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Greenland:
Economy

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Economy - overview
Definition
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 US east coast in May 2007, potentially opening a major new tourism market.
GDP (purchasing power parity)
Definition - World rank and map
$1.1 billion (2001 est.)
GDP (official exchange rate)
Definition
$1.7 billion (2005)
GDP - real growth rate
Definition - World rank and map
2% (2005 est.)
GDP - per capita
Definition - World rank and map
$20,000 (2001 est.)
GDP - composition by sector
Definition
agriculture: NA%
industry: NA%
services: NA%
Labor force
Definition
32,120 (2004)
Unemployment rate
Definition - World rank and map
9.3% (2005 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
1% (2005 est.)
Budget
Definition
revenues: $1.36 billion
expenditures: $1.27 billion (2005)
Agriculture - products
Definition
forage crops, garden and greenhouse vegetables; sheep, reindeer; fish
Industries
Definition
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
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
300 million kWh (2005)
Electricity - consumption
Definition - World rank and map
279 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
4,953.4 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
3,880 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
68.9 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
149.1 bbl/day (2004)
Oil - imports
Definition - World rank and map
4,013 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Exports
Definition - World rank and map
$480 million f.o.b. (2006)
Exports - commodities
Definition
fish and fish products 94% (prawns 63%) (2001 est.)
Exports - partners
Definition
Denmark 63%, Japan 10.2%, Canada 6.9%, China 6% (2006)
Imports
Definition - World rank and map
$712 million c.i.f. (2006)
Imports - commodities
Definition
machinery and transport equipment, manufactured goods, food, petroleum products
Imports - partners
Definition
Denmark 68%, Sweden 19.3%, Canada 3.1% (2006)
Debt - external
Definition - World rank and map
$25 million (1999)
Economic aid - recipient
Definition
$512 million; note - subsidy from Denmark (2005)
Currency (code)
Definition
Danish krone (DKK)
Exchange rates
Definition
Danish kroner per US dollar - 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003)
Fiscal year
Definition
calendar year


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