The ratings on the Kingdom of Denmark are supported by its: Substantial fiscal flexibility. Policymakers' longstanding commitment to fiscal discipline remains robust. Real growth in general government primary expenditures is forecast to average 1.2% over the medium term, sustaining general government surpluses equivalent to 2.0% of GDP. Uninterrupted decline in the general government debt burden. Since its peak at 78% of GDP in 1993, the general government debt burden has declined to an estimated 42% of GDP at year-end 2003. Resilient, modern, diversified, export-oriented economy, supporting real per capita income growth averaging 1.8% annually over the past five years. These strengths outweigh the inherent vulnerabilities posed by a comparatively small, open economy. Denmark has a formidable track record of robust
