Economy of Greenland
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| Economy of Greenland | |
| Currency | 1 Danish krone (DKr) = 100 oere |
|---|---|
| Fiscal year | calendar year |
| Statistics | |
| GDP (PPP) | $1.1 billion (2001) (193) |
| GDP growth | 2% |
| GDP per capita | $20,000 (2001) |
| Inflation (CPI) | 1% (2005) |
| Labour force | 32,120 (2004) |
| Unemployment | 9.3% (2005) |
| Main industries | fish processing (mainly shrimp), gold, niobium, tantalite, uranium, iron and diamond mining; handicrafts, furs, small shipyards |
| External | |
| Exports | $404 million f.o.b. (2005 est.) |
| Export goods | fish and fish products 94% (prawns 63%) |
| Main export partners | Denmark 67,7%, Japan 11,8%, the People's Republic of China 5,5% (2006) |
| Imports | $599 million c.i.f. (2005 est.) |
| Import goods | machinery and transport equipment, manufactured goods, food and live animals, petroleum products |
| Main import partners | Denmark 70%, Sweden 16,3%, Norway 3,7% (2006) |
| Public finances | |
| Public debt | $25 million (1999) |
| Revenues | $1.36 billion |
| Expenses | $1.27 billion, including capital expenditures of $83 million (2005) |
| Economic aid | *$512 million subsidy from Denmark (2005) |
| Main data source: CIA World Factbook All values, unless otherwise stated, are in US dollars |
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The Economy of Greenland suffered negative growth in the early 1990s, but since 1993 the economy has improved. The Greenland Home Rule Government (GHRG) has pursued a tight fiscal policy since the late 1980s which has helped create surpluses in the public budget and low inflation. Since 1990, Greenland has registered a foreign trade deficit following the closure of the last remaining lead and zinc mine in 1990.
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. Companies are exploring hydrocarbon and mineral deposits. There have been several offshore licensing rounds since 2002 with a number of successful bids by multinational oil companies in partnership with NUNAOIL the state oil company for blocks. Press reports in early 2007 indicated that two international aluminum companies were considering building smelters in Greenland to take advantage of local hydropower potential. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs. Air Greenland announced plans to begin summer-season direct flights to the U.S. east coast in May 2007 potentially opening a major new tourism market.
GDP:
- official exchange rate - $1 700 million (2005)
Agriculture - products:
- forage crops, garden vegetables; sheep, reindeer; fish
Electricity - production:
- 295 million kWh (2004)
Electricity - consumption:
- 274.4 million kWh (2004)
Electricity - production by source:
- fossil fuel:
- 100% (1998)
Electricity - exports:
- 0 kWh (2004)
Electricity - imports:
- 0 kWh (2004)
Oil - production:
- 0 bbl/day (2004 est.)
Oil - consumption:
- 3,860 bbl/day (2004 est.)
Exchange rates:
- Danish kroner (DKr) per US$1 - 4.707 (2008) ,5.9468 (2006), 5.669 (2005), 5.9911 (2004), 6.5877 (2003), 7.8947 (2002), 8.3228 (2001), 7.336 (January 2000), 6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799 (1996), 5.602 (1995)
