Top 10 facts about Denmark

Top 10 facts about Denmark

CONTENTS

  1. Geography and population in Denmark
  2. Official language in Denmark
  3. Currency in Denmark
  4. Internet in Denmark
  5. Economic development in Denmark
  6. Job in Denmark
  7. Working days and holidays in Denmark
  8. The mentality of residents in Denmark
  9. Advertising in Denmark
  10. Cryptocurrency in Denmark

1. Geography and population in Denmark

Denmark, officially the Kingdom of Denmark, is a state in Northern Europe, a senior member of the commonwealth of the Danish United Kingdom. Denmark is the most populous state in Scandinavia.

Denmark is the southernmost of the Scandinavian countries; located southwest of Sweden and south of Norway, bordering Germany in the south by land. Denmark is washed by the Baltic and North Seas. The country's territory includes the large Jutland peninsula and 409 islands of the Danish archipelago, among which the most famous are Zeeland, Funen, Vensussel Tee, Lolland, Falster and Bornholm.

Denmark is located in Northern Europe (belongs to the Scandinavian countries) on the Jutland Peninsula and several islands in the Baltic Sea. The length of the coastline of the two seas - the Baltic and the North - is 7300 km. Denmark has only one 68 km long land border with Germany. The climate is predominantly temperate, winters are mild and windy, and summers are cool. The relief is mostly low-lying with hilly plains. The territory of Denmark includes the island of Bornholm in the Baltic Sea. This location gives Denmark full control over the two Danish straits (Skagerrak and Kattegat) connecting the Baltic and North Seas.

The average life expectancy is 78 years for men, 86 for women. Age composition: from 1 to 17 years old - 21.1%, from 18 to 66 - 65.2%, over 67 - 13.7%. 1 million students. More than 2 million families. 55 out of 100 families own their own houses.

Denmark time zone:

    • Western European Time - WET (GMT + 00:00)
    • Central European Time - CET (GMT + 01:00)

 

General information about Denmark:

    • Area: 43,000 km²
    • Population: 5 830 000
    • Capital: Copenhagen
    • Calling code: +45
    • National domain: .dk
    • Language: Danish

 

2. The official language in Denmark

Most of the population is of Scandinavian origin, small groups are Inuit (or Eskimos, from Greenland), Faroese, Germans, Frisians and immigrants.

Danish is spoken throughout the country, although a small proportion of the population living on the border with Germany also speaks German. Many Danes are also fluent in English, especially in large cities and young people who are learning English in schools.

In the Kingdom of Denmark, the only official language is Danish, the national language of the Danes, but there are several languages spoken by minorities: German, Faroese and Greenlandic.

Most Danes are also fluent in English, but it is a misconception that it is a second language (that is, used in everyday life).

3.  Currency in Denmark

The Danish Krone is the national currency of Denmark, which is also circulated in Greenland and the Faroe Islands. ISO 4217 code - DKK. 1 krone is divided by 100 Øre/ Öre.

It was introduced in 1873.

Modern coins were introduced between 1989 and 1993.

All banknotes issued after 1945 are legal tender and can be exchanged for new design banknotes without any restrictions.

1 Danish Krone = 0.16 USD (as of July 2021)

4. Internet in Denmark

Denmark, Great Britain, Germany, Finland, Ireland and Norway are among the “forerunners” of e-commerce. Overall, more than 70% of adults in these European countries shop online, and in most low-/ middle-income countries, no more than 10%.

Denmark is one of the largest and most developed e-commerce markets in Northern Europe. The industry mostly relies on big foreign players, but there are also local heroes. Let's take a look at the 10 best online stores in Denmark.

E-commerce in Denmark is characterized by its maturity. Internet users in Denmark make up 98%, which means that almost all Danes use the Internet. There are no big e-commerce companies in Denmark like Sweden with IKEA and H&M, but the e-commerce industry in Denmark is well developed.

Top 10 online stores in Denmark:

Denmark's top 10 online stores are dominated by foreign players such as Zalando, H&M and Amazon. Of course, the top 10 list changes every year. But in 2020, it was a list of Denmark's 10 largest online stores based on FDIH data.

Percentages represent % of total purchases in 2020

1.  Zalando

3.4 %

2.  Amazon

2.0 %

3.  H&M

1.9 %

4.  Wish.com

1.8 %

5.  eBay

1.7 %

6.  COOP

1.6 %

7.  Nemlig.com

1.3 %

8.  Bilka.dk

1.2 %

9.  Elgiganten

1.2 %

10. Saxo Boghandel

1.1 %

 

Danes spend more than 12 billion kronor (€1.6 billion or $1.8 billion) annually on buying new items online. 1 of 3 Danes bought something at a home sale or in second-hand stores, 1 of 4 used Internet services for this. Also 15% bought something second-hand on social networks.

A significant part of the Danes experienced in selling unnecessary things. 38% parted with their property using the Internet, 9% went to flea markets with it, 5% were taken to second-hand shops.

The country's four largest online trading platforms (Den Blå Avis, GulogGratis.dk, Trendsales and Tradono) sold a total of CZK 12.5 billion (€1.7 billion or $1.9 billion) in second-hand goods in 2020.

5. Economic development in Denmark

The Danish economy has a very modest reserve of natural resources, almost entirely relying on human resources and depends on imported raw materials and foreign trade (the country ranks 1st in the world in terms of foreign trade turnover per capita). The service sector occupies a large part of the labor market and the economy as a whole.

Denmark has one of the most stable economies in Europe, characterized by a balanced government budget, stable currency, low interest rates and low inflation.

Denmark joined the European Union (EU) in 1973 (neither Greenland nor the Faroe Islands are EU members).

Denmark is a post-industrial country with a high level of development. The Danish economy is a modern market system that includes a high-tech economy, modern small and large industrial enterprises, extensive government support measures, a high standard of living, as well as a high dependence on foreign trade.

Denmark is poor in minerals, therefore the situation depends on the external situation. However, in terms of energy resources, Denmark is completely self-sufficient. Denmark produces oil, natural gas, and energy is also generated through wind and bioenergy. In recent years, oil has been discovered offshore in the North Sea and in the south of Jutland. The share of industry in the national income is over 40%.

 

Leading industries: metalworking, mechanical engineering, especially shipbuilding, electrical and radio-electronic, food, chemical, pulp and paper, textile.

Advantages and disadvantages of the economy

“+” Benefits:

    • Low inflation (2.4%) and unemployment (5%);
    • Large surplus in the balance of payments ($4.14 billion in 2014);
    • Gas and oil reserves;
    • Strong and profitable high-tech manufacturing sector;
    • Highly qualified workforce.

“-” Weak sides:

    • Large taxes;
    • Declining competitiveness due to high salaries and a strong krone/ $;
    • Very high prices for all essential goods from food to cars (cars in Denmark cost about 3 times more than in neighboring Germany or Sweden).

 

In the fuel and energy complex of Denmark, as in the energy sector of other Scandinavian countries, renewable energy sources (RES) are widely used. A country with high levels of technological development, quality of life of the population, with proven reserves of natural energy resources.

Agriculture is highly commodity. The leading industry is meat and dairy farming. It gives 9/10 of all marketable agricultural products. Among the crops grown, the main ones are potatoes, sugar beets, and wheat. Fishing is well developed, especially the herring catch. About 80% of all marketable products are created by cooperatives. By the beginning of the 21st century the emphasis in foreign trade has shifted from the export of agricultural products to the export of industrial goods: machinery, electronics, and chemical products. There is an active trade in consumer durables: furniture, toys, clothing, textiles. Porcelain from the Royal Factory, the famous silverware, are still popular.

6. Job in Denmark

The structure of the Danish labor market differs from that of many developed countries. In particular, government regulation and intervention in various aspects of labor relations is virtually non-existent.

There is no official minimum wage in Denmark. The rates are set in collective agreements between employers and trade unions, which cover about 80–90% of local workers. The level of the minimum wage in Denmark depends on the complexity of the job, the age, experience and qualifications of the specialist.

Collective agreements provide for both hourly and monthly remuneration. The standard work week lasts 37 hours (7.5 hours per day). Upon reaching the age of 18, Danes' salaries increase by an average of 40%.

On average across the country, taking into account the different sectors of the economy of the public and private sector, the minimum wage in Denmark in 2021 is 110 Danish krone per hour (about 15 euros), that is, more than 2,000 euros monthly. Compared to other EU countries, this is a very good indicator. But you need to take into account the high cost of living and income tax rates in Denmark, which reach 52.06%.

According to the official data of the Danish Statistical Office, the average salary in Denmark in 2021 is 38,854 krone per month before taxes, which at the current exchange rate is equivalent to 5,210 euros. After all the mandatory deductions, local workers have about 3,100 euros. 

Over the past year, the highest salary growth in Denmark was recorded for employees of social institutions at the municipal and regional levels - 3.4%, while in the business sector the increase was only 1%.

Men in Denmark receive an average of 42,328.81 krone (5,689 euros) per month, and women around 36,578.71 (4916 euros).

Average salary by region/ €:

  • Hovedstaden (metropolitan area) - €5828
  • North Jutland - €4910
  • Esbjerge - €2329
  • Aalborg - €3259

Average salary by profession/ €:

  • Surgeon - €9290
  • Lawyer - €8095
  • Teacher - €6235
  • Builder - €4530
  • Seller - €3330

7. Working days and holidays in Denmark

Official holidays and weekends in Denmark:

January 1st – 2nd - New Year

End of March - beginning of April - Maundy Thursday

April - May - Easter

4th Friday after Easter - Prayer Day

April 16 - Queen's Birthday

May 1st – 2nd - Renaissance Day

June 5 - Constitution Day

December 24 - 26 - Christmas

The four extended work days for staff would amount to a 35-hour work week. A typical work week in Denmark is around 37.5 hours. Staff work schedules will be individual, but each week the employee will have at least one long working day.

Opening hours will be from 7 am to 7 pm.

8. Danish mentality

Denmark is famous for its pedantry and responsibility. As a result, when ordering goods offered by Danish online stores, you can be sure of incredibly high delivery reliability and consistent quality. All Danish online stores can offer several traditional advantages - ease of choice of goods, reliable delivery, an original opportunity to get good advice on any problem, and also make sure that democratic prices exist. All clothes from Denmark will once again make sure that sometimes quality can be purchased at an affordable cost - it is really worth looking for. Those who are searching for so much will always find. Make sure of this by finding the perfect clothing model for your wardrobe.

Danes honor national customs and family traditions, loyally treating human weaknesses, if they do not interfere with others. It is customary in the country to lead a healthy lifestyle, play sports, eat right and just dress, without bragging about their wealth and not striving for branded things.

Danes: what are they? The main features of the behavior are again drawn by Hygge. Danes are friendly and balanced, decent and very law-abiding.

Danish Hygge. This concept is difficult to translate and explain in a nutshell, because it reflects the worldview and is understood on a non-verbal level, it can only be felt right in your house, in your soul, relatives give it and simple things. Happiness by Hygge is like hugging, it's like loving a baby, it's like when you were given the freedom to leave and you stay. Hygge is warmth, light, lightness, sincerity, communication, this is when it is joyfully quiet, peaceful and very happy. 

Family values are above all. Even at work it is not customary to stay late, take things home or do them on weekends. Moms and dads almost everywhere take their kids with them. Family vacations, a picnic, fishing, going to a house in the village or evening gatherings over a board game are not uncommon, but everyday activity.

Another of the visible manifestations of Hugge is modesty, moderation. They believe that not a person is for things, but things are for a person. People who feel happy are not burdened with fashion trends, the need to stand out from the crowd, and boast of high incomes. A striking example of this is the royal family. As you know, the form of government in Denmark is a constitutional parliamentary monarchy. Members of the royal family behave like any other Dane: they ride bicycles, go shopping, chat with friends in cafes, and children are taken to regular public schools.

9. Advertising in Denmark

Denmark is a country with a high standard of living, profitable for doing business. The high prices for food, goods and services are compensated by high wages and high taxes, which help maintain the social sphere.

Business development requires advertising campaigns. The coronavirus pandemic has forced advertisers to actively move to the Internet space. In Denmark, advertising is subject to EU and regional legislation.

Thus, comparative advertising is allowed in the country only on the condition of information reliability and its objectivity. It is forbidden to influence children in order to force parents to purchase the advertised product, as well as to show the younger generation in dangerous situations.

To advance in Denmark, one must take into account the peculiarities of the national mentality in order to understand which leverage is more suitable for the inhabitants of the country. The Danes are distinguished by law-abidingness, scrupulousness, punctuality, with outward benevolence they always keep their distance.

The official language is Danish, but the younger generation speaks fluent English, which should be taken into account when promoting a web resource. Registration in the domain zone .dk is required to protect the brand and company name in Denmark. Having a regional domain enhances sales and provides marketing promotion to potential customers in the country. Also, a national domain allows you to raise a resource to high positions in the Google search engine. Denmark also uses thematic directory sites and local search engines danskelinks.dk, ahot.dk, indexa.dk (selling goods online), etc.

Attention should be paid to the content of the site. It is important to understand in which key phrases the Danes express their search intent to solve a particular problem. The content should be native, meeting the needs of the Danish people. To select the semantic core and the frequency of requests, it is advisable to analyze competitors' sites and use special services. Key analysis should be done not on large aggregators, but on regional resources.

In order to avoid annoying mistakes in the texts and not to drop your rating in Google due to trivial mistakes, you need to give all the texts for checking by a native speaker or a specialist who is fluent in Danish and English. Order-loving Danes, faced with unprofessional texts, will leave the site without making a purchase.

In the system of Danish marketing legislation, hidden advertising occupies a special place, both in terms of the scope of regulation and the rather well-developed practice of the control authorities.

There are a number of special rules for hidden advertising (skjult reklame).

An advertisement must be distributed in such a way that it is perceived as an advertisement (advertisement), regardless of its form, medium and time of distribution. 

If your ad (of an advertising nature) is shown in Denmark, it is prohibited to advertise:

- Traditional casinos;

- Baby food;

- OTC medicines;

- Medical devices;

- Traditional pharmacies.

The inclusions of foreign elements in Danish speech (including colloquialism) are also becoming very common (even in the presence of Danish analog words).

That is why, despite the fact that Danish is the dominant language in the Danish media, it undergoes a certain “anglification”: for example, English is often used when addressing young people; English has completely taken over the musical part of the media - most of the lyrics of new Danish songs are written in English. Advertising has also been influenced by globalization.

Partly this is due to the globalization of the market for goods and services, but often it is a way to appeal to the target audience.

10. Cryptocurrency in Denmark

Denmark is included in the list of countries where friendly conditions have been created for the development of the cryptocurrency business. A large number of cryptocurrency exchanges operate here, and the exchange and trading of virtual currency is not prohibited. However, local legislation does not regulate this market in any way. The Danish authorities allow bitcoins and altcoins to be used as a payment instrument, asset or commodity. But cryptocurrency is not among the legal tender and special legislation does not apply to them. The regulation of virtual currency in Denmark directly depends on the format of the transaction and what role the crypt plays in it.

There are no special laws to regulate the virtual currency market in Denmark. Cryptocurrency transactions can be subject to the financial laws of a country depending on its role at the time of the transaction: form of payment, investment, or financial service.

In general, it should be noted that the regulation of the financial market, which in some points concerns the country's cryptocurrency market, is influenced by national and European directives.

Income from the sale of cryptocurrency in Denmark is not taxable unless it qualifies as income derived from speculative transactions or active trading. Tax rate on profits from trading in cryptocurrencies:

- for individuals - 52%;

- for companies - 22%.

By the decision of the Tax Council dated 01/08/2019, income received from cryptocurrency mining, if the activity qualifies as a hobby, is subject to taxation. Profits generated from the subsequent sale of digital currency will also be taxed.

There is practically no regulation of virtual currency in Denmark at the beginning of 2021, which gives market participants almost complete freedom of action. However, crypto companies, exchanges, exchangers, intermediaries, consultants need to closely monitor their activities fall under the laws "On payments", "On the capital market", "On financial business", EU regulations.

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