Economy of Greenland

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The Economy of Greenland suffered negative growth in the early 1990s, but since 1993 the economy has improved. The Greenland Home Rule Government (GHRG) has pursued a tight fiscal policy since the late 1980s which has helped create surpluses in the public budget and low inflation. Since 1990, Greenland has registered a foreign trade deficit following the closure of the last remaining lead and zinc mine in 1990.

The economy remains critically dependent on exports of fish, whaling and textiles 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. Companies are exploring hydrocarbon and mineral deposits. There have been several offshore licensing rounds since 2002 with a number of successful bids by multinational oil companies in partnership with NUNAOIL the state oil company for blocks. Press reports in early 2007 indicated that two international aluminum companies were considering building smelters in Greenland to take advantage of local hydropower potential. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs. Air Greenland and Continental Airlines used to have direct flights to the U.S. east coast from May 2007 to April 2008 but these are now discontinued.

GDP:

  • official exchange rate - $1 700 million (2005)

Agriculture - products:

Electricity - production:

  • 295 million kWh (2004)

Electricity - consumption:

  • 274.4 million kWh (2004)

Electricity - production by source:

  • 100% (1998)

Electricity - exports:

  • 0 kWh (2004)

Electricity - imports:

  • 0 kWh (2004)

Oil - production:

  • 0 bbl/d (0 m3/d) (2004 est.)

Oil - consumption:

  • 3,860 bbl/d (614 m3/d) (2004 est.)

Exchange rates:

  • Danish kroner (DKr) per US$1 - 4.707 (2008) ,5.9468 (2006), 5.669 (2005), 5.9911 (2004), 6.5877 (2003), 7.8947 (2002), 8.3228 (2001), 7.336 (January 2000), 6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799 (1996), 5.602 (1995)

See also

Faroe Islands Greenland

French Polynesia Mayotte New Caledonia Saint Barthélemy Saint Martin Saint Pierre and Miquelon Wallis and Futuna

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