Short facts about the economy in 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 (2000 est.)

GDP - real growth rate:

NA%

GDP - per capita:

purchasing power parity - $20,000 (2000 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:

7% (1999 est.)

Budget:

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

Industries:

fish processing (mainly shrimp and Greenland halibut), handicrafts, furs, small shipyards

Industrial production growth rate:

NA%

Electricity - production:

250 million kWh (1999)

Electricity - production by source:

fossil fuel:  41% hydro:  59% nuclear:  0% other:  0% note:  Greenland is shifting its electricity production from fossil fuel to hydroelectric power production (1999)

Electricity - consumption:

232.5 million kWh (1999)

Electricity - exports:

0 kWh (1999)

Electricity - imports:

0 kWh (1999)

Agriculture - products:

forage crops, garden and greenhouse vegetables; sheep, reindeer; fish

Exports:

$276 million (f.o.b., 1999)

Exports - commodities:

fish and fish products 94%

Exports - partners:

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

Imports:

$400 million (c.i.f., 1999)

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 - 7.951 (January 2001), 8.083 (2000), 6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799 (1996)

Fiscal year:

calendar year

Source: World Factbook