Greenlandic Economy, 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:

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%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 24,500 (1999 est.)

Labor force - by occupation:

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: 245 million kWh (2002)

Electricity - production by source:

Electricity - consumption: 227.9 million kWh (2002)

Electricity - exports: 0 kWh (2002)

Electricity - imports: 0 kWh (2002)

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

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

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

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

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

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

Exports - partners: Denmark 63.8%, Japan 12.6%, China 3.9% (2004)

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

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

Imports - partners: Denmark 78.7%, Sweden 11.9%, Norway 2.7% (2004)

Debt - external: $25 million (1999)

Economic aid - recipient: $380 million subsidy from Denmark (1997)

Currency:

Currency code:

Exchange rates: Danish kroner per US dollar - 5.9911 (2004), 6.5877 (2003), 7.8947 (2002), 8.3228 (2001), 8.0831 (2000)

Fiscal year: Calendar year

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