| Economy | Greenland |
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Economy - overview:
|
The economy remains critically dependent on exports of shrimp and fish and on a substantial subsidy - about $650 million in 2009 - from the Danish Government, which supplies nearly 60% of government revenues. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's GDP contracted about 2% in 2009 as a result of the global economic slowdown. Budget surpluses turned to deficits beginning in 2007 and unemployment has risen. During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems. The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which account for 82% of exports - the economy remains very sensitive to foreign developments. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland. In May 2007 a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Within the area of mining, olivine sand continues to be produced and gold production has resumed in south Greenland. Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season. |
GDP (purchasing power parity):
|
$1.989 billion (2009 est.)
$2.03 billion (2008 est.) |
GDP - per capita (PPP):
|
$36,500 (2008 est.)
$35,900 (2007 est.) |
GDP (official exchange rate):
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$2.03 billion (2008) |
GDP - real growth rate:
|
-2% (2009 est.)
1.5% (2008 est.)
4% (2007 est.) |
GDP - composition by sector:
|
agriculture: 4.9%
industry: 31.9%
services: 63.2% (2007 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
9.2% (2007 est.) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
9.4% (2008 est.)
1% (2005 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
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28,240 (January 2009) |
Labor force participation rate:
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48.97 % of population |
Labor force - by occupation:
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agriculture: 4.9%
industry: 31.9%
services: 63.2% (2007 est.) |
Unemployment rate:
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4.2% (2010 est.)
3.7% (2009 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $1.47 billion
expenditures: $1.51 billion (2007) |
Budget revenues per capita:
|
25,490 USD per capita |
Taxes and other revenues:
|
72.4% of GDP (2007) |
Budget surplus (+) or deficit (-):
|
-2% of GDP (2007) |
Public debt:
|
void |
Industries:
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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:
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376 million kWh (2009 est.) |
Electricity - production per capita:
|
6,520 kWh per capita |
Electricity - consumption:
|
288.6 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
5,005 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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4,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
25.32 bbl/year per capita |
Oil - exports:
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1,050 bbl/day (2009 est.) |
Oil - imports:
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4,976 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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forage crops, garden and greenhouse vegetables; sheep, reindeer; fish |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
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$485 million (2008)
$428 million (2007) |
Exports per capita:
|
8,410 USD per capita |
Exports - commodities:
|
fish and fish products 72%, metals 10% (2008) |
Exports - partners:
|
Denmark 63.7%, Japan 12.1%, China 8.5% (2010) |
Imports:
|
$867 million (2008)
$669 million (2007) |
Imports per capita:
|
15,034 USD per capita |
Imports - commodities:
|
machinery and transport equipment, manufactured goods, food, petroleum products |
Imports - partners:
|
Denmark 59.5%, Sweden 20.8%, UK 6.6% (2010) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$58 million (2009)
$25 million (1999) |
Debt - external - per capita:
|
1,006 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Danish krone (DKK) |
Exchange rates:
|
Danish kroner (DKK) per US dollar -
5.291 (2011)
5.624 (2010)
5.361 (2009)
|
Fiscal year:
|
calendar year |
|
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