Greenland Economy:
The economy remains critically dependent on exports of fish and substantial support from the Danish Government, which supplies about half of government revenues. The public sector, including publicly-owned enterprises and the municipalities, plays the dominant role in the economy. Despite 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.
GDP (purchasing power parity):
$1.1 billion (2001 est.)
GDP — real growth rate:
1.8% (2001 est.)
GDP — per capita:
purchasing power parity: $20,000 (2001 est.)
GDP — composition by sector:
agriculture: NA
industry: NA
services: NA
Labor force:
24,500 (1999 est.)
Unemployment rate:
10% (2000 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1.6% (1999 est.)
Budget:
revenues: $646 million
expenditures: $629 million including capital expenditures of $85 million (1999 est.)
Agriculture — products:
Forage crops, garden and greenhouse vegetables; sheep, reindeer; fish
Industries:
fish processing (mainly shrimp and Greenland halibut); gold, niobium, tantalite, uranium, iron and diamond mining; handicrafts, hides and skins, small shipyards
Industrial production growth rate:
NA
Electricity — production:
245 million kWh (2002 est.)
Electricity — consumption:
227.9 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
3,700 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Exports:
$388 million (f.o.b. 2002 est.)
Exports — commodities:
fish and fish products 94%
Exports — partners:
Denmark 63.8%, Japan 12.6%, China 3.9% (2004)
Imports:
$445 million (c.i.f. 2002 est.)
Imports — commodities:
machinery and transport equipment, manufactured goods, food, petroleum products
Imports — partners:
Denmark 78.7%, Sweden 11.9%, Norway 2.7% (2004)
Debt — external:
$25 million (1999 est.)
Economic aid — recipient:
$380 million subsidy from Denmark (1997 est.)
Currency:
Danish krone (DKK)
Exchange rates:
Danish kroner per US$: 5.99 (2004 est.), 6.59 (2003 est.), 7.89 (2002 est.), 8.32 (2001 est.), 8.08 (2000 est.)
Fiscal year:
calendar year
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