Greenland

Greenland 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 (2001 est.)

GDP - real growth rate
1.8% (2001 est.)

GDP - per capita
purchasing power parity - $20,000 (2001 est.)

GDP - composition by sector
agriculture: NA
industry: NA
services: NA

Population below poverty line
NA

Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA

Inflation rate
1.6% (1999 est.)

Labor force
24,500 (1999 est.)

Unemployment rate
10% (2000 est.)

Budget
revenues: $646 million
expenditures: $629 million, including capital expenditures of $85 million (1999)

Agriculture - products
forage crops, garden and greenhouse vegetables; sheep, reindeer; fish

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

Industrial production growth rate
NA

Electricity - production
245 million kWh (2001)

Electricity - consumption
227.9 million kWh (2001)

Electricity - exports
0 kWh (2001)

Electricity - imports
0 kWh (2001)

Oil - production
0 bbl/day (2001 est.)

Oil - consumption
3,700 bbl/day (2001 est.)

Oil - exports
NA (2001)

Oil - imports
NA (2001)

Exports
$388 million f.o.b. (2002)

Exports - commodities
fish and fish products 94% (prawns 63%)

Exports - partners
Denmark 64.7%, Japan 14.2%, China 4.4% (2003)

Imports
$445 million c.i.f. (2002)

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

Imports - partners
Denmark 82.6%, Norway 7.5%, Sweden 3.5% (2003)

Debt - external
$25 million (1999)

Currency
Danish krone (DKK) is the official legal tender.

Currency code
DKK

Exchange rates
Danish kroner per US dollar - 6.5877 (2003), 7.8947 (2002), 8.323 (2001), 8.083 (2000), 6.976 (1999)



- Info Provided by the CIA World Factbook -