Denmark is one of the stronger OECD members on a number of science and innovation indicators. It has a modern open market economy featuring a hightechnology agricultural sector and a sophisticated manufacturing industry, with world leaders in pharmaceuticals, maritime
shipping and renewable energy. It has a large government R&D budget and high expenditure on biotechnology and pharmaceutical R&D. In 2008, Denmark's gross domestic expenditure on R&D (GERD) was 2.7% of GDP, firmly above the
OECD average of 2.3%. Industry‐financed GERD increased to 61%, while government‐funded GERD declined to 25%. Business expenditure on R&D (BERD) was a comparatively high 1.9% of GDP in 2008; as a
percentage of industry value added, this was almost double the OECD average. In that year, Denmark also had a high venture capital intensity of 0.16%, well above the average.