Greenland Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

large self-governing Danish territorial economy; preferential EU market access; high-income economy; dependent on Danish financial support, even for whaling and sealing industries; growing tourism; hydropower-fueled but environmentally fragile economy

Real 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

Real GDP growth rate

0.36% (2020 est.)

2.27% (2019 est.)

0.62% (2018 est.)

Real GDP per capita

$41,800 (2015 est.)

$38,800 (2014 est.)

$38,500 (2013 est.)

GDP (official exchange rate)

$2.221 billion (2015 est.)

Inflation rate (consumer prices)

0.3% (January 2017 est.)

1.2% (January 2016 est.)

GDP - composition, by sector of origin

agriculture: 15.9% (2015 est.)

industry: 10.1% (2015 est.)

services: 73.9% (2015)

GDP - composition, by end use

household consumption: 68.1% (2015 est.)

government consumption: 28% (2015 est.)

investment in fixed capital: 14.3% (2015 est.)

investment in inventories: -13.9% (2015 est.)

exports of goods and services: 18.2% (2015 est.)

imports of goods and services: -28.6% (2015 est.)

Agricultural products

sheep, cattle, 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

8.56% (2019 est.) NA

Labor force

26,840 (2015 est.)

Labor force - by occupation

agriculture: 15.9%

industry: 10.1%

services: 73.9% (2015 est.)

Unemployment rate

9.1% (2015 est.)

10.3% (2014 est.)

Population below poverty line

16.2% (2015 est.)

Gini Index coefficient - distribution of family income

33.9 (2015 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $1.719 billion (2016 est.)

expenditures: $1.594 billion (2016 est.)

Budget surplus (+) or deficit (-)

5.6% (of GDP) (2016 est.)

Public debt

13% of GDP (2015 est.)

Taxes and other revenues

77.4% (of GDP) (2016 est.)

Fiscal year

calendar year

Exports

$407.1 million (2015 est.)

$599.7 million (2014 est.)

Exports - partners

Denmark 55%, China 22%, Japan 6% (2019)

Exports - commodities

shrimp, halibut, fish fillets, crabs, cod, mackerel (2021)

Imports

$783.5 million (2015 est.)

$866.1 million (2014 est.)

Imports - partners

Denmark 51%, Spain 23%, Sweden 12%, Iceland 7% (2019)

Imports - commodities

fishing ships, refined petroleum, construction vehicles, crustaceans, delivery trucks (2019)

Debt - external

$36.4 million (2010)

$58 million (2009)

Exchange rates

Danish kroner (DKK) per US dollar -

6.287 (2021 est.)

6.542 (2020 est.)

6.669 (2019 est.)

6.315 (2018 est.)

6.603 (2017 est.)

NOTE: The information regarding Greenland on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Greenland 2023 information contained here. All suggestions for corrections of any errors about Greenland 2023 should be addressed to the CIA or the source cited on each page.