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    Greenland Economy - 1989

      Overview: Over the past 25 years, the economy has changed from one based on subsistence whaling, hunting, and fishing to one dependent on foreign trade. Fishing is still the most important industry, accounting for over two-thirds of exports and about 25% of the population's income. Exploitation of mineral resources is limited to lead and zinc. Maintenance of a social welfare system similar to that of Denmark's has given the public sector a dominant role in the economy. Greenland is heavily dependent on an annual subsidy of about $400 million from the Danish Government.

      GNP: $374 million, per capita $7,000; real growth rate 0% (1985)

      Inflation rate (consumer prices): 2.9% (1987)

      Unemployment rate: NA%

      Budget: revenues $380 million; expenditures $380 million, including capital expenditures of $NA (1985)

      Exports: $256.9 million (f.o.b., 1986); @m5commodities--fish and fish products, metallic ores and concentrates; @m5partners--Denmark 82%, France 6%, FRG 3%, Finland 2%

      Imports: $359.9 million (c.i.f., 1986); @m5commodities--petroleum and petroleum products, machinery and transport equipment, food products; @m5partners--Denmark 53%, Norway 5%, Sweden 5%, FRG 4%, Japan 4%, US 3%

      External debt: $NA

      Industrial production: growth rate NA%

      Electricity: 84,000 kW capacity; 174 million kWh produced, 3,180 kWh per capita (1988)

      Industries: fish processing, lead and zinc mining, handicrafts

      Agriculture: arable areas largely in hay; sheep raising; garden produce

      Aid: NA

      Currency: Danish krone (plural--kroner); 1 Danish krone (DKr) = 100 ore

      Exchange rates: Danish kroner (DKr) per US$1--7.085 (January 1989), 6.732 (1988), 6.840 (1987), 8.091 (1986), 10.596 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Greenland on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greenland Economy 1989 information contained here. All suggestions for corrections of any errors about Greenland Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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