
Greenland Economy
Greenland Economy: A summary of information about Greenland Economy, from government research data as well as independent research and other sources.
Greenland: Economy
Economy - overview
Greenland suffered negative economic growth in the early 1990s, but since 1993 the economy has improved. The Greenland Home Rule Government (GHRG) has pursued a tight fiscal policy since the late 1980s which has helped create surpluses in the public budget and low inflation. Since 1990, Greenland has registered a foreign trade deficit following the closure of the last remaining lead and zinc mine in 1990. Greenland today is critically dependent on fishing and fish exports; the shrimp fishery is by far the largest income earner. Despite resumption of several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential and even this is limited due to a short season and high costs. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. About half the government revenues come from grants from the Danish Government, an important supplement of GDP.
GDP
purchasing power parity - $945 million (1997 est.)
GDP - real growth rate
0.6% (1997 est.)
GDP - per capita
purchasing power parity - $16,100 (1997 est.)
GDP - composition by sector
agriculture: NA% industry: NA% services: NA%
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)
1.2% (1998 est.)
Labor force
24,500 (1995 est.)
Unemployment rate
10.5% (1995 est.)
Budget
revenues: $706 million expenditures: $697 million, including capital expenditures of $NA (1995)
Industries
fish processing (mainly shrimp), handicrafts, furs, small shipyards
Industrial production growth rate
NA%
Electricity - production
245 million kWh (1998)
Electricity - production by source
fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (1998)
Electricity - consumption
228 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
forage crops, garden vegetables; sheep, reindeer; fish
Exports
$363.4 million (f.o.b., 1995)
Exports - commodities
fish and fish products 95%
Exports - partners
Denmark 89%, Japan 5%, UK 5%
Imports
$421 million (c.i.f., 1995)
Imports - commodities
machinery and transport equipment, manufactured goods, food and live animals, petroleum products
Imports - partners
Denmark 7.5%, Iceland 3.8%, Japan 3.3%, Norway 3.1%, US 2.4%, Germany 2.4%, Sweden 1.8%
Debt - external
$243 million (1995)
Economic aid - recipient
$427 million (annual subsidy from Denmark) (1995)
Currency
1 Danish krone (DKr) = 100 oere
Exchange rates
Danish kroner (DKr) per US$1 - 7.336 (January 2000), 6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799 (1996), 5.602 (1995)
Fiscal year
calendar year