Greenland Economy 2008

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. 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 began 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 (official exchange rate):
$1.7 billion (2005)

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

GDP - per capita (PPP):
$20,000 (2001 est.)

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

Labor force:
32,120 (2004)

Unemployment rate:
9.3% (2005 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

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

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

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:
300 million kWh (2005)

Electricity - consumption:
279 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005 est.)

Oil - consumption:
3,880 bbl/day (2005 est.)

Oil - exports:
149.1 bbl/day (2004)

Oil - imports:
4,013 bbl/day (2004)

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

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

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

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

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

Exports - partners:
Denmark 67.8%, Japan 11.9%, China 5.5% (2006)

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

Imports - partners:
Denmark 69.9%, Sweden 16.3%, Norway 3.7% (2006)

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

Debt - external:
$25 million (1999)

Currency (code):
Danish krone (DKK)

Exchange rates:
Danish kroner per US dollar - 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003)