Greenland Economy Profile 2006

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 mineral exploration activities, it will take a number of 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 (official exchange rate)

NA

GDP - real growth rate

1.8% (2001 est.)

GDP - per capita (PPP)

$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 (consumer prices)

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)

Industries

fish processing (mainly shrimp and Greenland halibut); gold, niobium, tantalite, uranium, iron and diamond mining; handicrafts, hides and skins, small shipyards

Industrial production growth rate

NA%

Electricity - production

242.2 million kWh (2003)

Electricity - consumption

225.3 million kWh (2003)

Electricity - exports

0 kWh (2003)

Electricity - imports

0 kWh (2003)

Oil - production

0 bbl/day (2003 est.)

Oil - consumption

3,850 bbl/day (2003 est.)

Oil - imports

NA bbl/day

Oil - exports

NA bbl/day

Natural gas - production

0 cu m (2003 est.)

Natural gas - consumption

0 cu m (2003 est.)

Agriculture - products

forage crops, garden and greenhouse vegetables; sheep, reindeer; fish

Exports

$480 million f.o.b. (2004 est.)

Exports - commodities

fish and fish products 94% (prawns 63%)

Exports - partners

Denmark 62.5%, Japan 12.3%, China 5.3% (2005)

Imports

$601 million c.i.f. (2004 est.)

Imports - commodities

machinery and transport equipment, manufactured goods, food, petroleum products

Imports - partners

Denmark 66.8%, Sweden 19.3%, Ireland 3.6% (2005)

Debt - external

$25 million (1999)

Economic aid - recipient

$380 million subsidy from Denmark (1997)

Currency (code)

Danish krone (DKK)

Exchange rates

Danish kroner per US dollar - 5.9969 (2005), 5.9911 (2004), 6.5877 (2003), 7.8947 (2002), 8.3228 (2001)

Fiscal year

calendar year