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Greenland Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Greenland Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Greenland’s economy depends on exports of shrimp and fish, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to price fluctuations. The subsidy from the Danish Government is budgeted to be about $535 million in 2017, more than 50% of government revenues, and 25% of GDP.

The economy is expanding after a period of decline. The economy contracted between 2012 and 2014, grew by 1.7% in 2015 and by 7.7%in 2016. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital. Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland grew annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.

The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy. During the last decade the Greenland Self Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The budget was in deficit in 2014 and 2016, but public debt remains low at about 5% of GDP. The government plans a balanced budget for the 2017–20 period.

Significant challenges face the island, including low levels of qualified labor, geographic dispersion, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration. Hydrocarbon exploration has ceased with declining oil prices. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed, but a lack of infrastructure hinders development.

GDP (purchasing power parity):
$2.413 billion (2015 est.)
$2.24 billion (2014 est.)
$2.203 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 193
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.221 billion (2015 est.) (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.7% (2016 est.)
1.7% (2015 est.)
-0.8% (2014 est.)
country comparison to the world: 11
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$41,800 (2015 est.)
$38,800 (2014 est.)
$38,500 (2013 est.)
country comparison to the world: 44
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 68.1% (2015 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 28% (2015 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14.3% (2015 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -13.9% (2015 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 18.2% (2015 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -28.6% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 15.9%
[see also: Labor force - by occupation - agriculture country ranks ] (2015 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 10.1%
[see also: Labor force - by occupation - industry country ranks ] (2015 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73.9% (2015)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sheep, cow, reindeer, fish, shellfish

Industries:
fish processing (mainly shrimp and Greenland halibut); anorthosite and ruby mining; handicrafts, hides and skins, small shipyards

Industrial production growth rate:
NA
[see also: Industrial production growth rate country ranks ]

Labor force:
26,840 (2015 est.)
country comparison to the world: 207
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 15.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 73.9% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.1% (2015 est.)
10.3% (2014 est.)
country comparison to the world: 132
[see also: Unemployment rate country ranks ]

Population below poverty line:
16.2% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
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 ]

Distribution of family income - Gini index:
33.9 (2015 est.)
34.3 (2014 est.)
country comparison to the world: 107
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 1.719 billion (2016 est.)
[see also: Budget - revenues country ranks ]
expenditures: 1.594 billion (2016 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
77.4% (of GDP) (2016 est.)
country comparison to the world: 3
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
5.6% (of GDP) (2016 est.)
country comparison to the world: 5
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
13% of GDP (2015 est.)
country comparison to the world: 196
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.3% (January 2017 est.)
1.2% (January 2016 est.)
country comparison to the world: 19
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA
[see also: Central bank discount rate country ranks ]

Exports:
$407.1 million (2015 est.)
$599.7 million (2014 est.)
country comparison to the world: 183
[see also: Exports country ranks ]

Exports - partners:
Denmark 82.5%, Iceland 4.4% (2017)

Exports - commodities:
fish and fish products 91% (2015 est.)

Imports:
$783.5 million (2015 est.)
$866.1 million (2014 est.)
country comparison to the world: 190
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, manufactured goods, food, petroleum products

Imports - partners:
Denmark 69.7%, Sweden 10.6% (2017)

Debt - external:
$36.4 million (2010)
$58 million (2009)
country comparison to the world: 197
[see also: Debt - external country ranks ]

Exchange rates:
Danish kroner (DKK) per US dollar -
6.586 (2017 est.)
6.7309 (2016 est.)
6.7309 (2015 est.)
6.7326 (2014 est.)
5.6125 (2013 est.)


NOTE: 1) The information regarding Greenland on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greenland Economy 2019 information contained here. All suggestions for corrections of any errors about Greenland Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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