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    Greenland Economy - 1990

      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 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: $500 million, per capita $9,000; real growth rate 5% (1988)

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

      Unemployment rate: 10%

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

      Exports: $386.2 million (f.o.b., 1988); commodities--fish and fish products, metallic ores and concentrates; partners--Denmark 76%, FRG 7%, Sweden 5%

      Imports: $445.6 million (c.i.f., 1988); commodities--petroleum and petroleum products, machinery and transport equipment, food products; partners--Denmark 66%, Norway 5%, Sweden 4%, FRG 4%, Japan 4% US 3%

      External debt: $445 million (1988)

      Industrial production: growth rate NA%

      Electricity: 84,000 kW capacity; 176 million kWh produced, 3,180 kWh per capita (1989)

      Industries: fish processing, lead and zinc mining, handicrafts

      Agriculture: sector dominated by fishing and sheep raising; crops limited to forage and small garden vegetables; 1987 fish catch of 101,000 metric tons

      Aid: none

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

      Exchange rates: Danish kroner (DKr) per US$1--6.560 (January 1990), 7.310 (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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greenland Economy 1990 information contained here. All suggestions for corrections of any errors about Greenland Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
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