Economy - overview:
The economy remains critically dependent on exports of shrimp and fish and on a substantial subsidy - about $650 million in 2009 - from the Danish Government, which supplies nearly 60% of government revenues. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's GDP contracted about 2% in 2009 as a result of the global economic slowdown. Budget surpluses turned to deficits beginning in 2007 and unemployment has risen. During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems. The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which account for 82% of exports - the economy remains very sensitive to foreign developments. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland. In May 2007 a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Within the area of mining, olivine sand continues to be produced and gold production has resumed in south Greenland. Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Inflation rate (consumer prices): Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Debt - external: Exchange rates:
NOTE: The information regarding Greenland on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greenland Economy 2011 information contained here. All suggestions for corrections of any errors about Greenland Economy 2011 should be addressed to the CIA.
$2.03 billion (2008 est.)
country comparison to the world: 185
[see also: GDP (purchasing power parity) country ranks ]
$2.03 billion (2008 est.)
[see also: GDP (official exchange rate) country ranks ]
1.5% (2008 est.)
country comparison to the world: 171
[see also: GDP - real growth rate country ranks ]
$35,900 (2007 est.)
country comparison to the world: 33
[see also: GDP - per capita country ranks ]
agriculture: 4.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
31.9%
[see also: GDP - composition by sector - industry country ranks ]
services:
63.2%
[see also: GDP - composition by sector - services country ranks ]
28,240 (January 2009)
country comparison to the world: 206
[see also: Labor force country ranks ]
agriculture: 4.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
31.9%
[see also: GDP - composition by sector - industry country ranks ]
services:
63.2%
[see also: GDP - composition by sector - services country ranks ]
(2007 est.)
6.8% (2007 est.)
country comparison to the world: 66
[see also: Unemployment rate country ranks ]
9.2% (2007)
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
revenues: $1.47 billion
[see also: Budget - revenues country ranks ]
expenditures:
$1.51 billion (2007)
[see also: Budget - expenditures country ranks ]
9.4% (2008 est.)
country comparison to the world: 195
[see also: Inflation rate (consumer prices) country ranks ]
forage crops, garden and greenhouse vegetables; sheep, reindeer; fish
fish processing (mainly shrimp and Greenland halibut); gold, niobium, tantalite, uranium, iron and diamond mining; handicrafts, hides and skins, small shipyards
NA%
[see also: Industrial production growth rate country ranks ]
310.3 million kWh (2008 est.)
country comparison to the world: 167
[see also: Electricity - production country ranks ]
285.6 million kWh (2008 est.)
country comparison to the world: 168
[see also: Electricity - consumption country ranks ]
0 kWh (2008)
[see also: Electricity - exports country ranks ]
0 kWh (2008)
[see also: Electricity - imports country ranks ]
NA bbl/day (2009 est.)
[see also: Oil - production country ranks ]
4,000 bbl/day (2009 est.)
country comparison to the world: 174
[see also: Oil - consumption country ranks ]
1,183 bbl/day (2008)
country comparison to the world: 122
[see also: Oil - exports country ranks ]
5,172 bbl/day (2008 est.)
country comparison to the world: 157
[see also: Oil - imports country ranks ]
NA bbl (1 January 2010 est.)
[see also: Oil - proved reserves country ranks ]
0 cu m (2008)
country comparison to the world: 107
[see also: Natural gas - production country ranks ]
0 cu m (2008)
country comparison to the world: 180
[see also: Natural gas - consumption country ranks ]
0 cu m (2008)
country comparison to the world: 73
[see also: Natural gas - exports country ranks ]
0 cu m (2008)
country comparison to the world: 172
[see also: Natural gas - imports country ranks ]
0 cu m (1 January 2010 est.)
country comparison to the world: 175
[see also: Natural gas - proved reserves country ranks ]
$485 million (2008)
country comparison to the world: 168
[see also: Exports country ranks ]
fish and fish products 72%, metals 10% (2008)
Denmark 61.13%, Japan 13.69%, China 6.15%, Sweden 5.21% (2009)
$867 million (2008)
country comparison to the world: 175
[see also: Imports country ranks ]
machinery and transport equipment, manufactured goods, food, petroleum products
Denmark 74.93%, Sweden 11.73%, Norway 2.29% (2009)
$58 million (2009)
country comparison to the world: 188
[see also: Debt - external country ranks ]
Danish kroner (DKK) per US dollar - 5.774 (2009), 5.0236 (2008), 5.4797 (2007), 5.9468 (2006)
This page was last modified 09-Feb-11