Greenland Economy: from the All Country Info reference guide to country facts

Greenland Economy

Greenland Economy: A summary of information about Greenland Economy, from government research data as well as independent research and other sources.

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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
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