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Greenland: Economy

Economy Greenland
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:
1.8% (2001 est.)
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:
245 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
note: Greenland is shifting its electricity production from fossil fuel to hydropower production (2001)
hydro: 0%
other: 0%
nuclear: 0%
Electricity - consumption:
227.9 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
3,700 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
forage crops, garden and greenhouse vegetables; sheep, reindeer; fish
Exports:
$364 million f.o.b. (2001)
Exports - commodities:
fish and fish products 94% (prawns 63%)
Exports - partners:
Denmark 60.3%, Japan 15.5%, US 6%, Thailand 5%, Germany 4% (2002)
Imports:
$403 million c.i.f. (2001)
Imports - commodities:
machinery and transport equipment, manufactured goods, food, petroleum products
Imports - partners:
Denmark 74.6%, Norway 14.2%, Russia 2.3% (2002)
Debt - external:
$25 million (1999)
Economic aid - recipient:
$380 million subsidy from Denmark
Currency:
Danish krone (DKK)
Currency code:
DKK
Exchange rates:
Danish kroner per US dollar - 7.8947 (2002), 8.323 (2001), 8.083 (2000), 6.976 (1999), 6.701 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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