{
  "title": "Denmark: 2016 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Denmark",
  "publication": "IMF Staff Country Reports, June 27, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/denmark-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44007",
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  "summary": "This paper discusses the economic performance of Denmark. Although Denmark has a longstanding track record of sound economic and social policies, economic performance has been relatively weak for an extended period. The economy continues to grow slowly. After recording 1.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Denmark has a longstanding track record of sound economic and social policies, but economic performance has been relatively weak for an extended period.\n- The economy continues to grow slowly: recorded growth was 1.3 percent in 2014 and 1.2 percent in 2015.\n- Growth in 2015 was driven mostly by private consumption supported by rising employment and real incomes.\n- Relatively strong performance in the first half of 2015 was partly undone by flagging exports in the second half of the year.\n- Denmark has consistently run current account surpluses in recent decades, largely reflecting structurally high retirement savings within its funded pension system."
    },
    {
      "heading": "Key findings and indicators",
      "content": "- Real GDP growth:\n  - 2014: 1.3 percent\n  - 2015: 1.2 percent\n- Main domestic driver of 2015 growth: private consumption (on the back of rising employment and real incomes).\n- External sector: export weakness in the second half of 2015 reduced earlier gains.\n- External balance: persistent current account surpluses over recent decades attributable mainly to structurally high retirement savings in the funded pension system."
    },
    {
      "heading": "Analysis of drivers",
      "content": "- Domestic demand:\n  - Private consumption was the principal proximate source of growth in 2015.\n  - Employment and real income increases supported household spending.\n- External demand:\n  - Exports weakened in the second half of 2015, offsetting part of the earlier-year momentum.\n- Structural factors:\n  - Funded pension system contributes to structurally high retirement savings, underpinning recurring current account surpluses."
    },
    {
      "heading": "Topics covered",
      "content": "- Banking\n- Central bank policy rate\n- Financial services\n- Housing prices\n- Income\n- Income inequality\n- Inflation\n- Labor\n- National accounts\n- Prices"
    },
    {
      "heading": "Keywords highlighted",
      "content": "- Central bank policy rate\n- CR\n- data\n- Denmark\n- employment growth\n- Global\n- government finance statistics data\n- Housing prices\n- Income\n- Income inequality\n- ISCR\n- labor market condition\n- liability positions vis-à-vis nonresident\n- money market rate\n- rate\n- trade balance\n\nInternational Monetary Fund — Denmark: 2016 Article IV Consultation; Press Release; Staff Report; and Statement by the Executive Director for Denmark\n\n---\n\n Content in this bundle\n\n- Cr16184\n  - Cr16184 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr16184 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 27, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475533460.002",
    "Denmark has a longstanding track record of sound economic and social policies, but economic performance has been relatively weak for an extended period.",
    "The economy continues to grow slowly: recorded growth was 1.3 percent in 2014 and 1.2 percent in 2015.",
    "Growth in 2015 was driven mostly by private consumption supported by rising employment and real incomes.",
    "Relatively strong performance in the first half of 2015 was partly undone by flagging exports in the second half of the year.",
    "Denmark has consistently run current account surpluses in recent decades, largely reflecting structurally high retirement savings within its funded pension system.",
    "Real GDP growth:",
    "Main domestic driver of 2015 growth: private consumption (on the back of rising employment and real incomes).",
    "External sector: export weakness in the second half of 2015 reduced earlier gains.",
    "External balance: persistent current account surpluses over recent decades attributable mainly to structurally high retirement savings in the funded pension system.",
    "Domestic demand:",
    "External demand:",
    "Structural factors:",
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    "trade balance",
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