Country Guide Book
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GREENLAND
COUNTRIES A-Z
Greenland Economy
Country Name: Greenland
Capital City: Nuuk (Godthab)
Population: 56,344 (July 2007 est.)
Population Growth: -0.03% (2007 est.)
Currency: Danish krone (DKK)
Languages: Greenlandic (East Inuit), Danish, English
Area:
Inflation Rate: 1% (2005 est.)
Unemployment Rate: 9.3% (2005)
Domain extension:
ECONOMIC DETAILS OF GREENLAND
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. Several interesting hydrocarbon and mineral exploration activities are ongoing. 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.
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. Several interesting hydrocarbon and mineral exploration activities are ongoing. 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 - purchasing power parity:
$1.1 billion (2001 est.)
GDP - real growth rate:
2% (2005 est.)
GDP - per capita:
$20,000 (2001 est.)
GDP - by sector (agriculture):
agriculture: NA%
GDP - by sector (industry):
industry: NA%
GDP - by sector (services):
services: NA%
Export Partners:
Denmark 67.7%, Japan 11.8%, China 5.5% (2006)
Import Partners:
Denmark 70%, Sweden 16.3%, Norway 3.7% (2006)
Export Commodities:
fish and fish products 94% (prawns 63%)
Import Commodities:
machinery and transport equipment, manufactured goods, food, petroleum products
Exports Volume:
$404 million f.o.b. (2005 est.)
Imports Volume:
$599 million c.i.f. (2005 est.)
Labour Force:
32,120 (2004)
Unemployment Rate:
9.3% (2005 est.)
Population below poverty line:
NA%
Inflation Rate:
1% (2005 est.)
Investment (gross fixed):
Public Debt:
Agriculture Products:
forage crops, garden and greenhouse vegetables; sheep, reindeer; fish
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:
295 million kWh (2004)
Electricity - consumption:
274.4 million kWh (2004)
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.)
Oil - exports:
NA bbl/day
Oil - imports:
NA bbl/day
Natural gas - production:
0 cu m (2004 est.)
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Current Account Balance:
Currency Code:
Danish krone (DKK)