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The Economy of Greenland

Greenlandic Economy

Greenland's map

Economy - overview: The economy remains critically dependent on exports of fish and a substantial subsidy 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. Several interesting hydrocarbon and mineral exploration activities are ongoing and in 2007 a US firm signed an agreement with the Greenland Home Rule government to study the feasibility of building a multi-billion dollar aluminum smelter and hydropower plant.

GDP:

GDP - real growth rate: 2% (2005 est.)

GDP - per capita:

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

Population below poverty line:

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: 32,120 (2004)

Labor force - by occupation:

Unemployment rate: 9.3% (2005 est.)

Budget: revenues: $1.36 billion expenditures: $1.27 billion (2005)

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: 305 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 283.7 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 3,927 bbl/day (2006 est.)

Oil - exports: 149.5 bbl/day (2005)

Oil - imports: 4,089 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

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

Exports: $480 million f.o.b. (2006)

Exports - commodities: fish and fish products 94% (prawns 63%) (2001 est.)

Exports - partners: Denmark 61.8%, Japan 9.9%, Canada 7.3%, China 5.8% (2007)

Imports: $712 million c.i.f. (2006)

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

Imports - partners: Denmark 68.1%, Sweden 19.3%, Canada 2.5% (2007)

Debt - external: $25 million (1999)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Danish kroner (DKK) per US dollar - 5.0236 (2008 est.), 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004)

Fiscal year: