Denmark

Denmark is a small country in northern Europe but is an important gateway to Scandinavia and the Baltic region. The population is 5.5 million, of which 1.1 million live in the capital, Copenhagen. The population is expected to reach 5.9 million by 2030, with the proportion of people over 65 expected to increase from 25% to 37% over the same period. Danish is the official language but in business many people speak both English and German. 95% of the population are Evangelical Lutheran. The Danish Krone is the official currency, worth approximately €0.13. The standard VAT rate is 25%.

Denmark has a GDP per capita of €42,500, compared to the EU average of €24,400 in 2010. According to the OECD, the Danish economy grew by 1.1% in 2011, and is expected to grow by 0.7% in 2012 and 1.4% in 2013 (compared to the Eurozone average of 1.6%, 0.2% and 1.4% respectively). The inflation rate was 2.4% in 2011, compared to 3% in the EU. The unemployment rate was 7.7%, compared to 9.8% in the EU as a whole in 2011.

Denmark is an egalitarian society, modest, moderate and more concerned about the welfare of the group rather than themselves. In a business situation, Danes prefer to get down to business rather than engaging in small talk. Communication is direct and clear, and conclusions tend to be reached reasonably quickly.