Copenhagen
Economy

Copenhagen is the major economic and financial centre of Denmark. The city's economy is based largely on services and commerce. Statistics for 2010 show that the vast majority of the 350,000 workers in Copenhagen are employed in the service sector, especially transport and communications, trade, and finance, while less than 10,000 work in the manufacturing industries. The public sector workforce is around 110,000, including education and healthcare. From 2006 to 2011, the economy grew by 2.5% in Copenhagen, while it fell by some 4% in the rest of Denmark. In 2017, the wider Capital Region of Denmark had a gross domestic product (GDP) of €120 billion, and the 15th largest GDP per capita of regions in the European Union. As of Copenhagen Green Economy Leader Report made by London School of Economics and Political Science – Copenhagen is widely recognised as a leader in the global green economy. The Copenhagen region accounts for almost 40% of Denmark's output and has enjoyed long-term stable growth. At a national level, Danish GDP per capita is ranked among the top 10 countries in the world. At the same time, the city's growth has been delivered while improving environmental performance and transitioning to a low-carbon economy.

Several financial institutions and banks have headquarters in Copenhagen, including Alm. Brand, Danske Bank, Nykredit and Nordea Bank Danmark. The Copenhagen Stock Exchange (CSE) was founded in 1620 and is now owned by Nasdaq, Inc. Copenhagen is also home to a number of international companies including A.P. Møller-Mærsk, Novo Nordisk, Carlsberg and Novozymes. City authorities have encouraged the development of business clusters in several innovative sectors, which include information technology, biotechnology, pharmaceuticals, clean technology and smart city solutions.

Life science is a key sector with extensive research and development activities. Medicon Valley is a leading bi-national life sciences cluster in Europe, spanning the Øresund Region. Copenhagen is rich in companies and institutions with a focus on research and development within the field of biotechnology, and the Medicon Valley initiative aims to strengthen this position and to promote cooperation between companies and academia. Many major Danish companies like Novo Nordisk and Lundbeck, both of which are among the 50 largest pharmaceutical and biotech companies in the world, are located in this business cluster.

Shipping is another important sector with Maersk, the world's largest shipping company, having their world headquarters in Copenhagen. The city has an industrial harbour, Copenhagen Port. Following decades of stagnation, it has experienced a resurgence since 1990 following a merger with Malmö harbour. Both ports are operated by Copenhagen Malmö Port (CMP). The central location in the Øresund Region allows the ports to act as a hub for freight that is transported onward to the Baltic countries. CMP annually receives about 8,000 ships and handled some 148,000 TEU in 2012.

Copenhagen has some of the highest gross wages in the world. High taxes mean that wages are reduced after mandatory deduction. A beneficial researcher scheme with low taxation of foreign specialists has made Denmark an attractive location for foreign labour. It is however also among the most expensive cities in Europe.

Denmark's Flexicurity model features some of the most flexible hiring and firing legislation in Europe, providing attractive conditions for foreign investment and international companies looking to locate in Copenhagen. In Dansk Industri 's 2013 survey of employment factors in the ninety-six municipalities of Denmark, Copenhagen came in first place for educational qualifications and for the development of private companies in recent years, but fell to 86th place in local companies' assessment of the employment climate. The survey revealed considerable dissatisfaction in the level of dialogue companies enjoyed with the municipal authorities.
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