Economy of Greenland

Mother Earth Travel > Country Index > Greenland > Map Economy

Economy - overview: The economy remains critically dependent on exports of fish and substantial support from the Danish Government, which supplies about half of government revenues. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in the economy. Despite several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs.

GDP: purchasing power parity - $1.1 billion (2000 est.)
GDP - real growth rate: 0.6% (1997 est.)
GDP - per capita: purchasing power parity - $20,000 (2000 est.)
Inflation rate (consumer prices): 1.6% (1999 est.)
Labor force: 24,500 (1999 est.)
Unemployment rate: 7% (1999 est.)
Budget:
revenues:  $646 million
expenditures:  $629 million, including capital expenditures of $85 million (1999)
Industries: fish processing (mainly shrimp), handicrafts, furs, small shipyards
Electricity - production: 250 million kWh (1999)
Electricity - production by source:
fossil fuel:  41%
hydro:  59%
nuclear:  0%
other:  0%
note:  Greenland is shifting its electricity production from fossil fuel to hydroelectric power production (1999)
Agriculture - products: forage crops, garden vegetables; sheep, reindeer; fish
Exports: $276 million (f.o.b., 1999)
Exports - commodities: fish and fish products 94%
Exports - partners: EU (mainly Denmark) 85%, Japan 8%, US 2% (1999)
Imports: $400 million (c.i.f., 1999)
Imports - commodities: machinery and transport equipment, manufactured goods, food and live animals, petroleum products
Imports - partners: EU (mostly Denmark), Norway, US, Canada
Debt - external: $25 million (1999)
Economic aid - recipient: $380 million subsidy from Denmark (1999)
Currency: Danish krone (DKK)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Greenland > Map Economy