Economy Of Greenland Article Index for
Economy Of 		Website Links For
Economy 		 

Information About

Economy Of Greenland
  CATEGORIES ABOUT ECONOMY OF GREENLAND
   
economy of greenlandeconomy of greenland
   
   
APPAREL
BABY
BEAUTY
BOOKS
CAR TOYS
CELL PHONES
DVD'S
ELECTRONICS
GOURMET FOOD
GROCERIES
HEALTH & PERSONAL
HOME & GARDEN
JEWELRY
MUSIC
MUSIC INSTRUMENTS
OFFICE PRODUCTS
SOFTWARE
SPORTING GOODS
TOOLS & HARDWARE
TOYS
VIDEO GAMES
SHOPPING HOME
MORE SHOPPING...



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 Export s 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 Smelter s 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 :

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


GDP - per capita:
  • purchasing power parity - $20 000 (2001 est.)


Inflation rate (consumer prices):
  • 1% (2005 est.)


Labour force:
  • 32,120 (2004)


Unemployment rate:
  • 9.3% (2005 est.)


Budget:
revenues:

  • $1.36 billion

    • expenditures:

    • $1.27 billion, including capital expenditures of $83 million (2005)


    Industries:

    Agriculture - products:

    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 - consumption:
    • 0 bbl/day (2004 est.)


    Oil - consumption:
    • 3,860 bbl/day (2004 est.)


    Exports:
    • $404 million f.o.b. (2005 est.)


    Exports - commodities:
    • fish and fish products 94% ( Prawns 63%)


    Exports - partners:

    Imports:
    • $599 million c.i.f. (2005 est.)


    Imports - commodities:
    • machinery and transport equipment, manufactured goods, food and live animals, Petroleum products


    Imports - partners:

    Debt - external:
    • $25 million (1999)


    Economic aid - recipient:
    • $512 million subsidy from Denmark (2005)


    Currency:

    Exchange rates:
    • Danish kroner (DKr) per US$1 - 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 )


    Fiscal year:
    • calendar year



    SEE ALSO