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Greenland Economy 2017
https://theodora.com/wfbcurrent/greenland/greenland_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Greenland Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
The economy remains critically dependent on exports of shrimp and fish, income from resource exploration and extraction, and on a substantial subsidy from the Danish Government. The subsidy was budgeted to be about $535 million in 2015, approximately 56% of government revenues that year.The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's real GDP contracted about 5% from 2012 to 2014. Real growth is projected for 2015 and 2016 due to increasing world prices for fish and shellfish, public construction activities, and to a small degree from increased revenues from small-scale mining.During the last decade the Greenland Home Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The public budget exhibited a deficit of 2% of GDP in 2014, but public debt remains low at about 5% of GDP.The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, mackerel. Due to Greenland's continued dependence on exports of fish - which accounted for 91% of exports in 2015 - the economy remains very sensitive to external demand and price fluctuations.The Greenlandic economy is expected to expand in 2016, but significant challenges face the island. High unemployment, structural challenges stemming from low levels of qualified labor, geographic dispersion, an undiversified economy, the long-term sustainability of the public budget, and a declining population due to emigration. Catches in fisheries have been declining in recent years and a reversal in prices will quickly lead to vulnerabilities. Hydrocarbon exploration has ceased with declining oil prices and currently only three mines are under development. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed.Tourism 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):
$2.173 billion (2014 est.) $2.154 billion (2013 est.) $2.165 billion (2012 est.)
note: data are in 2011 US dollars
country comparison to the world: 193
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.16 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.9% (2014 est.) -0.5% (2013 est.) 1.5% (2012 est.)
country comparison to the world: 181
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$37,900 (2008 est.) $38,100 (2007 est.)
country comparison to the world: 46
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 13.9%
[see also: Labor force - by occupation - agriculture country ranks ]
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.2%
[see also: Labor force - by occupation - industry country ranks ]
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 67% (2012 est.)
[see also: Labor force - by occupation - services country ranks ]
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sheep, cow, reindeer, fish

Industries:
fish processing (mainly shrimp and Greenland halibut); gold, zinc, 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:
26,990 (2012 est.)
country comparison to the world: 206
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 13.9%
[see also: Labor force - by occupation - agriculture country ranks ]
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.2%
[see also: Labor force - by occupation - industry country ranks ]
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 67% (2012 est.)
[see also: Labor force - by occupation - services country ranks ]
[see also: GDP - composition, by sector of origin - services country ranks ]

Unemployment rate:
9.4% (2013 est.) 4.2% (2010 est.)
country comparison to the world: 108
[see also: Unemployment rate country ranks ]

Population below poverty line:
9.2% (2007 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 ]

Budget:
revenues: $1.72 billion
[see also: Budget revenues country ranks ]
expenditures: $1.68 billion (2010)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
79.6% of GDP (2010)
country comparison to the world: 4
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
1.9% of GDP (2010)
country comparison to the world: 15
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.8% (2012 est.) 2.8% (2011 est.)
country comparison to the world: 102
[see also: Inflation rate (consumer prices) country ranks ]

Exports:
$384.3 million (2010) $358 million (2009)
country comparison to the world: 177
[see also: Exports country ranks ]

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

Exports - partners:
Denmark 51.6%, China 11.1%, Japan 9.1%, Russia 7.2% (2015)

Imports:
$814.2 million (2010) $726 million (2009)
country comparison to the world: 184
[see also: Imports country ranks ]

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

Imports - partners:
Denmark 67.1%, Sweden 14.1%, Iceland 5.1% (2015)

Debt - external:
$36.4 million (2010) $58 million (2009)
country comparison to the world: 196
[see also: Debt - external country ranks ]

Exchange rates:
Danish kroner (DKK) per US dollar - 6.865 (2016 est.) 6.7236 (2015 est.) 6.7236 (2014 est.) 5.3687 (2013 est.) 5.79 (2012 est.)


NOTE: The information regarding Greenland on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greenland Economy 2017 information contained here. All suggestions for corrections of any errors about Greenland Economy 2017 should be addressed to the CIA.




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