Economic overview: Greenland today is critically dependent on fisheries and support provided by the Danish government, which pays about half of the costs of the Greenland government. The public sector, including state-owned enterprises, and municipalities play a dominant role in the Greenlandic economy. Despite the encouraging results of the exploration of hydrocarbon reserves and ore deposits, it will be several more years before any amount of them is mined. Tourism is the only sector that could offer some returns in the short term, but its potential is limited by the short season and high prices. See cheeroutdoor.com to know more about Greenland Business.
GDP: at purchasing power parity – $1.1 billion (2000 est.).
Real GDP growth rate: no data.
GDP per capita: at purchasing power parity – $20,000 (2000 est.).
Composition of GDP by sectors of the economy: agriculture: no data; industry: no data; service sector: no data.
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: 10% of the poorest households account for: n/a; 10% of the wealthiest families account for: no data.
Inflation rate at consumer prices: 1.6% (1999 est.).
Labor force: 24,500 people (1999 est.).
Unemployment rate: 7% (1999 est.).
Budget: revenues: $646 million; expenses: $629 million, including capital investments – $85 million (1999).
Spheres of economy: seafood processing (mainly shrimp and Greenland halibut), handicrafts, furs, small shipbuilding.
Growth in industrial production: no data available.
Electricity generation: 250 million kWh (1999).
Sources of electricity generation: fossil fuels: 41%; hydropower: 59%; nuclear fuel: 0%; others: 0%; note: Greenland is shifting its electricity generation from fossil fuels to hydropower (1999).
Electricity consumption: 232.5 million kWh (1999).
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: fodder, garden vegetables; sheep, reindeer; fish.
Export: $276 million (free on board, 1999)
Export items: fish and seafood 94%.
Export partners: EU (mainly Denmark) 85%, Japan 8%, USA 2% (1999).
Import: $400 million (S.I.F., 1999).
Imports: machinery and transport equipment, manufactured goods, foodstuffs, petroleum products.
Import partners: EU (mainly Denmark), Norway, USA, Canada.
External debt: $25 million (1999). Economic aid recipient: $380 million (subsidies from Denmark) (1999).
Donor Economic Assistance:
Currency: Danish krone.
Currency code: DKK.
Exchange rate: DKK/USD – 7.951 (January 2001), 8.083 (2000), 6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799 (1996).
Fiscal year: calendar year.
Telecommunications Telephone lines: 25,617 (late 1999).
Mobile cell phones: 12,676 (late 1999).
Telephone system: Satisfactory domestic and international service provided by satellite, cable and microwave radio relay; in 1995, the transition to digital equipment was fully completed; internal: microwave radio relay; international: satellite earth stations – 12 Intelsat, 1 Eutelsat, 2 America GE-2 (all – Atlantic Ocean).
Broadcast stations: AM -5, FM -12, shortwave – 0 (1998).
Radio receivers: 30,000 (1998 est.).
Television broadcast stations: 1 community station, several low power local stations, and three USAF stations (1997).
TVs: 30,000 (1998).
Internet country code: gl
Internet service providers: 1 (2000).
Number of users: 4,008 (2000).
Transport Railways: 0 km.
Roads: total: 150 km; coated: 60 km; unpaved: 90 km.
Ports and harbours: Kangerlussuaq, Nanortalik, Narsarsuaq, Nuuk (Godhob), Sisimiut (Holstenborg), Aasiat (Egedesminde), Ilulissat (Jacobshavn), Quaquortok (Yulianhab), Tasiilak (March 2001).
Merchant fleet: total: 2 vessels (displacement 1,000 tons or more) with a total displacement of 3,289 gross register tons / 1,500 long tons of gross tonnage; ships of different types: cargo ships – 1, passenger ships – 1 (2000 est.).
Airports: 13 (2000 est.).
Airports with paved runways: total: 8; over 3,047 m: 1; from 2438 to 3047 m: 1; from 1524 to 2437 m:1; from 914 to 1,523 m: 1; less than 914 m: 4 (2000 est.).
Airports with unpaved runways: total: 5; from 1,524 to 2,437 m: 1; from 914 to 1523 m:3; less than 914 m: 1 (2000 est.).