News in Digest: Economic picture ever rosier

Increase in exports driving prosperity, confirms Foreign Ministry

CPH POST

Simon Emil Ammitzbøll, the minister for the economy and internal affairs, has presented the best economic prognosis for many years, with Denmark looking to end 2017 with the highest growth rate for 10 years.

While GDP is expected to rise 2 percent this year to its highest rate since 2006, and then by 1.8 percent next year, the number of people in employment has also risen – a net increase of 150,000 new jobs since 2013, of which 65,000 have gone to foreigners.

However, Ammitzbøll noted that the building and construction industry is having difficulty recruiting workers, which could slow the economic upswing.

Strong Eurozone
The minister attributed the buoyant economy to solid growth in the Eurozone, with exports expected to rise by 5.2 percent this year and 4.5 percent next year to the tune of an extra 32 and 29 billion kroner, according to a report from the Foreign Ministry.

Germany, the US, Norway, Sweden, the Netherlands and China were identified as growing markets, while the UK is shrinking following Brexit.

Every fourth job in Denmark is directly dependent on exports, according to the ministry.

Helping companies compete
The government has come up with a 22-point plan to make it easier for Danish companies to grow into global success-stories, creating a better climate for investment and innovation.

The plan, entitled ‘Working together for the companies of the future’, sets aside 800 million kroner in 2018, and the amount will rise to 2 billion kroner by 2025.
The 22 measures are grouped under four main headings: ‘Innovation and shares’, ‘Digitalisation and business models’, ‘Lower costs for citizens and companies’, and ‘Globalisation’.

DI weighs in
Not to be outdone, Dansk Industri has revealed details of a package of measures designed to improve Denmark’s economic prosperity by 29 billion kroner and create 35,000 extra jobs in the private sector.

The package, which contains 50 suggestions, has been grouped under five headings: a corporation tax package; lower taxes on work; strengthening the job market and reducing the numbers on social security; investment in research, education and infrastructure; and a digital growth strategy.

Car imports rising
In related news, car imports have risen by 67 percent over the last four years as the demand – particularly for large, used ones over five years old that require much lower registration fees – has increased, reports the DR1 program ‘Penge’.

Not only are people travelling abroad to buy cars, but dealerships are increasingly importing them.

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