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Greenland Economy 1996

Overview:

Greenland's economic situation at present is difficult. Unemployment is increasing, and prospects for economic growth in the immediate future are dim. Following the closing of the Black Angel lead and zinc mine in 1989, Greenland became almost completely dependent on fishing and fish processing, the sector accounting for 95% of exports. Prospects for fisheries are not bright, as the important shrimp catches will at best stabilize and cod catches have dropped. Resumption of mining and hydrocarbon activities is not around the corner, thus leaving only tourism with some potential for the near future. The public sector in Greenland, i.e., the central government and its commercial entities and the municipalities, plays a dominant role in Greenland accounting for about two-thirds of total employment. About half the government's revenues come from grants from the Danish Government.

National product:

GDP - purchasing power parity - $NA

National product real growth rate:

NA%

National product per capita:

$NA

Inflation rate (consumer prices):

1.3% (1993 est.)

Unemployment rate:

6.6% (1993 est.)

Budget:

revenues:

$667 million

expenditures:

$635 million, including capital expenditures of $103.8 million (1993 est.)

Exports:

$330.5 million (f.o.b., 1993 est.)

commodities:

fish and fish products 95%

partners:

Denmark 79%, Benelux 9%, Germany 5%

Imports:

$369.6 million (c.i.f., 1993 est.)

commodities:

manufactured goods 28%, machinery and transport equipment 24%, food and live animals 12.4%, petroleum products 12%

partners:

Denmark 65%, Norway 8.8%, US 4.6%, Germany 3.8%, Japan 3.8%, Sweden 2.4%

External debt:

$297.1 million (1993)

Industrial production:

growth rate NA%

Electricity:

capacity:

84,000 kW

production:

210 million kWh

consumption per capita:

3,361 kWh (1993)

Industries:

fish processing (mainly shrimp), lead and zinc mining, handicrafts, some small shipyards, potential for platinum and gold mining

Agriculture:

sector dominated by fishing and sheep raising; crops limited to forage and small garden vegetables; 1988 fish catch of 133,500 metric tons

Economic aid:

none

Currency:

1 Danish krone (DKr) = 100 oere

Exchange rates:

Danish kroner (DKr) per US$1 - 6.034 (January 1995), 6.361 (1994), 6.484 (1993), 6.036 (1992), 6.396 (1991), 6.189 (1990)

Fiscal year:

calendar year

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