Economy of Greenland

Economy of Greenland
Nuuk skyline at night
CurrencyDanish krone (DKK, kr.)
calendar year
Country group
High-income economy[1]
Statistics
PopulationIncrease 56,653 (2021)[2]
GDP
  • Increase $3.235 billion (nominal, 2021)[3]
  • Increase $3.857 billion (PPP, 2021 est.)[4]
GDP rank
GDP growth
2.8% (2019)
0.2% (2020)
1.3% (2021)[3]
GDP per capita
  • Increase $57,116 (nominal, 2021)[3]
  • Increase $68,081 (PPP, 2021 est.)[4]
GDP per capita rank
GDP by sector
Population below poverty line
16.2% (2015 est.)[4]
Positive decrease 33.9 medium (2015 est.)[4]
Labour force
  • 26,840 (2015 est.)[4]
  • Increase 60% employment rate (2015)[6]
Labour force by occupation
UnemploymentPositive decrease 9.1% (2015 est.)[4]
Main industries
fish processing (mainly shrimp and Greenland halibut); Oil, gold, niobium, tantalite, uranium, iron, and diamond mining; handicrafts, hides, skins, small shipyards
External
ExportsIncrease $1.49 billion (2022)[7]
Export goods
fish and fish products[7]
Main export partners
ImportsIncrease $1.05 billion (2022)[7]
Import goods
machinery and transport equipment, manufactured goods, food, petroleum products
Main import partners
Positive decrease $36.4 million (2010)[4]
Public finances
13% of GDP (2015 est.)[4]
+5.6% (of GDP) (2016 est.)[4]
Revenues1.719 billion (2016 est.)[4]
Expenses1.594 billion (2016 est.)[4]
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.[8] Greenland's economy consists of a large public sector and comprehensive[9] 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.[8]

  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. ^ a b c "Greenland - Data". data.worldbank.org. World Bank. Retrieved January 5, 2025.
  4. ^ a b c d e f g h i j k l m "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 22 August 2019.
  5. ^ 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.
  6. ^ "Employment to population ratio, 15+, total (%) (national estimate)". data.worldbank.org. World Bank. Retrieved 22 August 2019.
  7. ^ a b c d e "Greenland (GRL) Exports, Imports, and Trade Partners". oec.world. OEC. Retrieved January 5, 2025.
  8. ^ a b "Greenland – Its Economy and Resources" (PDF). ARCTIC. Archived from the original (PDF) on 2011-07-06. Retrieved 20 February 2011.
  9. ^ 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.


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