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. Despite several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs.

GDP purchasing power parity - $1.1 billion (2001 est.)

GDP - real growth rate NA%

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

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

Population below poverty line NA%

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

Inflation rate (consumer prices) 1.6% (1999 est.)

Labor force 24,500 (1999 est.)

Unemployment rate 10% (2000 est.)

Budget
revenues: $646 million
expenditures: $629 million, including capital expenditures of $85 million (1999)

Industries fish processing (mainly shrimp and Greenland halibut), handicrafts, hides and skins, small shipyards, mining

Industrial production growth rate NA%

Electricity - production 250 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
note: Greenland is shifting its electricity production from fossil fuel to hydroelectric power production (2000)
hydro: 0%
other: 0%
nuclear: 0%

Electricity - consumption 232.5 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $264 million (f.o.b., 2000)

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

Exports - partners EU (mainly Denmark) 85%, Japan 8%, US 2% (1999)

Imports $349 million (c.i.f., 2000)

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

Imports - partners EU (mostly Denmark), Norway, US, Canada

Debt - external $25 million (1999)

Economic aid - recipient $380 million subsidy from Denmark (1999)

Currency Danish krone (DKK)

Currency code DKK

Exchange rates Danish kroner per US dollar - 8.418 (January 2002), 8.323 (2001), 8.083 (2000), 6.976 (1999), 6.701 (1998), 6.604 (1997)

Fiscal year calendar year

NOTE: The information regarding Greenland on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Greenland Economy 2002 information contained here. All suggestions for corrections of any errors about Greenland Economy 2002 should be addressed to the CIA.