | |
| Net Retail Price Index2/ | 3.1 | 2.6 | 2.1 | 1.4 | 1.6 | |
| Wholesale prices3/ | 1.0 | 1.0 | -1.1 | -0.6 | 1.4 | |
| Consumer goods | 0.6 | 1.9 | -0.6 | -2.0 | 1.0 | |
| Producer goods | 1.4 | 0.7 | -1.3 | — | 2.0 | |
| Domestic goods | 1.3 | 1.3 | -0.6 | -1.0 | 1.0 | |
| Imported goods | 0.7 | — | -2.1 | — | 1.0 | |
| Employment | -1.8 | -1.5 | -0.4 | -0.7 | 0.2 | |
| Productivity4/ | 3.7 | 1.5 | 3.5 | 0.9 | 5.0 | |
| Hourly compensation | 3.9 | 4.2 | 2.9 | 2.4 | 2.9 | |
| Unit labor costs | 1.6 | 1.5 | 2.6 | -0.1 | -0.6 | |
Official estimates for hourly compensation and unit labor costs.
Index of net retail prices, including energy items.
1990–100.
Productivity in private non-agricultural sector.
Denmark: Disposable Income, Savings, and Consumption
Compensation for employees is computed as corporate wage expenditures, i.e. including social contributions and imputed pensions for civil servants. These figures have been added to the employees contributions to get the disposable income.
A description of the distribution of the operating surplus and net interest between households and the corporate sector can be found in the Økonomisk Oversigt, October 1990, chapter II. Interest payments in pension funds etc. are net of deductions for real interest duty.
The disposable income in the corporate sector equals savings by definition.
Denmark: Disposable Income, Savings, and Consumption
| 1993 | 1991 | 1992 | 1993 | 1994 | ||
|---|---|---|---|---|---|---|
| In billions of DKr | Annual percentage change | |||||
| Households: | ||||||
| Compensation of employees1/ | 472.1 | 3.2 | 2.8 | 1.3 | 3.0 | |
| Net social benefits | 177.4 | 7.0 | 6.3 | 6.9 | 15.8 | |
| Total compensation and social benefits | 649.5 | 4.1 | 3.7 | 2.8 | 6.5 | |
| Operating surplus2/ | ||||||
| Gross rents | 59.9 | 6.9 | 4.3 | -1.7 | 2.4 | |
| Other | 73.2 | 0.0 | -0.4 | 3.9 | 9.1 | |
| Interest payments in pension funds, etc.2/ | 39.6 | 12.3 | -7.4 | 13.1 | -1.3 | |
| Deductions from taxable net interest expenditures, etc. 2/ | -72.0 | -3.0 | 1.9 | -2.3 | -2.9 | |
| Total gross income in households | 749.1 | 5.1 | 2.9 | 3.4 | 7.1 | |
| Personal taxes, other direct taxes and social contributions etc. 1/ | 261.8 | 4.9 | 4.7 | 1.8 | 8.9 | |
| Disposable gross income | 487.3 | 5.2 | 2.0 | 4.3 | 6.1 | |
| Private consumption (at current prices) | 462.0 | 3.6 | 2.8 | 4.5 | 8.5 | |
| Disposable income in the corporate sector 3/ | 141.5 | 2.1 | 6.2 | 9.2 | 17.9 | |
| Total disposable income in the private sector | 628.8 | 4.6 | 2.8 | 5.3 | 8.7 | |
| Total gross savings in the private sector | 166.8 | 7.4 | 2.9 | 7.8 | 9.4 | |
Compensation for employees is computed as corporate wage expenditures, i.e. including social contributions and imputed pensions for civil servants. These figures have been added to the employees contributions to get the disposable income.
A description of the distribution of the operating surplus and net interest between households and the corporate sector can be found in the Økonomisk Oversigt, October 1990, chapter II. Interest payments in pension funds etc. are net of deductions for real interest duty.
The disposable income in the corporate sector equals savings by definition.
Denmark: Disposable Income, Savings, and Consumption
| 1993 | 1991 | 1992 | 1993 | 1994 | ||
|---|---|---|---|---|---|---|
| In billions of DKr | Annual percentage change | |||||
| Households: | ||||||
| Compensation of employees1/ | 472.1 | 3.2 | 2.8 | 1.3 | 3.0 | |
| Net social benefits | 177.4 | 7.0 | 6.3 | 6.9 | 15.8 | |
| Total compensation and social benefits | 649.5 | 4.1 | 3.7 | 2.8 | 6.5 | |
| Operating surplus2/ | ||||||
| Gross rents | 59.9 | 6.9 | 4.3 | -1.7 | 2.4 | |
| Other | 73.2 | 0.0 | -0.4 | 3.9 | 9.1 | |
| Interest payments in pension funds, etc.2/ | 39.6 | 12.3 | -7.4 | 13.1 | -1.3 | |
| Deductions from taxable net interest expenditures, etc. 2/ | -72.0 | -3.0 | 1.9 | -2.3 | -2.9 | |
| Total gross income in households | 749.1 | 5.1 | 2.9 | 3.4 | 7.1 | |
| Personal taxes, other direct taxes and social contributions etc. 1/ | 261.8 | 4.9 | 4.7 | 1.8 | 8.9 | |
| Disposable gross income | 487.3 | 5.2 | 2.0 | 4.3 | 6.1 | |
| Private consumption (at current prices) | 462.0 | 3.6 | 2.8 | 4.5 | 8.5 | |
| Disposable income in the corporate sector 3/ | 141.5 | 2.1 | 6.2 | 9.2 | 17.9 | |
| Total disposable income in the private sector | 628.8 | 4.6 | 2.8 | 5.3 | 8.7 | |
| Total gross savings in the private sector | 166.8 | 7.4 | 2.9 | 7.8 | 9.4 | |
Compensation for employees is computed as corporate wage expenditures, i.e. including social contributions and imputed pensions for civil servants. These figures have been added to the employees contributions to get the disposable income.
A description of the distribution of the operating surplus and net interest between households and the corporate sector can be found in the Økonomisk Oversigt, October 1990, chapter II. Interest payments in pension funds etc. are net of deductions for real interest duty.
The disposable income in the corporate sector equals savings by definition.
Denmark: Consolidated Public Sector Finances1/
National accounts basis.
Official estimates as of December 1994.
Including early retirement benefits and social assistance grants.
Denmark: Consolidated Public Sector Finances1/
| 1991 | 1992 | 1993 | 19942/ | 19952/ | |||
|---|---|---|---|---|---|---|---|
| (In billions of Danish kroner) | |||||||
| Revenue, excluding interest | 447.4 | 467.3 | 485.7 | 527.5 | 548.7 | ||
| (in percent of GDP) | (54.0) | (54.9) | (55.6) | (56.1) | (55.2) | ||
| Direct taxes | 245.2 | 256.0 | 265.9 | 263.6 | 267.7 | ||
| Personal taxes | 215.9 | 225.3 | 227.2 | 222.8 | 226.9 | ||
| Corporate tax | 13.4 | 13.8 | 19.0 | 18.4 | 19.5 | ||
| Tax on pension funds | 9.6 | 11.0 | 13.3 | 14.6 | 13.5 | ||
| Other direct taxes | 6.3 | 5.9 | 6.4 | 7.8 | 7.8 | ||
| Indirect taxes | 144.5 | 148.6 | 153.4 | 169.9 | 181.7 | ||
| Value-added tax | 73.9 | 84.2 | 85.8 | 92.5 | 97.9 | ||
| Excise taxes | 52.1 | 45.5 | 56.9 | 66.8 | 73.7 | ||
| Real estate tax | 8.7 | 9.0 | 10.7 | 10.6 | 10.1 | ||
| Labor market contributions based on value added | 9.8 | 9.9 | … | … | … | ||
| Other revenue | 57.7 | 62.7 | 66.4 | 94.0 | 99.3 | ||
| Expenditure, excluding interest | 435.6 | 467.5 | 493.5 | 536.0 | 543.2 | ||
| (in percent of GDP) | (52.6) | (54.9) | (56.5) | (57.0) | (54.6) | ||
| Public consumption | 211.2 | 219.1 | 229.8 | 238.2 | 244.3 | ||
| Investment and capital transfers | 17.3 | 25.6 | 27.3 | 30.0 | 27.6 | ||
| Subsidies and transfers | 207.1 | 222.7 | 236.3 | 267.8 | 271.3 | ||
| Unemployment benefits 3/ | 50.5 | 54.8 | 60.8 | 61.7 | 56.7 | ||
| Social pensions | 57.7 | 59.6 | 61.2 | 77.1 | 79.8 | ||
| Other domestic transfers | 50.6 | 54.7 | 58.6 | 71.0 | 74.1 | ||
| Subsidies and grants | 28.7 | 34.2 | 34.9 | 34.2 | 35.7 | ||
| Transfers to abroad | 19.6 | 19.4 | 20.8 | 23.8 | 25.0 | ||
| Primary balance | 11.8 | -0.2 | -7.8 | -8.5 | 5.5 | ||
| (in percent of GDP) | (1.4) | (-) | (-0.9) | (-0.9) | (0.6) | ||
| Interest receipts | 31.8 | 34.1 | 36.3 | 36.8 | 35.1 | ||
| Interest expenditures | 61.1 | 58.5 | 67.8 | 68.4 | 65.7 | ||
| Interest payments, net | -29.3 | -24.4 | -31.5 | -31.6 | -30.6 | ||
| (in percent of GDP) | (3.5) | (2.9) | (3.6) | (3.4) | (3.1) | ||
| Public sector balance | -17.5 | -24.6 | -39.3 | -40.1 | -25.1 | ||
| (in percent of GDP) | (-2.1) | (-2.9) | (-4.5) | (-4.3) | (-2.5) | ||
National accounts basis.
Official estimates as of December 1994.
Including early retirement benefits and social assistance grants.
Denmark: Consolidated Public Sector Finances1/
| 1991 | 1992 | 1993 | 19942/ | 19952/ | |||
|---|---|---|---|---|---|---|---|
| (In billions of Danish kroner) | |||||||
| Revenue, excluding interest | 447.4 | 467.3 | 485.7 | 527.5 | 548.7 | ||
| (in percent of GDP) | (54.0) | (54.9) | (55.6) | (56.1) | (55.2) | ||
| Direct taxes | 245.2 | 256.0 | 265.9 | 263.6 | 267.7 | ||
| Personal taxes | 215.9 | 225.3 | 227.2 | 222.8 | 226.9 | ||
| Corporate tax | 13.4 | 13.8 | 19.0 | 18.4 | 19.5 | ||
| Tax on pension funds | 9.6 | 11.0 | 13.3 | 14.6 | 13.5 | ||
| Other direct taxes | 6.3 | 5.9 | 6.4 | 7.8 | 7.8 | ||
| Indirect taxes | 144.5 | 148.6 | 153.4 | 169.9 | 181.7 | ||
| Value-added tax | 73.9 | 84.2 | 85.8 | 92.5 | 97.9 | ||
| Excise taxes | 52.1 | 45.5 | 56.9 | 66.8 | 73.7 | ||
| Real estate tax | 8.7 | 9.0 | 10.7 | 10.6 | 10.1 | ||
| Labor market contributions based on value added | 9.8 | 9.9 | … | … | … | ||
| Other revenue | 57.7 | 62.7 | 66.4 | 94.0 | 99.3 | ||
| Expenditure, excluding interest | 435.6 | 467.5 | 493.5 | 536.0 | 543.2 | ||
| (in percent of GDP) | (52.6) | (54.9) | (56.5) | (57.0) | (54.6) | ||
| Public consumption | 211.2 | 219.1 | 229.8 | 238.2 | 244.3 | ||
| Investment and capital transfers | 17.3 | 25.6 | 27.3 | 30.0 | 27.6 | ||
| Subsidies and transfers | 207.1 | 222.7 | 236.3 | 267.8 | 271.3 | ||
| Unemployment benefits 3/ | 50.5 | 54.8 | 60.8 | 61.7 | 56.7 | ||
| Social pensions | 57.7 | 59.6 | 61.2 | 77.1 | 79.8 | ||
| Other domestic transfers | 50.6 | 54.7 | 58.6 | 71.0 | 74.1 | ||
| Subsidies and grants | 28.7 | 34.2 | 34.9 | 34.2 | 35.7 | ||
| Transfers to abroad | 19.6 | 19.4 | 20.8 | 23.8 | 25.0 | ||
| Primary balance | 11.8 | -0.2 | -7.8 | -8.5 | 5.5 | ||
| (in percent of GDP) | (1.4) | (-) | (-0.9) | (-0.9) | (0.6) | ||
| Interest receipts | 31.8 | 34.1 | 36.3 | 36.8 | 35.1 | ||
| Interest expenditures | 61.1 | 58.5 | 67.8 | 68.4 | 65.7 | ||
| Interest payments, net | -29.3 | -24.4 | -31.5 | -31.6 | -30.6 | ||
| (in percent of GDP) | (3.5) | (2.9) | (3.6) | (3.4) | (3.1) | ||
| Public sector balance | -17.5 | -24.6 | -39.3 | -40.1 | -25.1 | ||
| (in percent of GDP) | (-2.1) | (-2.9) | (-4.5) | (-4.3) | (-2.5) | ||
National accounts basis.
Official estimates as of December 1994.
Including early retirement benefits and social assistance grants.
Denmark: Central Government Finances; Current, Investment, and Loan Account
(In billions of Danish kroner)
Denmark: Central Government Finances; Current, Investment, and Loan Account
(In billions of Danish kroner)
| 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Budget Law | Outcome | Budget Law | Estimate | Budget Law | ||||||||||
| Total revenue | 276.0 | 279.9 | 295.6 | 307.4 | 310.9 | 334.5 | 342.6 | 350.2 | ||||||
| Direct taxes | 146.9 | 149.0 | 150.0 | 161.8 | 168.9 | 175.7 | 179.5 | 181.5 | ||||||
| Personal taxes | 92.9 | 94.2 | 101.1 | 104.7 | 104.3 | 89.3 | 91.4 | 87.7 | ||||||
| Corporate tax | 12.7 | 13.0 | 13.8 | 14.7 | 20.6 | 15.9 | 18.1 | 17.8 | ||||||
| Tax on pension funds | 17.0 | 16.8 | 19.8 | 22.7 | 24.0 | 27.3 | 28.1 | 23.7 | ||||||
| Contributions to unemployment insurance | 24.3 | 25.0 | 15.3 | 19.7 | 20.0 | 43.2 | 41 9 | 52.3 | ||||||
| Indirect taxes | 114.3 | 117.3 | 126.5 | 130.3 | 122.8 | 141.0 | 145.6 | 153.7 | ||||||
| Value-added tax | 71.0 | 72.4 | 81.1 | 81.5 | 77.5 | 89.5 | 89.5 | 95.2 | ||||||
| Other indirect taxes | 43.3 | 44.9 | 45.4 | 48.8 | 45.3 | 51.5 | 56.1 | 58.5 | ||||||
| Other revenue | 14.8 | 13.6 | 19.1 | 15.3 | 19.2 | 17.8 | 17.5 | 15.0 | ||||||
| Total expenditure | 299.2 | 318.2 | 330.9 | 351.3 | 359.3 | 388.9 | 386.7 | 390.2 | ||||||
| Government debt interest | 53.2 | 56.1 | 53.1 | 58.9 | 62.0 | 62.8 | 62.0 | 59.3 | ||||||
| Total excluding debt interest | 246.0 | 262.1 | 277.8 | 292.4 | 297.3 | 326.1 | 324.7 | 330.9 | ||||||
| Of which: | ||||||||||||||
| Unemployment benefits | 25.5 | 28.9 | 31.7 | 31.2 | 35.8 | 33.1 | 34.9 | 29.5 | ||||||
| Defense | 15.3 | 15.8 | 15.8 | 14.2 | 16.6 | 15.4 | 16.4 | 15.8 | ||||||
| Balance on current, investment and lending account | -23.2 | -38.3 | -35.3 | -43.9 | -48.4 | -54.4 | -44.1 | -40.0 | ||||||
| (in percent of GDP) | (-2.9) | (-4.6) | (-4.1) | (-5.0) | (-5.5) | (-5.8) | (-4.7) | (-4.0) | ||||||
| Balance, excluding interest payments | 30.0 | 17.8 | 17.8 | 15.0 | 13.6 | 8.4 | 17.9 | 19.3 | ||||||
Denmark: Central Government Finances; Current, Investment, and Loan Account
(In billions of Danish kroner)
| 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Budget Law | Outcome | Budget Law | Estimate | Budget Law | ||||||||||
| Total revenue | 276.0 | 279.9 | 295.6 | 307.4 | 310.9 | 334.5 | 342.6 | 350.2 | ||||||
| Direct taxes | 146.9 | 149.0 | 150.0 | 161.8 | 168.9 | 175.7 | 179.5 | 181.5 | ||||||
| Personal taxes | 92.9 | 94.2 | 101.1 | 104.7 | 104.3 | 89.3 | 91.4 | 87.7 | ||||||
| Corporate tax | 12.7 | 13.0 | 13.8 | 14.7 | 20.6 | 15.9 | 18.1 | 17.8 | ||||||
| Tax on pension funds | 17.0 | 16.8 | 19.8 | 22.7 | 24.0 | 27.3 | 28.1 | 23.7 | ||||||
| Contributions to unemployment insurance | 24.3 | 25.0 | 15.3 | 19.7 | 20.0 | 43.2 | 41 9 | 52.3 | ||||||
| Indirect taxes | 114.3 | 117.3 | 126.5 | 130.3 | 122.8 | 141.0 | 145.6 | 153.7 | ||||||
| Value-added tax | 71.0 | 72.4 | 81.1 | 81.5 | 77.5 | 89.5 | 89.5 | 95.2 | ||||||
| Other indirect taxes | 43.3 | 44.9 | 45.4 | 48.8 | 45.3 | 51.5 | 56.1 | 58.5 | ||||||
| Other revenue | 14.8 | 13.6 | 19.1 | 15.3 | 19.2 | 17.8 | 17.5 | 15.0 | ||||||
| Total expenditure | 299.2 | 318.2 | 330.9 | 351.3 | 359.3 | 388.9 | 386.7 | 390.2 | ||||||
| Government debt interest | 53.2 | 56.1 | 53.1 | 58.9 | 62.0 | 62.8 | 62.0 | 59.3 | ||||||
| Total excluding debt interest | 246.0 | 262.1 | 277.8 | 292.4 | 297.3 | 326.1 | 324.7 | 330.9 | ||||||
| Of which: | ||||||||||||||
| Unemployment benefits | 25.5 | 28.9 | 31.7 | 31.2 | 35.8 | 33.1 | 34.9 | 29.5 | ||||||
| Defense | 15.3 | 15.8 | 15.8 | 14.2 | 16.6 | 15.4 | 16.4 | 15.8 | ||||||
| Balance on current, investment and lending account | -23.2 | -38.3 | -35.3 | -43.9 | -48.4 | -54.4 | -44.1 | -40.0 | ||||||
| (in percent of GDP) | (-2.9) | (-4.6) | (-4.1) | (-5.0) | (-5.5) | (-5.8) | (-4.7) | (-4.0) | ||||||
| Balance, excluding interest payments | 30.0 | 17.8 | 17.8 | 15.0 | 13.6 | 8.4 | 17.9 | 19.3 | ||||||
Denmark: Local Government Finances
(In billions of Danish kroner)
General grants only Reimbursement of specific expenditure is deducted from current expenditure.
Includes use of liquid funds.
Denmark: Local Government Finances
(In billions of Danish kroner)
| 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | ||
|---|---|---|---|---|---|---|---|
| Estimate | Budget | ||||||
| Total revenue | 152.3 | 158.8 | 164.3 | 171.5 | 182.1 | 190.4 | |
| Grants from central government1/ | 31.5 | 31.7 | 33.2 | 36.7 | 35.9 | 36.4 | |
| Taxes | 120.8 | 127.1 | 131.1 | 134.8 | 146.2 | 154.0 | |
| Total expenditure | 153.7 | 159.6 | 166.2 | 177.3 | 186.0 | 189.1 | |
| Current expenditure | 145.9 | 151.2 | 156.8 | 166.1 | 174.4 | 181.5 | |
| Investments | 7.9 | 8.4 | 9.5 | 11.2 | 11.1 | 6.8 | |
| Net interest | -0.1 | — | -0.1 | — | 0.5 | 0.8 | |
| Balance2/ | -1.4 | -0.8 | -1.9 | -5.8 | -3.9 | 1.3 | |
| (in percent of GDP) | (-0.2) | (-0.1) | (-0.5) | (-0.7) | (-0.4) | (0.1) | |
General grants only Reimbursement of specific expenditure is deducted from current expenditure.
Includes use of liquid funds.
Denmark: Local Government Finances
(In billions of Danish kroner)
| 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | ||
|---|---|---|---|---|---|---|---|
| Estimate | Budget | ||||||
| Total revenue | 152.3 | 158.8 | 164.3 | 171.5 | 182.1 | 190.4 | |
| Grants from central government1/ | 31.5 | 31.7 | 33.2 | 36.7 | 35.9 | 36.4 | |
| Taxes | 120.8 | 127.1 | 131.1 | 134.8 | 146.2 | 154.0 | |
| Total expenditure | 153.7 | 159.6 | 166.2 | 177.3 | 186.0 | 189.1 | |
| Current expenditure | 145.9 | 151.2 | 156.8 | 166.1 | 174.4 | 181.5 | |
| Investments | 7.9 | 8.4 | 9.5 | 11.2 | 11.1 | 6.8 | |
| Net interest | -0.1 | — | -0.1 | — | 0.5 | 0.8 | |
| Balance2/ | -1.4 | -0.8 | -1.9 | -5.8 | -3.9 | 1.3 | |
| (in percent of GDP) | (-0.2) | (-0.1) | (-0.5) | (-0.7) | (-0.4) | (0.1) | |
General grants only Reimbursement of specific expenditure is deducted from current expenditure.
Includes use of liquid funds.
Denmark: Social Security Accounts1/
(In billions of Danish kroner)
Consisting of Labor Market Supplementary Pension Fund, Employees’ Capital Pension Fund, Employees’ Guarantee Fund, and the unemployment insurance system. The data are on a national accounts basis.
Official estimates as of December 1994.
Reimbursements of unemployment benefits and early retirement benefits. The tax on pension fund capital of the social security funds is deducted.
Unemployment benefits, early retirement benefits, supplementary pensions, and capital pensions.
Denmark: Social Security Accounts1/
(In billions of Danish kroner)
| 1990 | 1991 | 1992 | 1993 | 19942/ | 19952/ | ||
|---|---|---|---|---|---|---|---|
| Revenue | 59.8 | 65.3 | 71.4 | 78.1 | 83.5 | 82.8 | |
| Interest and dividends | 10.4 | 11.1 | 11.8 | 12.6 | 12.6 | 12.6 | |
| Contributions by employees and employers | 11.9 | 12.2 | 13.2 | 13.7 | 14.7 | 15.4 | |
| Reimbursement from Central Government3/ | 37.3 | 41.8 | 45.9 | 51.6 | 55.8 | 54.5 | |
| Other | 0.2 | 0.2 | 0.3 | 0.2 | 0.4 | 0.3 | |
| Expenditure | 50.2 | 55.6 | 61.8 | 69.9 | 74.1 | 72.0 | |
| Transfers to households4/ | 37.8 | 42.3 | 46.5 | 52.3 | 56.4 | 54.3 | |
| Other | 12.4 | 13.3 | 15.3 | 17.6 | 17.7 | 17.7 | |
| Overall balance | 9.6 | 9.7 | 9.6 | 8.2 | 9.3 | 10.8 | |
| (in percent of GDP) | (1.2) | (1.2) | (1.1) | (0.9) | (1.0) | (1.1) | |
Consisting of Labor Market Supplementary Pension Fund, Employees’ Capital Pension Fund, Employees’ Guarantee Fund, and the unemployment insurance system. The data are on a national accounts basis.
Official estimates as of December 1994.
Reimbursements of unemployment benefits and early retirement benefits. The tax on pension fund capital of the social security funds is deducted.
Unemployment benefits, early retirement benefits, supplementary pensions, and capital pensions.
Denmark: Social Security Accounts1/
(In billions of Danish kroner)
| 1990 | 1991 | 1992 | 1993 | 19942/ | 19952/ | ||
|---|---|---|---|---|---|---|---|
| Revenue | 59.8 | 65.3 | 71.4 | 78.1 | 83.5 | 82.8 | |
| Interest and dividends | 10.4 | 11.1 | 11.8 | 12.6 | 12.6 | 12.6 | |
| Contributions by employees and employers | 11.9 | 12.2 | 13.2 | 13.7 | 14.7 | 15.4 | |
| Reimbursement from Central Government3/ | 37.3 | 41.8 | 45.9 | 51.6 | 55.8 | 54.5 | |
| Other | 0.2 | 0.2 | 0.3 | 0.2 | 0.4 | 0.3 | |
| Expenditure | 50.2 | 55.6 | 61.8 | 69.9 | 74.1 | 72.0 | |
| Transfers to households4/ | 37.8 | 42.3 | 46.5 | 52.3 | 56.4 | 54.3 | |
| Other | 12.4 | 13.3 | 15.3 | 17.6 | 17.7 | 17.7 | |
| Overall balance | 9.6 | 9.7 | 9.6 | 8.2 | 9.3 | 10.8 | |
| (in percent of GDP) | (1.2) | (1.2) | (1.1) | (0.9) | (1.0) | (1.1) | |
Consisting of Labor Market Supplementary Pension Fund, Employees’ Capital Pension Fund, Employees’ Guarantee Fund, and the unemployment insurance system. The data are on a national accounts basis.
Official estimates as of December 1994.
Reimbursements of unemployment benefits and early retirement benefits. The tax on pension fund capital of the social security funds is deducted.
Unemployment benefits, early retirement benefits, supplementary pensions, and capital pensions.
Denmark: Central Government Financing
(In billions of Danish kroner)
Official estimates, Budgetoversigt 4/1994.
Denmark: Central Government Financing
(In billions of Danish kroner)
| 1990 | 1991 | 1992 | 1993 | 19941/ | 19951/ | |||
|---|---|---|---|---|---|---|---|---|
| Balance on current, investment, and lending account | -23.2 | -38.3 | -35.2 | -48.4 | -44.1 | -40.0 | ||
| Bond purchases (including Social Pension Fund) | -6.9 | -7.9 | -7.2 | -6.7 | -9.5 | -4.5 | ||
| Other capital expenditures, net | 12.2 | -10.0 | 11.6 | 9.8 | 3.9 | 2.3 | ||
| Net financing requirement | -17.9 | -56.2 | -30.8 | -45.3 | -49.7 | -42.2 | ||
| Amortization | -94.1 | -93.9 | -112.4 | -91.1 | -84.7 | -125.9 | ||
| Domestic | -79.1 | -64.5 | -95.9 | -74.4 | -71.6 | -101.7 | ||
| Foreign | -15.0 | -29.4 | -16.5 | -16.7 | -13.1 | -24.2 | ||
| Gross borrowing requirement | -112.0 | -150.1 | -143.2 | -136.3 | -134.3 | -168.1 | ||
| Financing | ||||||||
| Domestic borrowing | 22.8 | 49.8 | 39.1 | 46.6 | 50.3 | 43.5 | ||
| Net drawings from Danmarks National bank | -10.0 | 33.6 | -19.4 | -57.9 | 22.6 | -0.6 | ||
| Foreign borrowing | 5.1 | -27.2 | 11.0 | 56.6 | -23.3 | -0.6 | ||
| Gross debt at end of year | 480.4 | 543.1 | 585.2 | 639.0 | 695.2 | 745.6 | ||
| (in percent of GDP) | (60.1) | (65.5) | (68.5) | (72.5) | (74.0) | (75.0) | ||
| Domestic debt | 406.5 | 462.4 | 511.5 | 562.2 | 622.0 | 673.0 | ||
| Net debt to Danmarks National bank | -45.2 | -11.6 | -30.9 | -88.8 | -66.1 | -66.8 | ||
| Foreign debt | 119.1 | 92.3 | 104.6 | 165.6 | 139.4 | 139.4 | ||
Official estimates, Budgetoversigt 4/1994.
Denmark: Central Government Financing
(In billions of Danish kroner)
| 1990 | 1991 | 1992 | 1993 | 19941/ | 19951/ | |||
|---|---|---|---|---|---|---|---|---|
| Balance on current, investment, and lending account | -23.2 | -38.3 | -35.2 | -48.4 | -44.1 | -40.0 | ||
| Bond purchases (including Social Pension Fund) | -6.9 | -7.9 | -7.2 | -6.7 | -9.5 | -4.5 | ||
| Other capital expenditures, net | 12.2 | -10.0 | 11.6 | 9.8 | 3.9 | 2.3 | ||
| Net financing requirement | -17.9 | -56.2 | -30.8 | -45.3 | -49.7 | -42.2 | ||
| Amortization | -94.1 | -93.9 | -112.4 | -91.1 | -84.7 | -125.9 | ||
| Domestic | -79.1 | -64.5 | -95.9 | -74.4 | -71.6 | -101.7 | ||
| Foreign | -15.0 | -29.4 | -16.5 | -16.7 | -13.1 | -24.2 | ||
| Gross borrowing requirement | -112.0 | -150.1 | -143.2 | -136.3 | -134.3 | -168.1 | ||
| Financing | ||||||||
| Domestic borrowing | 22.8 | 49.8 | 39.1 | 46.6 | 50.3 | 43.5 | ||
| Net drawings from Danmarks National bank | -10.0 | 33.6 | -19.4 | -57.9 | 22.6 | -0.6 | ||
| Foreign borrowing | 5.1 | -27.2 | 11.0 | 56.6 | -23.3 | -0.6 | ||
| Gross debt at end of year | 480.4 | 543.1 | 585.2 | 639.0 | 695.2 | 745.6 | ||
| (in percent of GDP) | (60.1) | (65.5) | (68.5) | (72.5) | (74.0) | (75.0) | ||
| Domestic debt | 406.5 | 462.4 | 511.5 | 562.2 | 622.0 | 673.0 | ||
| Net debt to Danmarks National bank | -45.2 | -11.6 | -30.9 | -88.8 | -66.1 | -66.8 | ||
| Foreign debt | 119.1 | 92.3 | 104.6 | 165.6 | 139.4 | 139.4 | ||
Official estimates, Budgetoversigt 4/1994.
Denmark: Interest Rates
(In percent per annum: period averages)
End-period data.
The rate at which the Nationalbank allowed the banks to overdraw their current accounts at the Central Bank. It was replaced in April 1992 as the main operational short term interest rate by the repurchase rate. Rates shown are for the end of the relevant period.
Redemption to be completed in 20 years.
Denmark: Interest Rates
(In percent per annum: period averages)
| 1990 | 1991 | 1992 | 1993 | 1994 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | |||||||
| Short-term interest rates | ||||||||||
| Discount rate1/ | 8.5 | 9.5 | 9.5 | 6.3 | 5.5 | 5.0 | 5.0 | 5 0 | ||
| Interest rate on Overdraft facility2/ | 10.5 | 10.0 | … | … | … | … | … | … | ||
| Repurchase rate2/ | … | … | 13.0 | 6.8 | 6.0 | 5.6 | 5.5 | 5.5 | ||
| Overnight interbank rate | 10.8 | 9.5 | 11.0 | 12.1 | 6.5 | 5.8 | 5.4 | 5.5 | ||
| 3-month interbank offer rate | 11.0 | 9.8 | 11.5 | 10.9 | 6.3 | 6.1 | 6.4 | 6.3 | ||
| Longer term interest rates | ||||||||||
| 5-year government bonds | 10.7 | 9.6 | 9.5 | 7.0 | 6.0 | 7.3 | 8.3 | 8.6 | ||
| 10-year government bonds | 10.6 | 9.3 | 9.0 | 7.2 | 6.5 | 7.8 | 8.6 | 8.9 | ||
| Mortgage credit bonds 3/ | 11.0 | 10.1 | 10.1 | 8.2 | 7.3 | 8.4 | 9.0 | 9.3 | ||
| Memorandum items: | ||||||||||
| German interest rates | ||||||||||
| Money market rate | 7.9 | 8.8 | 9.4 | 7.2 | 5.8 | 5.2 | 5.0 | 5.2 | ||
| 5-year government bonds | 8.9 | 8.8 | 8.0 | 6.2 | 5.8 | 6.5 | 6.9 | 7.3 | ||
| 10-year government bonds | 8.7 | 8.4 | 7.8 | 6.4 | 6.2 | 7.0 | 7.4 | 7.7 | ||
End-period data.
The rate at which the Nationalbank allowed the banks to overdraw their current accounts at the Central Bank. It was replaced in April 1992 as the main operational short term interest rate by the repurchase rate. Rates shown are for the end of the relevant period.
Redemption to be completed in 20 years.
Denmark: Interest Rates
(In percent per annum: period averages)
| 1990 | 1991 | 1992 | 1993 | 1994 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | |||||||
| Short-term interest rates | ||||||||||
| Discount rate1/ | 8.5 | 9.5 | 9.5 | 6.3 | 5.5 | 5.0 | 5.0 | 5 0 | ||
| Interest rate on Overdraft facility2/ | 10.5 | 10.0 | … | … | … | … | … | … | ||
| Repurchase rate2/ | … | … | 13.0 | 6.8 | 6.0 | 5.6 | 5.5 | 5.5 | ||
| Overnight interbank rate | 10.8 | 9.5 | 11.0 | 12.1 | 6.5 | 5.8 | 5.4 | 5.5 | ||
| 3-month interbank offer rate | 11.0 | 9.8 | 11.5 | 10.9 | 6.3 | 6.1 | 6.4 | 6.3 | ||
| Longer term interest rates | ||||||||||
| 5-year government bonds | 10.7 | 9.6 | 9.5 | 7.0 | 6.0 | 7.3 | 8.3 | 8.6 | ||
| 10-year government bonds | 10.6 | 9.3 | 9.0 | 7.2 | 6.5 | 7.8 | 8.6 | 8.9 | ||
| Mortgage credit bonds 3/ | 11.0 | 10.1 | 10.1 | 8.2 | 7.3 | 8.4 | 9.0 | 9.3 | ||
| Memorandum items: | ||||||||||
| German interest rates | ||||||||||
| Money market rate | 7.9 | 8.8 | 9.4 | 7.2 | 5.8 | 5.2 | 5.0 | 5.2 | ||
| 5-year government bonds | 8.9 | 8.8 | 8.0 | 6.2 | 5.8 | 6.5 | 6.9 | 7.3 | ||
| 10-year government bonds | 8.7 | 8.4 | 7.8 | 6.4 | 6.2 | 7.0 | 7.4 | 7.7 | ||
End-period data.
The rate at which the Nationalbank allowed the banks to overdraw their current accounts at the Central Bank. It was replaced in April 1992 as the main operational short term interest rate by the repurchase rate. Rates shown are for the end of the relevant period.
Redemption to be completed in 20 years.
Denmark: Exchange Rate Developments
Denmark: Exchange Rate Developments
| DKr/DM | Percent Deviation from ERM Central Rate |
DKr/$ | Nominal Effective Exchange Rate |
Real Effective Exchange Rate |
|
|---|---|---|---|---|---|
| 1990 | 3.83 | -0.41 | 6.19 | 100.0 | 100.0 |
| 1991 | 3.85 | -1.03 | 6.40 | 98.7 | 96.6 |
| 1992 | 3.87 | -1.31 | 6.04 | 101.1 | 97.2 |
| 1993 | 3.92 | -2.66 | 6.48 | 105.3 | 99.8 |
| 1994 | 3.92 | -2.69 | 6.36 | 105.4 | 100.5 |
| 1993 | |||||
| I | 3.85 | -0.84 | 6.29 | 107.5 | 102.0 |
| II | 3.84 | -0.63 | 6.21 | 106.9 | 100.9 |
| III | 4.02 | -4.96 | 6.74 | 102.7 | 97.5 |
| IV | 3.98 | -4.23 | 6.70 | 104.2 | 98.8 |
| 1994 | |||||
| I | 3.90 | -2.21 | 6.73 | 104.5 | 98.6 |
| II | 3.92 | -2.71 | 6.52 | 104.8 | 99.9 |
| III | 3.94 | -3.21 | 6.16 | 106.1 | 101.8 |
| IV | 3.92 | -2.63 | 6.05 | 106.3 | 101.9 |
| 1994 | |||||
| Jan. | 3.88 | -1.80 | 6.77 | 104.8 | 98.9 |
| Feb. | 3.90 | -2.16 | 6.78 | 104.1 | 98.0 |
| Mar. | 3.92 | -2.66 | 6.63 | 104.5 | 98.8 |
| Apr. | 3.93 | -2.82 | 6.66 | 104.0 | 98.8 |
| May | 3.91 | -2.57 | 6.49 | 104.9 | 100.0 |
| June | 3.92 | -2.75 | 6.39 | 105.4 | 100.8 |
| July | 3.93 | -2.88 | 6.17 | 106.4 | 101.9 |
| Aug. | 3.95 | -3.52 | 6.19 | 105.9 | 101.8 |
| Sep. | 3.94 | -3.23 | 6.11 | 105.9 | 101.7 |
| Oct. | 3.92 | -2.69 | 5.95 | 106.3 | 102.0 |
| Nov. | 3.91 | -2.55 | 6.02 | 106.3 | 101.9 |
| Dec. | 3.92 | -2.66 | 6.16 | 106.1 | 101.8 |
| 1995 | |||||
| Jan. | 3.94 | -3.12 | 6.03 | 106.5 | 102.2 |
| Feb. | 3.95 | -3.37 | 5.93 | 107.1 | 102.9 |
Denmark: Exchange Rate Developments
| DKr/DM | Percent Deviation from ERM Central Rate |
DKr/$ | Nominal Effective Exchange Rate |
Real Effective Exchange Rate |
|
|---|---|---|---|---|---|
| 1990 | 3.83 | -0.41 | 6.19 | 100.0 | 100.0 |
| 1991 | 3.85 | -1.03 | 6.40 | 98.7 | 96.6 |
| 1992 | 3.87 | -1.31 | 6.04 | 101.1 | 97.2 |
| 1993 | 3.92 | -2.66 | 6.48 | 105.3 | 99.8 |
| 1994 | 3.92 | -2.69 | 6.36 | 105.4 | 100.5 |
| 1993 | |||||
| I | 3.85 | -0.84 | 6.29 | 107.5 | 102.0 |
| II | 3.84 | -0.63 | 6.21 | 106.9 | 100.9 |
| III | 4.02 | -4.96 | 6.74 | 102.7 | 97.5 |
| IV | 3.98 | -4.23 | 6.70 | 104.2 | 98.8 |
| 1994 | |||||
| I | 3.90 | -2.21 | 6.73 | 104.5 | 98.6 |
| II | 3.92 | -2.71 | 6.52 | 104.8 | 99.9 |
| III | 3.94 | -3.21 | 6.16 | 106.1 | 101.8 |
| IV | 3.92 | -2.63 | 6.05 | 106.3 | 101.9 |
| 1994 | |||||
| Jan. | 3.88 | -1.80 | 6.77 | 104.8 | 98.9 |
| Feb. | 3.90 | -2.16 | 6.78 | 104.1 | 98.0 |
| Mar. | 3.92 | -2.66 | 6.63 | 104.5 | 98.8 |
| Apr. | 3.93 | -2.82 | 6.66 | 104.0 | 98.8 |
| May | 3.91 | -2.57 | 6.49 | 104.9 | 100.0 |
| June | 3.92 | -2.75 | 6.39 | 105.4 | 100.8 |
| July | 3.93 | -2.88 | 6.17 | 106.4 | 101.9 |
| Aug. | 3.95 | -3.52 | 6.19 | 105.9 | 101.8 |
| Sep. | 3.94 | -3.23 | 6.11 | 105.9 | 101.7 |
| Oct. | 3.92 | -2.69 | 5.95 | 106.3 | 102.0 |
| Nov. | 3.91 | -2.55 | 6.02 | 106.3 | 101.9 |
| Dec. | 3.92 | -2.66 | 6.16 | 106.1 | 101.8 |
| 1995 | |||||
| Jan. | 3.94 | -3.12 | 6.03 | 106.5 | 102.2 |
| Feb. | 3.95 | -3.37 | 5.93 | 107.1 | 102.9 |
Denmark: Factors Affecting Broad Money
(In billions of Danish kroner)
Preliminary estimates.
Adjustments made for structural break between 1990 and 1991.
Denmark: Factors Affecting Broad Money
(In billions of Danish kroner)
| 1994 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1990 | 1991 | 1992 | 1993 | Q1 | Q2 | Q3 | Q4 | |
| Central government drawings on the Nationalbank | 3.2 | -8.0 | 1.5 | -1.6 | -6.9 | 8.1 | -13.2 | 12.2 |
| Increase in bank lending | 31.8 | 1.7 | -6.5 | -29.1 | -4.2 | 2.9 | -11.5 | -3.5 |
| Bond purchases | -25.6 | 7.0 | -29.1 | -5.6 | 49.5 | 4.3 | -5.9 | -15.4 |
| Increase in tax-privileged deposits, etc | -5.4 | -6.1 | -4.3 | -7.1 | 3.0 | 2.0 | 1.8 | -1.71/ |
| Increases in deposits from mortgage credit institutes, etc. | … | -4.3 | 6.2 | -38.7 | -2.4 | 10.9 | 20.4 | -1.01/ |
| Change in external position of banks | 9.5 | 11.4 | 50.3 | 149.7 | -59.3 | -27.6 | 3.6 | -0.61/ |
| Change in Denmark’s international liquidity | 22.2 | 13.7 | -15.5 | -32.8 | 13.9 | 3.2 | -0.2 | 3.3 |
| Other factors | -12.6 | -25.2 | -7.0 | 7.2 | 10.6 | -8.3 | -4.1 | -5.81/ |
| Total change in money stock | 23.0 | -12.0 | -4.4 | 42.0 | 4.0 | -4.5 | -9.2 | -12.3 |
| (Percentage change over previous year)2/ | 6.3 | 4.2 | -1.2 | 11.2 | 10.4 | 4.3 | -1.1 | -5.2 |
| Memorandum item: Money stock, end period | 391.0 | 379.0 | 374.6 | 416.6 | 420.6 | 416.1 | 406.9 | 394.6 |
Preliminary estimates.
Adjustments made for structural break between 1990 and 1991.
Denmark: Factors Affecting Broad Money
(In billions of Danish kroner)
| 1994 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1990 | 1991 | 1992 | 1993 | Q1 | Q2 | Q3 | Q4 | |
| Central government drawings on the Nationalbank | 3.2 | -8.0 | 1.5 | -1.6 | -6.9 | 8.1 | -13.2 | 12.2 |
| Increase in bank lending | 31.8 | 1.7 | -6.5 | -29.1 | -4.2 | 2.9 | -11.5 | -3.5 |
| Bond purchases | -25.6 | 7.0 | -29.1 | -5.6 | 49.5 | 4.3 | -5.9 | -15.4 |
| Increase in tax-privileged deposits, etc | -5.4 | -6.1 | -4.3 | -7.1 | 3.0 | 2.0 | 1.8 | -1.71/ |
| Increases in deposits from mortgage credit institutes, etc. | … | -4.3 | 6.2 | -38.7 | -2.4 | 10.9 | 20.4 | -1.01/ |
| Change in external position of banks | 9.5 | 11.4 | 50.3 | 149.7 | -59.3 | -27.6 | 3.6 | -0.61/ |
| Change in Denmark’s international liquidity | 22.2 | 13.7 | -15.5 | -32.8 | 13.9 | 3.2 | -0.2 | 3.3 |
| Other factors | -12.6 | -25.2 | -7.0 | 7.2 | 10.6 | -8.3 | -4.1 | -5.81/ |
| Total change in money stock | 23.0 | -12.0 | -4.4 | 42.0 | 4.0 | -4.5 | -9.2 | -12.3 |
| (Percentage change over previous year)2/ | 6.3 | 4.2 | -1.2 | 11.2 | 10.4 | 4.3 | -1.1 | -5.2 |
| Memorandum item: Money stock, end period | 391.0 | 379.0 | 374.6 | 416.6 | 420.6 | 416.1 | 406.9 | 394.6 |
Preliminary estimates.
Adjustments made for structural break between 1990 and 1991.
Denmark: Sectoral Distribution of Domestic Lending by Commercial and Savings Banks
(In percent of total, end of period)
Until end-1990, including lending to mortgage-credit institutes, etc.
Includes public administration.
Denmark: Sectoral Distribution of Domestic Lending by Commercial and Savings Banks
(In percent of total, end of period)
| 1990 | 1991 | 1992 | 1993 | ||
|---|---|---|---|---|---|
| Business loans 1/ | 63.5 | 61.9 | 63.6 | 64.7 | |
| Agriculture | 5.2 | 5.3 | 6.2 | 6.0 | |
| Manufacturing | 9.9 | 9.3 | 8.2 | 8.2 | |
| Building and construction | 3.6 | 4.2 | 4.9 | 2.8 | |
| Trading, transport, etc. | 13.6 | 14.0 | 13.6 | 13.8 | |
| Finance, insurance, and property1/ | 18.8 | 19.7 | 21.3 | 23.2 | |
| Other2/ | 12.4 | 9.3 | 9.4 | 10.8 | |
| Nonbusiness loans | 36.5 | 38.1 | 36.4 | 35.3 | |
| Memorandum items: | |||||
| Total (in billions of kroner)1/ | 349.9 | 334.0 | 331.4 | 300.0 | |
| Growth of total lending (In percent) | 8.0 | -4.5 | -0.8 | -9.5 | |
Until end-1990, including lending to mortgage-credit institutes, etc.
Includes public administration.
Denmark: Sectoral Distribution of Domestic Lending by Commercial and Savings Banks
(In percent of total, end of period)
| 1990 | 1991 | 1992 | 1993 | ||
|---|---|---|---|---|---|
| Business loans 1/ | 63.5 | 61.9 | 63.6 | 64.7 | |
| Agriculture | 5.2 | 5.3 | 6.2 | 6.0 | |
| Manufacturing | 9.9 | 9.3 | 8.2 | 8.2 | |
| Building and construction | 3.6 | 4.2 | 4.9 | 2.8 | |
| Trading, transport, etc. | 13.6 | 14.0 | 13.6 | 13.8 | |
| Finance, insurance, and property1/ | 18.8 | 19.7 | 21.3 | 23.2 | |
| Other2/ | 12.4 | 9.3 | 9.4 | 10.8 | |
| Nonbusiness loans | 36.5 | 38.1 | 36.4 | 35.3 | |
| Memorandum items: | |||||
| Total (in billions of kroner)1/ | 349.9 | 334.0 | 331.4 | 300.0 | |
| Growth of total lending (In percent) | 8.0 | -4.5 | -0.8 | -9.5 | |
Until end-1990, including lending to mortgage-credit institutes, etc.
Includes public administration.
Denmark: Balance of Payments
Preliminary estimates.
Includes transit trade and the net exports and imports of Greenland and the Faeroe Islands.
Including unrequited transfers and EU payments.
Including net errors and omissions and non-recorded payments.
End-period data, including valuation changes.
Denmark: Balance of Payments
| 1990 | 1991 | 1992 | 1993 | 19941/ | ||
|---|---|---|---|---|---|---|
| (In billions of Danish kroner) | ||||||
| Merchandise trade2/ | ||||||
| Exports (f.o.b) | 222.4 | 234.9 | 245.1 | 240.3 | 260.2 | |
| Imports (f.o.b) | 192.3 | 204.6 | 201.8 | 189.6 | 212.1 | |
| Trade balance | 30.0 | 30.3 | 43.4 | 50.7 | 48.1 | |
| (in percent of GDP) | (3.8) | (3.7) | (5.1) | (5.8) | (5.2) | |
| Net non-factor services | 15.9 | 24.8 | 21.6 | 14.4 | 14.5 | |
| Net factor income | -35.2 | -36.5 | -34.2 | -31.1 | -33.5 | |
| Net transfers3/ | -2.5 | -5.6 | -5.3 | -3.4 | -7.3 | |
| Current account | 8.2 | 13.0 | 25.5 | 30.6 | 21.9 | |
| (in percent of GDP) | (1.0) | (1.6) | (3.0) | (3.5) | (2.3) | |
| Net private capital | 30.5 | 9.3 | -22.0 | -68.2 | -3.5 | |
| Net government capital | 1.4 | -35.0 | 4.9 | 56.7 | -27.5 | |
| Capital account | 31.9 | -25.7 | -17.1 | -11.5 | -31.0 | |
| Other4/ | -18.5 | -8.1 | -9.5 | 5.7 | -3.8 | |
| Overall balance of payments | 21.6 | -20.8 | -1.1 | 24.8 | -13.0 | |
| Memorandum items:5/ | ||||||
| Gross international reserves | 64.7 | 48.5 | 73.3 | 75.6 | 55.6 | |
| Official short-term foreign liabilities | 1.4 | 3.9 | 28.3 | 0.8 | 1.5 | |
| Net international reserves | 63.3 | 44.6 | 45.0 | 74.8 | 54.1 | |
Preliminary estimates.
Includes transit trade and the net exports and imports of Greenland and the Faeroe Islands.
Including unrequited transfers and EU payments.
Including net errors and omissions and non-recorded payments.
End-period data, including valuation changes.
Denmark: Balance of Payments
| 1990 | 1991 | 1992 | 1993 | 19941/ | ||
|---|---|---|---|---|---|---|
| (In billions of Danish kroner) | ||||||
| Merchandise trade2/ | ||||||
| Exports (f.o.b) | 222.4 | 234.9 | 245.1 | 240.3 | 260.2 | |
| Imports (f.o.b) | 192.3 | 204.6 | 201.8 | 189.6 | 212.1 | |
| Trade balance | 30.0 | 30.3 | 43.4 | 50.7 | 48.1 | |
| (in percent of GDP) | (3.8) | (3.7) | (5.1) | (5.8) | (5.2) | |
| Net non-factor services | 15.9 | 24.8 | 21.6 | 14.4 | 14.5 | |
| Net factor income | -35.2 | -36.5 | -34.2 | -31.1 | -33.5 | |
| Net transfers3/ | -2.5 | -5.6 | -5.3 | -3.4 | -7.3 | |
| Current account | 8.2 | 13.0 | 25.5 | 30.6 | 21.9 | |
| (in percent of GDP) | (1.0) | (1.6) | (3.0) | (3.5) | (2.3) | |
| Net private capital | 30.5 | 9.3 | -22.0 | -68.2 | -3.5 | |
| Net government capital | 1.4 | -35.0 | 4.9 | 56.7 | -27.5 | |
| Capital account | 31.9 | -25.7 | -17.1 | -11.5 | -31.0 | |
| Other4/ | -18.5 | -8.1 | -9.5 | 5.7 | -3.8 | |
| Overall balance of payments | 21.6 | -20.8 | -1.1 | 24.8 | -13.0 | |
| Memorandum items:5/ | ||||||
| Gross international reserves | 64.7 | 48.5 | 73.3 | 75.6 | 55.6 | |
| Official short-term foreign liabilities | 1.4 | 3.9 | 28.3 | 0.8 | 1.5 | |
| Net international reserves | 63.3 | 44.6 | 45.0 | 74.8 | 54.1 | |
Preliminary estimates.
Includes transit trade and the net exports and imports of Greenland and the Faeroe Islands.
Including unrequited transfers and EU payments.
Including net errors and omissions and non-recorded payments.
End-period data, including valuation changes.
Denmark: Indicators of Trade Performance
(Percentage change)
Preliminary estimates.
Based on growth in non-oil imports of partner countries.
Ratio of import volume to real GDP.
Based on relative unit labor costs.
Denmark: Indicators of Trade Performance
(Percentage change)
| 1990 | 1991 | 1992 | 1993 | 19941/ | ||||
|---|---|---|---|---|---|---|---|---|
| Export volumes: | ||||||||
| Goods and services | 6.9 | 7.7 | 2.7 | -2.0 | 6.0 | |||
| Of which: | ||||||||
| Goods | 4.7 | 7.1 | 5.1 | -1.7 | 6.2 | |||
| Manufactures | 2.9 | 5.5 | 7.1 | 1.2 | 8.3 | |||
| Market growth2/ | 7.0 | 3.9 | 2.5 | -0.5 | 6.1 | |||
| Market share 2/ | -2.3 | 3.2 | 2.6 | -1.2 | 0.1 | |||
| Merchandise export prices | 1.4 | 0.4 | -0.7 | -1.9 | 1.6 | |||
| Import volumes: | ||||||||
| Goods and services | 1.2 | 4.1 | -0.2 | -4.1 | 12.7 | |||
| of which: | ||||||||
| Consumption goods | 5.9 | 10.4 | 4.4 | -5.4 | … | |||
| Capital goods | 6.9 | 0.9 | -0.9 | -10.1 | … | |||
| Intermediate goods | 2.8 | 1.8 | 5.3 | -7.5 | … | |||
| Real GDP | 1.4 | 1.3 | 0.8 | 1. 5 | 4.6 | |||
| Import penetration3/ | -0.2 | 2.8 | -1.0 | -5.6 | 8.1 | |||
| Merchandise import prices | -0.1 | 0.6 | -1.5 | -1.9 | 0.8 | |||
| Miscellaneous: | ||||||||
| Terms of trade | 1.5 | -0.3 | 0.8 | -0.1 | 0.8 | |||
| Real effective exchange exchange rate4/ | 6.6 | -3.4 | 0.7 | 2.8 | 0.4 | |||
| Nominal effective exchange rate | 5. 7 | -1.3 | 2.4 | 4.2 | 0.1 | |||
Preliminary estimates.
Based on growth in non-oil imports of partner countries.
Ratio of import volume to real GDP.
Based on relative unit labor costs.
Denmark: Indicators of Trade Performance
(Percentage change)
| 1990 | 1991 | 1992 | 1993 | 19941/ | ||||
|---|---|---|---|---|---|---|---|---|
| Export volumes: | ||||||||
| Goods and services | 6.9 | 7.7 | 2.7 | -2.0 | 6.0 | |||
| Of which: | ||||||||
| Goods | 4.7 | 7.1 | 5.1 | -1.7 | 6.2 | |||
| Manufactures | 2.9 | 5.5 | 7.1 | 1.2 | 8.3 | |||
| Market growth2/ | 7.0 | 3.9 | 2.5 | -0.5 | 6.1 | |||
| Market share 2/ | -2.3 | 3.2 | 2.6 | -1.2 | 0.1 | |||
| Merchandise export prices | 1.4 | 0.4 | -0.7 | -1.9 | 1.6 | |||
| Import volumes: | ||||||||
| Goods and services | 1.2 | 4.1 | -0.2 | -4.1 | 12.7 | |||
| of which: | ||||||||
| Consumption goods | 5.9 | 10.4 | 4.4 | -5.4 | … | |||
| Capital goods | 6.9 | 0.9 | -0.9 | -10.1 | … | |||
| Intermediate goods | 2.8 | 1.8 | 5.3 | -7.5 | … | |||
| Real GDP | 1.4 | 1.3 | 0.8 | 1. 5 | 4.6 | |||
| Import penetration3/ | -0.2 | 2.8 | -1.0 | -5.6 | 8.1 | |||
| Merchandise import prices | -0.1 | 0.6 | -1.5 | -1.9 | 0.8 | |||
| Miscellaneous: | ||||||||
| Terms of trade | 1.5 | -0.3 | 0.8 | -0.1 | 0.8 | |||
| Real effective exchange exchange rate4/ | 6.6 | -3.4 | 0.7 | 2.8 | 0.4 | |||
| Nominal effective exchange rate | 5. 7 | -1.3 | 2.4 | 4.2 | 0.1 | |||
Preliminary estimates.
Based on growth in non-oil imports of partner countries.
Ratio of import volume to real GDP.
Based on relative unit labor costs.
Denmark: Net Balances on the Invisibles Account
(In billions of kroner)
Preliminary estimates.
Denmark: Net Balances on the Invisibles Account
(In billions of kroner)
| 1990 | 1991 | 1992 | 1993 | 19941/ | ||
|---|---|---|---|---|---|---|
| Nonfactor services | 15.9 | 24.8 | 21.6 | 14.4 | 14.5 | |
| Shipping | 2.4 | 2.4 | 2.5 | 3.6 | … | |
| Travel | -2.2 | 0.6 | -0.2 | -1.1 | … | |
| Other services | 15.7 | 21.8 | 19.3 | 11.9 | … | |
| Interest and dividends | -35.2 | -36.5 | -34.2 | -31.1 | -33.5 | |
| Transfers | -2.5 | -5.6 | -5.3 | -3.4 | -7 3 | |
| EC transfers | 3.3 | 1.8 | 1.9 | 4.2 | 1 3 | |
| Unrequited transfers | -5.9 | -7.4 | -7.2 | -7.5 | -8 6 | |
| Invisibles balance | -21.9 | -17.3 | -17.9 | -20.0 | -26 3 | |
| (Percent of GDP) | (-2.7) | (-2.1) | (-2.1) | (-2.3) | (-2.8) | |
Preliminary estimates.
Denmark: Net Balances on the Invisibles Account
(In billions of kroner)
| 1990 | 1991 | 1992 | 1993 | 19941/ | ||
|---|---|---|---|---|---|---|
| Nonfactor services | 15.9 | 24.8 | 21.6 | 14.4 | 14.5 | |
| Shipping | 2.4 | 2.4 | 2.5 | 3.6 | … | |
| Travel | -2.2 | 0.6 | -0.2 | -1.1 | … | |
| Other services | 15.7 | 21.8 | 19.3 | 11.9 | … | |
| Interest and dividends | -35.2 | -36.5 | -34.2 | -31.1 | -33.5 | |
| Transfers | -2.5 | -5.6 | -5.3 | -3.4 | -7 3 | |
| EC transfers | 3.3 | 1.8 | 1.9 | 4.2 | 1 3 | |
| Unrequited transfers | -5.9 | -7.4 | -7.2 | -7.5 | -8 6 | |
| Invisibles balance | -21.9 | -17.3 | -17.9 | -20.0 | -26 3 | |
| (Percent of GDP) | (-2.7) | (-2.1) | (-2.1) | (-2.3) | (-2.8) | |
Preliminary estimates.
Denmark: Recorded Capital Flows
(In billions of Danish kroner: + - net inflow from abroad)
Preliminary estimates.
Starting in 1992 intra-group loans are included in direct investment. Previously they had been included in borrowing and lending.
Denmark: Recorded Capital Flows
(In billions of Danish kroner: + - net inflow from abroad)
| 1990 | 1991 | 1992 | 1993 | 1994 1/ | |||
|---|---|---|---|---|---|---|---|
| Private sector capital flows | 30.5 | 9.3 | -22.0 | -68.2 | -3.5 | ||
| Of which: | |||||||
| Direct investment 2/ | -1.8 | -2.5 | -7.3 | 2.0 | 5.4 | ||
| Inward | 7.5 | 9.3 | 6.1 | 10.9 | 31.1 | ||
| Outward | -9.3 | -11.8 | -13.4 | -8.9 | -25.7 | ||
| Portfolio investment | 17.8 | 14.5 | 63.5 | 83.5 | -74.3 | ||
| Danish securities | 25.4 | 40.7 | 53.8 | 82.6 | -68.4 | ||
| Foreign securities | -7.6 | -26.3 | 9.7 | 1.0 | 5.9 | ||
| Loan transactions | 24.6 | 7.1 | -23.6 | -13.1 | -18.6 | ||
| Borrowing2/ | 32.0 | 15.7 | -24.6 | -10.5 | -20.5 | ||
| Lending2/ | -7.4 | -8.6 | 1.0 | -2.6 | 1.9 | ||
| Banks’ foreign positions | -9.9 | -9.8 | -54.6 | -140.6 | 84.0 | ||
| Public sector | 1.4 | -35.0 | 4.9 | 56.7 | -27.5 | ||
| Recorded capital flows | 31.9 | -25.7 | -17.1 | -11.5 | -31.0 | ||
Preliminary estimates.
Starting in 1992 intra-group loans are included in direct investment. Previously they had been included in borrowing and lending.
Denmark: Recorded Capital Flows
(In billions of Danish kroner: + - net inflow from abroad)
| 1990 | 1991 | 1992 | 1993 | 1994 1/ | |||
|---|---|---|---|---|---|---|---|
| Private sector capital flows | 30.5 | 9.3 | -22.0 | -68.2 | -3.5 | ||
| Of which: | |||||||
| Direct investment 2/ | -1.8 | -2.5 | -7.3 | 2.0 | 5.4 | ||
| Inward | 7.5 | 9.3 | 6.1 | 10.9 | 31.1 | ||
| Outward | -9.3 | -11.8 | -13.4 | -8.9 | -25.7 | ||
| Portfolio investment | 17.8 | 14.5 | 63.5 | 83.5 | -74.3 | ||
| Danish securities | 25.4 | 40.7 | 53.8 | 82.6 | -68.4 | ||
| Foreign securities | -7.6 | -26.3 | 9.7 | 1.0 | 5.9 | ||
| Loan transactions | 24.6 | 7.1 | -23.6 | -13.1 | -18.6 | ||
| Borrowing2/ | 32.0 | 15.7 | -24.6 | -10.5 | -20.5 | ||
| Lending2/ | -7.4 | -8.6 | 1.0 | -2.6 | 1.9 | ||
| Banks’ foreign positions | -9.9 | -9.8 | -54.6 | -140.6 | 84.0 | ||
| Public sector | 1.4 | -35.0 | 4.9 | 56.7 | -27.5 | ||
| Recorded capital flows | 31.9 | -25.7 | -17.1 | -11.5 | -31.0 | ||
Preliminary estimates.
Starting in 1992 intra-group loans are included in direct investment. Previously they had been included in borrowing and lending.
Denmark: International Reserves
(In billions of kroner at end of period)
National valuation; based on the average price of gold, estimated by the European Monetary Cooperation Fund for the preceding half-year, not exceeding the price for the penultimate working day of the period.
Gold valued at SDR 35 per ounce.
Denmark: International Reserves
(In billions of kroner at end of period)
| 1990 | 1991 | 1992 | 1993 | 1994 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Gross official reserves | 64.7 | 48.5 | 73.3 | 75.6 | 55.6 | ||||
| Gold1/ | 3.7 | 3.5 | 3.5 | 4.3 | 3.8 | ||||
| SDRs | 1.2 | 1.4 | 0.5 | 0.6 | 1.1 | ||||
| Reserve position in IMF | 1.8 | 2.2 | 3.0 | 2.9 | 2.6 | ||||
| ECUs | 5.2 | 2.8 | 2.8 | 4.9 | 3.4 | ||||
| Other foreign assets | 52.7 | 38.6 | 63.5 | 62.8 | 44.7 | ||||
| Foreign exchange liabilities | 1.4 | 3.9 | 28.3 | 0.8 | 1.5 | ||||
| Net reserves | 63.3 | 44.6 | 45.0 | 74.8 | 54.1 | ||||
| Memorandum items: | |||||||||
| Gross official reserves2/ | |||||||||
| In billions of SDRs | 7.5 | 5.2 | 8.1 | 7.6 | 7.1 | ||||
| In weeks of merchandise imports | 16.2 | 11.8 | 18.0 | 17.0 | 14.0 | ||||
National valuation; based on the average price of gold, estimated by the European Monetary Cooperation Fund for the preceding half-year, not exceeding the price for the penultimate working day of the period.
Gold valued at SDR 35 per ounce.
Denmark: International Reserves
(In billions of kroner at end of period)
| 1990 | 1991 | 1992 | 1993 | 1994 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Gross official reserves | 64.7 | 48.5 | 73.3 | 75.6 | 55.6 | ||||
| Gold1/ | 3.7 | 3.5 | 3.5 | 4.3 | 3.8 | ||||
| SDRs | 1.2 | 1.4 | 0.5 | 0.6 | 1.1 | ||||
| Reserve position in IMF | 1.8 | 2.2 | 3.0 | 2.9 | 2.6 | ||||
| ECUs | 5.2 | 2.8 | 2.8 | 4.9 | 3.4 | ||||
| Other foreign assets | 52.7 | 38.6 | 63.5 | 62.8 | 44.7 | ||||
| Foreign exchange liabilities | 1.4 | 3.9 | 28.3 | 0.8 | 1.5 | ||||
| Net reserves | 63.3 | 44.6 | 45.0 | 74.8 | 54.1 | ||||
| Memorandum items: | |||||||||
| Gross official reserves2/ | |||||||||
| In billions of SDRs | 7.5 | 5.2 | 8.1 | 7.6 | 7.1 | ||||
| In weeks of merchandise imports | 16.2 | 11.8 | 18.0 | 17.0 | 14.0 | ||||
National valuation; based on the average price of gold, estimated by the European Monetary Cooperation Fund for the preceding half-year, not exceeding the price for the penultimate working day of the period.
Gold valued at SDR 35 per ounce.
Denmark: Net External Debt
(In billions of kroner at end of period)
These figures are based on a new survey at end-1991 which has increased net external debt with 58 bn. Danish kroner. In addition, the public sector is redefined, now excluding public enterprises which are included in the private non-bank sector.
Denmark: Net External Debt
(In billions of kroner at end of period)
| 1990 | 1991 1/ | 1992 | 1993 | ||
|---|---|---|---|---|---|
| Private nonbank sector | 82 | 133 | 99 | 100 | |
| Assets | 193 | 295 | 306 | 333 | |
| Liabilities | 275 | 428 | 405 | 433 | |
| Banking sector | 2 | -9 | -60 | -209 | |
| Assets | 273 | 291 | 290 | 392 | |
| Liabilities | 275 | 282 | 23 0 | 183 | |
| Public sector | 261 | 243 | 308 | 457 | |
| Assets | 30 | 16 | 20 | 23 | |
| Liabilities | 291 | 259 | 328 | 480 | |
| Foreign reserves | -64 | -45 | -45 | -75 | |
| Assets | 65 | 49 | 73 | 76 | |
| Liabilities | 1 | 4 | 28 | 1 | |
| Net external debt | 282 | 322 | 302 | 273 | |
| Assets | 560 | 651 | 689 | 824 | |
| Liabilities | 842 | 973 | 991 | 1097 | |
| Memorandum item: | |||||
| Net external debt in percent of GDP | 35.1 | 38. 9 | 35.3 | 31.0 | |
These figures are based on a new survey at end-1991 which has increased net external debt with 58 bn. Danish kroner. In addition, the public sector is redefined, now excluding public enterprises which are included in the private non-bank sector.
Denmark: Net External Debt
(In billions of kroner at end of period)
| 1990 | 1991 1/ | 1992 | 1993 | ||
|---|---|---|---|---|---|
| Private nonbank sector | 82 | 133 | 99 | 100 | |
| Assets | 193 | 295 | 306 | 333 | |
| Liabilities | 275 | 428 | 405 | 433 | |
| Banking sector | 2 | -9 | -60 | -209 | |
| Assets | 273 | 291 | 290 | 392 | |
| Liabilities | 275 | 282 | 23 0 | 183 | |
| Public sector | 261 | 243 | 308 | 457 | |
| Assets | 30 | 16 | 20 | 23 | |
| Liabilities | 291 | 259 | 328 | 480 | |
| Foreign reserves | -64 | -45 | -45 | -75 | |
| Assets | 65 | 49 | 73 | 76 | |
| Liabilities | 1 | 4 | 28 | 1 | |
| Net external debt | 282 | 322 | 302 | 273 | |
| Assets | 560 | 651 | 689 | 824 | |
| Liabilities | 842 | 973 | 991 | 1097 | |
| Memorandum item: | |||||
| Net external debt in percent of GDP | 35.1 | 38. 9 | 35.3 | 31.0 | |
These figures are based on a new survey at end-1991 which has increased net external debt with 58 bn. Danish kroner. In addition, the public sector is redefined, now excluding public enterprises which are included in the private non-bank sector.
Denmark: External Debt Service
January - November.
Adjusted to exclude prepayments and short-term repayments by the Danish Oil and Natural Gas Company.
Excluding equity capital, portfolio investment, and short-term liabilities.
Denmark: External Debt Service
| 1990 | 1991 | 1992 | 1993 | 19941/ | |||
|---|---|---|---|---|---|---|---|
| (In billions of Danish kroner) | |||||||
| External interest | -34.7 | -35.8 | -34.0 | -29.4 | -26.7 | ||
| Payments | -68.0 | -92.0 | -123.0 | -173.3 | -155.1 | ||
| Receipts | 33.3 | 56.2 | 89.0 | 143.9 | 128.4 | ||
| Amortization | |||||||
| Public sector, net | -47.3 | -60.5 | -92.3 | -169.6 | -104.9 | ||
| Payments2/ | -47.9 | -61.8 | -93.4 | -171.2 | -107.5 | ||
| Receipts | 0.6 | 1.3 | 1.1 | 1.6 | 2.6 | ||
| Private sector, net | -177.7 | -188.8 | -201.3 | 120.7 | -54.5 | ||
| Payments3/ | -199.4 | -217.0 | -223.8 | -171.1 | -106.8 | ||
| Receipts | 21.7 | 28.2 | 22.5 | 50.4 | 52.3 | ||
| Total, net | -225.0 | -249.3 | -293.6 | -290.3 | -159.4 | ||
| Payments | -247.3 | -278.8 | -317.2 | -342.3 | -214.3 | ||
| Receipts | -22.3 | 29.5 | 23.6 | 52.0 | 54.9 | ||
| Gross debt service | -319.5 | -368.7 | -440.2 | -515.6 | -369.4 | ||
| Net debt service | -259.7 | -285.1 | -327.6 | -319.7 | -186.1 | ||
| Exports of goods and nonfactor services | 300.2 | 324.8 | 333.7 | 325.4 | 319.2 | ||
| Gross debt service | -105.0 | -114.2 | -131.9 | -158.5 | -115.7 | ||
| Net debt service | 86.5 | -87.8 | -98.2 | -98.2 | -58.3 | ||
| Net interest payments | -4.3 | -4.3 | -4.0 | -3.3 | -3.1 | ||
| (in percent of GDP) | |||||||
January - November.
Adjusted to exclude prepayments and short-term repayments by the Danish Oil and Natural Gas Company.
Excluding equity capital, portfolio investment, and short-term liabilities.
Denmark: External Debt Service
| 1990 | 1991 | 1992 | 1993 | 19941/ | |||
|---|---|---|---|---|---|---|---|
| (In billions of Danish kroner) | |||||||
| External interest | -34.7 | -35.8 | -34.0 | -29.4 | -26.7 | ||
| Payments | -68.0 | -92.0 | -123.0 | -173.3 | -155.1 | ||
| Receipts | 33.3 | 56.2 | 89.0 | 143.9 | 128.4 | ||
| Amortization | |||||||
| Public sector, net | -47.3 | -60.5 | -92.3 | -169.6 | -104.9 | ||
| Payments2/ | -47.9 | -61.8 | -93.4 | -171.2 | -107.5 | ||
| Receipts | 0.6 | 1.3 | 1.1 | 1.6 | 2.6 | ||
| Private sector, net | -177.7 | -188.8 | -201.3 | 120.7 | -54.5 | ||
| Payments3/ | -199.4 | -217.0 | -223.8 | -171.1 | -106.8 | ||
| Receipts | 21.7 | 28.2 | 22.5 | 50.4 | 52.3 | ||
| Total, net | -225.0 | -249.3 | -293.6 | -290.3 | -159.4 | ||
| Payments | -247.3 | -278.8 | -317.2 | -342.3 | -214.3 | ||
| Receipts | -22.3 | 29.5 | 23.6 | 52.0 | 54.9 | ||
| Gross debt service | -319.5 | -368.7 | -440.2 | -515.6 | -369.4 | ||
| Net debt service | -259.7 | -285.1 | -327.6 | -319.7 | -186.1 | ||
| Exports of goods and nonfactor services | 300.2 | 324.8 | 333.7 | 325.4 | 319.2 | ||
| Gross debt service | -105.0 | -114.2 | -131.9 | -158.5 | -115.7 | ||
| Net debt service | 86.5 | -87.8 | -98.2 | -98.2 | -58.3 | ||
| Net interest payments | -4.3 | -4.3 | -4.0 | -3.3 | -3.1 | ||
| (in percent of GDP) | |||||||
January - November.
Adjusted to exclude prepayments and short-term repayments by the Danish Oil and Natural Gas Company.
Excluding equity capital, portfolio investment, and short-term liabilities.
Official Development Assistance
Official Development Assistance
| 1990 | 1991 | 1992 | 1993 | |||
|---|---|---|---|---|---|---|
| (Millions of US dollars) | ||||||
| Bilateral assistance | 708.2 | 699.5 | 773.8 | 773.1 | ||
| Grants | 688.2 | 688.4 | 750.8 | 763.5 | ||
| Loans | 20.0 | 11.1 | 23.0 | 9.6 | ||
| Multilateral assistance | 476.1 | 513.9 | 635.2 | 585.4 | ||
| Debt forgiveness | 20.1 | 6.4 | 20.9 | 5.1 | ||
| Total ODA | 1,204.4 | 1,219.8 | 1,429.9 | 1,363.6 | ||
| (percentage of GDP) | 0.9 | 0.9 | 1.0 | 1.0 | ||
| (Percentage of total) | ||||||
| Bilateral assistance: | 58.8 | 57.4 | 54.1 | 56.7 | ||
| Grants: | 57.1 | 56.5 | 52.5 | 56.0 | ||
| Grant financed projects | 33.2 | 34.0 | 28.5 | 32.8 | ||
| Experts & volunteers | 9.0 | 11.0 | 11.3 | 12.0 | ||
| Other | 15.0 | 11.4 | 12.7 | 11.3 | ||
| Loans | 1.7 | 0.9 | 1.6 | 0.7 | ||
| Multilateral assistance: | 39.5 | 42.1 | 44.4 | 42.9 | ||
| UNDP | 7.4 | 6.8 | 6.4 | 6.5 | ||
| World Food Program | 2.8 | 2.7 | 3.7 | 3.0 | ||
| Other UN agencies | 8.6 | 10.4 | 10.1 | 10.0 | ||
| European Community | 5.7 | 6.8 | 5.7 | 6.8 | ||
| World Bank Group | 6.4 | 6.7 | 6.0 | 6.6 | ||
| Other institutions | 8.6 | 8.9 | 12.6 | 10.0 | ||
| Debt forgiveness | 1.7 | 0.5 | 1.5 | 0.4 | ||
Official Development Assistance
| 1990 | 1991 | 1992 | 1993 | |||
|---|---|---|---|---|---|---|
| (Millions of US dollars) | ||||||
| Bilateral assistance | 708.2 | 699.5 | 773.8 | 773.1 | ||
| Grants | 688.2 | 688.4 | 750.8 | 763.5 | ||
| Loans | 20.0 | 11.1 | 23.0 | 9.6 | ||
| Multilateral assistance | 476.1 | 513.9 | 635.2 | 585.4 | ||
| Debt forgiveness | 20.1 | 6.4 | 20.9 | 5.1 | ||
| Total ODA | 1,204.4 | 1,219.8 | 1,429.9 | 1,363.6 | ||
| (percentage of GDP) | 0.9 | 0.9 | 1.0 | 1.0 | ||
| (Percentage of total) | ||||||
| Bilateral assistance: | 58.8 | 57.4 | 54.1 | 56.7 | ||
| Grants: | 57.1 | 56.5 | 52.5 | 56.0 | ||
| Grant financed projects | 33.2 | 34.0 | 28.5 | 32.8 | ||
| Experts & volunteers | 9.0 | 11.0 | 11.3 | 12.0 | ||
| Other | 15.0 | 11.4 | 12.7 | 11.3 | ||
| Loans | 1.7 | 0.9 | 1.6 | 0.7 | ||
| Multilateral assistance: | 39.5 | 42.1 | 44.4 | 42.9 | ||
| UNDP | 7.4 | 6.8 | 6.4 | 6.5 | ||
| World Food Program | 2.8 | 2.7 | 3.7 | 3.0 | ||
| Other UN agencies | 8.6 | 10.4 | 10.1 | 10.0 | ||
| European Community | 5.7 | 6.8 | 5.7 | 6.8 | ||
| World Bank Group | 6.4 | 6.7 | 6.0 | 6.6 | ||
| Other institutions | 8.6 | 8.9 | 12.6 | 10.0 | ||
| Debt forgiveness | 1.7 | 0.5 | 1.5 | 0.4 | ||
H. Vittas, R. Corker, M. Griffiths, S. Meehan, J. Stefanska.
