Denmark is a constitutional monarchy which shares a southern border with Germany and is connected by bridge to southern Sweden. With a total area of 43,096 sq. km. (16,640 sq. mi.) it is slightly smaller than Vermont and New Hampshire combined. The total population is 5.52 million people. Denmark is a rich, modern society with state-of-the-art infrastructure and distribution systems, a highly skilled labor force and a central location that makes it an excellent distribution point for the Scandinavian, Northern European and Baltic markets. The global financial crises cut Danish GDP by 0.9% in 2008 and 4.7% in 2009. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit during 2009-10. Nonetheless, Denmark's fiscal position remains among the strongest in the EU partly due to the modest recovery in 2010 based on increased government spending. In December 2010 the Danish economy had grown by 3.7% since spring 2009, when the economic and financial crisis peaked. The outlook is for further growth in the coming years despite fiscal tightening, but with a slow recovery. By the end of 2012 the GDP is still projected to be more than 1% below the pre-crisis level. Denmark's standard of living, with a GDP per capita of USD 59,000 in 2009 (Source: World Bank), is among the highest in the world. Denmark is a firm advocate of liberal trade and investment policies and actively encourages foreign investment. The country has been a member of the European Union (EU) since 1973. There are 350-400 American subsidiaries established in Denmark and a strong American Chamber of Commerce with more than 270 members. Political and commercial relations with the United States are excellent. The United States is Denmark's largest trading partner outside the EU and has a 4.4% share of total Danish trade in goods. Denmark's major imports from the United States are: industrial machinery, capital equipment, computers and telecom products, software, aircraft, and scientific instruments. Other important U.S. exports to Denmark are military equipment, chemicals and pharmaceuticals, tobacco, wine, fresh vegetables, nuts, and forest products. American-owned firms in Denmark are prominent in information technology (IT) and telecommunications products and services, in biotechnology, and in offshore oil and gas exploration and production.