Economy of Greenland

Economy of Greenland
	Nuuk skyline at night
Currency	Danish krone (DKK, kr.)
Fiscal year	calendar year
Country group	High-income economy
Statistics
Population	56,653 (2021)
GDP	$2.714 billion (nominal, 2016); $2.413 billion (PPP, 2015 est.);
GDP rank	— (nominal, 2017); — (PPP, 2015);
GDP growth	−2.5% (2015) 4.7% (2016); 0.5% (2017) 3.2% (2018);
GDP per capita	$48,296 (nominal, 2016); $41,800 (PPP, 2015 est.);
GDP per capita rank	— (nominal, 2017); — (PPP, 2015);
GDP by sector	agriculture: 15.9%; industry: 10.1%; services: 73.9%; (2015 est.);
Population below poverty line	16.2% (2015 est.)
Gini coefficient	33.9 medium (2015 est.)
Human Development Index	0.786 high (2010); (N/A rank, non-UN member);
Labour force	26,840 (2015 est.); 60% employment rate (2015);
Labour force by occupation	agriculture: 15.9%; industry: 10.1%; services: 73.9%; (2015 est.);
Unemployment	9.1% (2015 est.)
Main industries	fish processing (mainly shrimp and Greenland halibut); Oil, gold, niobium, tantalite, uranium, iron, and diamond mining; handicrafts, hides, skins, small shipyards
External
Exports	$407.1 million (2015 est.)
Export goods	fish and fish products 91% (2015 est.)
Main export partners	Denmark 82.5%; Iceland 4.4%; (2017);
Imports	$783.5 million (2015 est.)
Import goods	machinery and transport equipment, manufactured goods, food, petroleum products
Main import partners	Denmark 69.7%; Sweden 10.5%; (2017);
Gross external debt	$36.4 million (2010)
Public finances
Government debt	13% of GDP (2015 est.)
Budget balance	+5.6% (of GDP) (2016 est.)
Revenues	1.719 billion (2016 est.)
Expenses	1.594 billion (2016 est.)
Economic aid	$650 million subsidy from the Kingdom of Denmark (2012)
	All values, unless otherwise stated, are in US dollars.

The economy of Greenland is characterized as small, mixed and vulnerable.^[9] Greenland's economy consists of a large public sector and comprehensive^[10] foreign trade. This has resulted in an economy with periods of strong growth, considerable inflation, unemployment problems and extreme dependence on capital inflow from the Kingdom Government.^[9]

GDP per capita is close to the average for European economies, but the economy is critically dependent upon substantial support from the Danish government, which supplies about half the revenues of the Self-rule Government, which in turn employs 10,307 Greenlanders^[11] out of 25,620 currently in employment (2015). Unemployment nonetheless remains high, with the rest of the economy dependent upon demand for exports of shrimp and fish.^[12]

^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 2 February 2020.
^ "Population, total". data.worldbank.org. World Bank. Retrieved 26 April 2022.
^ "GDP (current US$)". data.worldbank.org. World Bank. Retrieved 22 August 2019.
^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k ^l ^m ⁿ ^o ^p ^q "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 22 August 2019.
^ "GDP growth (annual %) - Greenland". data.worldbank.org. World Bank. Retrieved 2 February 2020.
^ "GDP per capita (current US$)". data.worldbank.org. World Bank. Retrieved 22 August 2019.
^ Avakov, Aleksandr Vladimirovich (2012). Quality of Life, Balance of Powers, and Nuclear Weapons (2012): A Statistical Yearbook for Statesmen and Citizens. Algora Publishing. p. 51. ISBN 978-0-87586-892-9.
^ "Employment to population ratio, 15+, total (%) (national estimate)". data.worldbank.org. World Bank. Retrieved 22 August 2019.
^ ^a ^b "Greenland – Its Economy and Resources" (PDF). ARCTIC. Archived from the original (PDF) on 2011-07-06. Retrieved 20 February 2011.
^ Nickels, Sylvie; Berg, Gösta; Berg, Gosta (October 1973). "Circumpolar Problems: Habitat, Economy and Social Relations in the Arctic. A Symposium for Anthropological Research in the North, September 1969". The Geographical Journal. 139 (3): 540. doi:10.2307/1795053. ISSN 0016-7398. JSTOR 1795053.
^ StatBank Greenland. "Main employment for permanent residents by time, industry, gender, age, place of residence, place of birth and inventory". Accessed 19 Jan 2017.
^ "The Economy of Greenland is Dependent on Fishing". Danish Exporters. Retrieved 20 February 2011.

[1] "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 2 February 2020.

[2] "Population, total". data.worldbank.org. World Bank. Retrieved 26 April 2022.

[3] "GDP (current US$)". data.worldbank.org. World Bank. Retrieved 22 August 2019.

[CIAWFGL-4] ^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k ^l ^m ⁿ ^o ^p ^q "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 22 August 2019.

[5] "GDP growth (annual %) - Greenland". data.worldbank.org. World Bank. Retrieved 2 February 2020.

[6] "GDP per capita (current US$)". data.worldbank.org. World Bank. Retrieved 22 August 2019.

[7] Avakov, Aleksandr Vladimirovich (2012). Quality of Life, Balance of Powers, and Nuclear Weapons (2012): A Statistical Yearbook for Statesmen and Citizens. Algora Publishing. p. 51. ISBN 978-0-87586-892-9.

[8] "Employment to population ratio, 15+, total (%) (national estimate)". data.worldbank.org. World Bank. Retrieved 22 August 2019.

[arctic-9] "Greenland – Its Economy and Resources" (PDF). ARCTIC. Archived from the original (PDF) on 2011-07-06. Retrieved 20 February 2011.

[10] Nickels, Sylvie; Berg, Gösta; Berg, Gosta (October 1973). "Circumpolar Problems: Habitat, Economy and Social Relations in the Arctic. A Symposium for Anthropological Research in the North, September 1969". The Geographical Journal. 139 (3): 540. doi:10.2307/1795053. ISSN 0016-7398. JSTOR 1795053.

[11] StatBank Greenland. "Main employment for permanent residents by time, industry, gender, age, place of residence, place of birth and inventory". Accessed 19 Jan 2017.

[12] "The Economy of Greenland is Dependent on Fishing". Danish Exporters. Retrieved 20 February 2011.

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