The ratings on the Kingdom of Denmark are supported by its: Substantial fiscal flexibility. Policymakers' longstanding commitment to fiscal discipline remains robust, and is expected to sustain general government surpluses equivalent to about 2.0% of GDP over the medium to long term. 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 43% of GDP at year-end 2003. Resilient, modern, diversified, and export-oriented economy, supporting real GDP growth averaging close to 2% 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 macroeconomic policies and structural
