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 and in 2007 a US firm signed an agreement with the Greenland Home Rule government to study the feasibility of building a multi-billion dollar aluminum smelter and hydropower plant.
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.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $1.36 billion
expenditures: $1.27 billion (2005)
Inflation rate (consumer prices):
1% (2005 est.)
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:
305 million kWh (2006 est.)
Electricity - consumption:
283.7 million kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Oil - production:
0 bbl/day (2007 est.)
Oil - consumption:
3,927 bbl/day (2006 est.)
Oil - exports:
149.5 bbl/day (2005)
Oil - imports:
4,089 bbl/day (2005)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
0 cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
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%) (2001 est.)
Exports - partners:
Denmark 61.8%, Japan 9.9%, Canada 7.3%, China 5.8% (2007)
Imports:
$712 million c.i.f. (2006)
Imports - commodities:
machinery and transport equipment, manufactured goods, food, petroleum products
Imports - partners:
Denmark 68.1%, Sweden 19.3%, Canada 2.5% (2007)
Debt - external:
$25 million (1999)
Exchange rates:
Danish kroner (DKK) per US dollar - 5.0236 (2008 est.), 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004)
