Global GDP Growth: Overview
Inflation-adjusted base year prices are used to calculate real GDP. Real GDP changes serve as a gauge of economic growth and show whether the economic activity has increased or decreased. According to real GDP, the world's top five economies are the US, China, Japan, Germany, and India. After the US, China had the largest real GDP in 2021 with a value of $12.7 trillion. With a $6 trillion real GDP during the same period, Japan came in third place internationally. Germany and India are the other two largest economies, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
Denmark Exports: Overview
In 2020, the Danish economy contracted by 3.28%, from an annual growth rate of 2.70% in 2019, as household consumption and net exports declined due to the COVID-19 pandemic.
Denmark’s main exports are high technology-intensive goods. Commodity exports in Denmark contracted by 2.53% in 2020, compared to a growth rate of 1.36% in the previous year. However, the growth rate of pharmaceutical exports in 2020 was 9.21%, followed by a contraction of 8.32% in nuclear reactors, boilers, machinery, and mechanical appliances. Parts thereof and electrical machinery and equipment parts thereof witnessed a contraction of 11.70% in 2020, caused by the lockdown.
Denmark was the world’s 10th largest exporter of pharmaceutical products in 2020, accounting for 2.9% of total global exports of these products. The country’s share in total exports of pharmaceutical products has increased marginally, from 8.63% in 2017 to 17.81% in 2020.
Denmark Exports as a % of GDP
Exports as a % of GDP of Denmark was 47.5% in 2021, decreased by 4.8% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Denmark decreased by 3.0%. The indicator was highest in the year 2013 at 53.0% and lowest in the year 2021 at 47.5%.
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