The CIA World Factbook Every edition, 1990 to 2025 Arctic Region
Economic overview Greenland, in 36 editions.
The entry for Greenland published Economic overview in 36 editions of 36, from 1990 to 2025. The text changed in 27 editions. Each is shown as published. Economic overview in every entry.
- editions changed the text
- 27
- the first edition with it
- 1990
- the latest edition with it
- 2025
Published as “Overview” (1990 to 1995), “Economic overview” (1996 to 2025), “Economy - overview” (1997 to 2019), “Economy-overview” (1998) and “Economy--overview” (1999).
field in that editiontext changed from the edition beforenot in that editionthe edition shownChoose an edition on the strip beside the text, or step through them with the arrows. Mark changes compares it with the edition before: the marks are ours, words added and words removed.
2025 edition
Changed since 2024Published as “Overview”
Over the past 25 years, the economy has changed from one based on subsistence whaling, hunting, and fishing to one dependent on foreign trade. Fishing is still the most important industry, accounting for over two-thirds of exports and about 25% of the population's income. Exploitation of mineral resources is limited to lead and zinc. Maintenance of a social welfare system similar to Denmark's has given the public sector a dominant role in the economy. Greenland is heavily dependent on an annual subsidy of about $400 million from the Danish Government.
Over the past 25 years, the economy has changed from one based on subsistence whaling, hunting, and fishing to one dependent on foreign trade. Fishing is still the most important industry, accounting for over two-thirds of exports and about 25% of the population's income. Exploitation of mineral resources is limited to lead and zinc. Maintenance of a social welfare system similar to Denmark's has given the public sector a dominant role in the economy. Greenland is heavily dependent on an annual subsidy of about $400 million from the Danish Government.
Published as “Overview”
Over the past 25 years, the economy has changed from one based on subsistence whaling, hunting, and fishing to one dependent on foreign trade. Fishing is still the most important industry, accounting for over 75% of exports and about 25% of the population's income. Maintenance of a social welfare system similar to Denmark's has given the public sector a dominant role in the economy. In 1990, the economy became critically dependent on shrimp exports and an annual subsidy (now about $355 million) from the Danish Government because cod exports had fallen, the zinc and lead mine closed, and a large promising platinum and gold mine was not yet operational.
Greenland has signed a contract for its largest construction project, a power plant to supply the capital. To avoid a decline in the economy, Denmark has agreed to pay 75% of the costs of running Sondrestrom Airbase and Kulusuk Airfield as civilian bases after the US withdraws in 1992.
Over the past 25 years, the economy has changed from one based on subsistence whaling, hunting, and fishing to one dependent on foreign trade. Fishing is still the most important industry, accounting for over two-thirds 75% of exports and about 25% of the population's income. Exploitation of mineral resources is limited to lead and zinc. Maintenance of a social welfare system similar to Denmark's has given the public sector a dominant role in the economy. Greenland is heavily In 1990, the economy became critically dependent on shrimp exports and an annual subsidy of (now about $400 million $355 million) from the Danish Government. Government because cod exports had fallen, the zinc and lead mine closed, and a large promising platinum and gold mine was not yet operational. Greenland has signed a contract for its largest construction project, a power plant to supply the capital. To avoid a decline in the economy, Denmark has agreed to pay 75% of the costs of running Sondrestrom Airbase and Kulusuk Airfield as civilian bases after the US withdraws in 1992.
Published as “Overview”
Over the past 25 years, the economy has changed from one based on subsistence whaling, hunting, and fishing to one dependent on foreign trade. Fishing is still the most important industry, accounting for over 75% of exports and about 25% of the population's income. Maintenance of a social welfare system similar to Denmark's has given the public sector a dominant role in the economy. In 1990, the economy became critically dependent on shrimp exports and on an annual subsidy (now about $500 million) from the Danish Government because cod exports dropped off and commercial mineral production stopped.
As of 1992, the government also has taken control of the health sector from Denmark. The new Home Rule government installed in March 1991 has decided to end much of the central control of the economy and to open it wider to competitive forces.
Over the past 25 years, the economy has changed from one based on
subsistence whaling, hunting, and fishing to one dependent on foreign trade.
Fishing is still the most important industry, accounting for over 75% of
exports and about 25% of the population's income. Maintenance of a social
welfare system similar to Denmark's has given the public sector a dominant
role in the economy. In 1990, the economy became critically dependent on
shrimp exports and on an annual subsidy (now about $355 $500 million) from the
Danish Government because cod exports had fallen, the zinc and lead mine closed, and a large promising platinum dropped off and gold mine was not yet operational. Greenland commercial mineral
production stopped. As of 1992, the government also has signed a contract for its largest construction project, a power plant to supply taken control of the capital. To avoid a decline
health sector from Denmark. The new Home Rule government installed in the economy, Denmark March
1991 has agreed decided to pay 75% end much of the costs central control of running Sondrestrom Airbase and Kulusuk Airfield as civilian bases after the US withdraws in 1992. economy and to
open it wider to competitive forces.
Published as “Overview”
Greenland's economic situation at present is difficult and unemployment increases. Prospects for economic growth in the immediate future are not bright. The Home Rule Government's economic restraint measures introduced in the late 1980s have assisted in shifting red figures into a balance in the public budget. Foreign trade produced a surplus in 1989 and 1990, but has now returned to a deficit. Following the closing of the Black Angel lead and zinc mine in 1989, Greenland today is fully dependent on fishing and fish processing, this 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 HRG 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.
Rewritten: too little of the 1992 text remains to mark the changes.
Greenland's economic situation at present is difficult and unemployment
increases. Prospects for economic growth in the immediate future are not
bright. The Home Rule Government's economic restraint measures introduced in
the late 1980s have assisted in shifting red figures into a balance in the
public budget. Foreign trade produced a surplus in 1989 and 1990, but has
now returned to a deficit. Following the closing of the Black Angel lead and
zinc mine in 1989, Greenland today is fully dependent on fishing and fish
processing, this 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 HRG
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.
Published as “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.
Greenland's economic situation at present is difficult and unemployment difficult. Unemploymentincreases. Prospects is increasing, and prospects for economic growth in the immediate
future are not dim. Following the closing of the Black Angel lead and
bright. The Home Rule Government's economic restraint measures introduced in
the late 1980s have assisted in shifting red figures into a balance in the
public budget. Foreign trade produced a surplus in 1989 and 1990, but has
now returned to a deficit.
mine in 1989, Greenland today is fully became almost completely dependent on fishing
and fishthis the sector accounting for 95% of exports.
Prospects for
catches will at best
Resumption of mining and hydrocarbon
corner, thus leaving only tourism with some
future. The public sector in Greenland, i.e. i.e., the HRG central government
and its commercial entities and the municipalities, plays a dominant
role intwo thirds two-thirds of total employment.
About half
Government.
Published as “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.
Greenland's economic situation at present is difficult. Unemployment
Unemployment is increasing, and prospects for economic growth in the immediate
immediate future are dim. Following the closing of the Black Angel
lead and zinc
dependent on fishing
95% of exports.
important shrimpdropped.
dropped. Resumption of mining and hydrocarbon activities is not around the
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.
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, 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, an important supplement of GDP.
Greenland's economic situation at present is difficult.
difficult. Unemployment is increasing, and prospects for economic
growth in the
Black Angelcompletely
completely dependent on fishing and fish processing, the sector
accounting for
bright, as the
cod catches have
activities is not around
some potential for the nearsector in Greenland, sector, i.e., the
central government
municipalities, plays a dominantGreenland Greenland, accounting for
about two-thirds of total employment.
revenues come from grants from the Danish Government, an importantGovernment. supplement of GDP.
Published as “Economy - overview”
Greenland suffered negative economic growth in the early 1990s, but since 1993 the economy has improved. Nonetheless, prospects for substantial economic growth in the near future are poor. The Greenland Home Rule Government (GHRG) has pursued a light 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 1989.
Greenland today is critically dependent on fishing and fish exports; the shrimp fishery is by far the largest income earner. Despite resumption of several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near term potential and even this is limited due to a short season and high costs. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. About half the government revenues come from grants from the Danish Government, an important supplement of GDP.
Rewritten: too little of the 1996 text remains to mark the changes.
Greenland suffered negative economic growth in the
early 1990s, but since 1993 the economy has improved. Nonetheless,
prospects for substantial economic growth in the near future are poor.
The Greenland Home Rule Government (GHRG) has pursued a light 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 1989. Greenland today is critically dependent on
fishing and fish exports; the shrimp fishery is by far the largest
income earner. Despite resumption of several interesting hydrocarbon
and minerals exploration activities, it will take several years before
production can materialize. Tourism is the only sector offering any
near term potential and even this is limited due to a short season and
high costs. The public sector, including publicly owned enterprises
and the municipalities, plays the dominant role in Greenland's
economy. About half the government revenues come from grants from the
Danish Government, an important supplement of GDP.
Published as “Economy-overview”
Greenland suffered negative economic growth in the early 1990s, but since 1993 the economy has improved. The Greenland Home Rule Government (GHRG) has pursued a light 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 1989. Greenland today is critically dependent on fishing and fish exports; the shrimp fishery is by far the largest income earner.
Despite resumption of several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential and even this is limited due to a short season and high costs. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. About half the government revenues come from grants from the Danish Government, an important supplement of GDP.
Greenland suffered negative economic growth in the
early 1990s, but since 1993 the economy has improved. Nonetheless,The Greenland
prospects for substantial economic growth in the near future are poor.
Home Rule Government (GHRG) has pursued a light fiscal
the late 1980s which has helped create surpluses in the
and low inflation. Since 1990, Greenland has registered
trade deficit following the closure of the last remaining
zinc mine in 1989. Greenland today is critically dependent on
and fish exports; the shrimp fishery is by far the largest
earner. Despite resumption of several interesting hydrocarbon
minerals exploration activities, it will take several years before
production can materialize. Tourism is the only sector offering anynear term near-term potential and even this is limited due to a short season and
high costs. The public sector, including publicly owned enterprises
and the municipalities, plays the dominant role in Greenland's
economy. About half the government revenues come from grants from the
Danish Government, an important supplement of GDP.
Published as “Economy--overview”
Greenland suffered negative economic growth in the early 1990s, but since 1993 the economy has improved. The Greenland Home Rule Government (GHRG) has pursued a light 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 1989. Greenland today is critically dependent on fishing and fish exports; the shrimp fishery is by far the largest income earner.
Despite resumption of several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential and even this is limited due to a short season and high costs. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. About half the government revenues come from grants from the Danish Government, an important supplement of GDP.
Greenland suffered negative economic growth in the
the early 1990s, but since 1993 the economy has improved. The Greenland
Greenland Home Rule Government (GHRG) has pursued a light fiscal
policy since
public budget
registered a foreign
remaining lead and
dependent on fishing
the largest income
hydrocarbon and
several years before
sector offering any
to a short season and
publicly owned enterprises
dominant role in Greenland's
revenues come from grants from the
supplement of GDP.
Published as “Economy - overview”
Greenland suffered negative economic 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. Greenland today is critically dependent on fishing and fish exports; the shrimp fishery is by far the largest income earner.
Despite resumption of several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential and even this is limited due to a short season and high costs. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. About half the government revenues come from grants from the Danish Government, an important supplement of GDP.
Greenland suffered negative economic growth inlight tight fiscal1989. 1990. Greenland today is critically
The same text in 3 editions, 2001 to 2003.
Published as “Economy - overview”
The economy remains critically dependent on exports of fish 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. Despite several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs.
Rewritten: too little of the 2000 text remains to mark the changes.
The economy remains critically dependent on exports of fish 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. Despite several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs.
The same text in 2004 and 2005.
Published as “Economy - overview”
The economy remains critically dependent on exports of fish 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. Despite several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs.
The economy remains critically dependent on exports of fish and substantial support from the Danish Government, which supplies about half of government revenues. The public sector, including publicly owned publicly-owned enterprises and the municipalities, plays the dominant role in the economy. Despite several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs.
Published as “Economy - overview”
The economy remains critically dependent on exports of fish 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. Despite several interesting hydrocarbon and mineral exploration activities, it will take a number of years before production can materialize. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs.
The economy remains critically dependent on exports of fish 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. Despite several interesting hydrocarbon and minerals mineral exploration activities, it will take several a number of years before production can materialize. Tourism is the only sector offering any near-term potential, and even this is limited due to a short season and high costs.
Published as “Economy - overview”
The economy remains critically dependent on exports of fish 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. Several interesting hydrocarbon and mineral exploration activities are ongoing. 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 announced plans to begin summer-season direct flights to the U.S. east coast in May 2007 potentially opening a major new tourism market.
The economy remains critically dependent on exports of fish 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. Despite several Several interesting hydrocarbon and mineral exploration activities, it will activities are ongoing. Press reports in early 2007 indicated that two international aluminum companies were considering building smelters in Greenland to take a number advantage of years before production can materialize. 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 announced plans to begin summer-season direct flights to the U.S. east coast in May 2007 potentially opening a major new tourism market.
Published as “Economy - overview”
The economy remains critically dependent on exports of fish and a substantial subsidy 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. Several interesting hydrocarbon and mineral exploration activities are ongoing. 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 began summer-season direct flights to the US east coast in May 2007, potentially opening a major new tourism market.
The economy remains critically dependent on exports of fish and a substantial support subsidy from the Danish Government, which supplies about half of government revenues. The public sector, including publicly-owned publicly owned enterprises and the municipalities, plays the dominant role in the economy. Several interesting hydrocarbon and mineral exploration activities are ongoing. 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 announced plans to begin began summer-season direct flights to the U.S. US east coast in May 2007 2007, potentially opening a major new tourism market.
Published as “Economy - overview”
The economy remains critically dependent on exports of shrimp and fish and on a substantial subsidy - about $700 million in 2008-09 - from the Danish Government, which supplies about 60% of government revenues. The public sector, including publicly-owned enterprises and the municipalities, plays the dominant role in the economy. Several interesting hydrocarbon and mineral exploration activities are ongoing and in 2007 a US firm signed an agreement with the Greenland Home Rule government to study the feasibility of building a multi-billion dollar aluminum smelter and hydropower plant. Denmark plans to reduce its subsidies to Greenland as revenues from oil exports come onstream.
The economy remains critically dependent on exports of shrimp and fish and on a substantial subsidy - about $700 million in 2008-09 - from the Danish Government, which supplies about half 60% of government revenues. The public sector, including publicly owned publicly-owned enterprises and the municipalities, plays the dominant role in the economy. Several interesting hydrocarbon and mineral exploration activities are ongoing. Press reports ongoing and in early 2007 indicated that two international aluminum companies were considering building smelters in a US firm signed an agreement with the Greenland Home Rule government to take advantage of local hydropower potential. Tourism is study the only sector offering any near-term potential, and even this is limited due to feasibility of building a short season multi-billion dollar aluminum smelter and high costs. Air Greenland began summer-season direct flights hydropower plant. Denmark plans to the US east coast in May 2007, potentially opening a major new tourism market. reduce its subsidies to Greenland as revenues from oil exports come onstream.
The same text in 2010 and 2011.
Published as “Economy - overview”
The economy remains critically dependent on exports of shrimp and fish and on a substantial subsidy - about $650 million in 2009 - from the Danish Government, which supplies nearly 60% of government revenues. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's GDP contracted about 2% in 2009 as a result of the global economic slowdown.
Budget surpluses turned to deficits beginning in 2007 and unemployment has risen. During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems. The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which account for 82% of exports - the economy remains very sensitive to foreign developments.
International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland. In May 2007 a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential.
Within the area of mining, olivine sand continues to be produced and gold production has resumed in south Greenland. Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
Rewritten: too little of the 2009 text remains to mark the changes.
The economy remains critically dependent on exports of shrimp and fish and on a substantial subsidy - about $650 million in 2009 - from the Danish Government, which supplies nearly 60% of government revenues. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's GDP contracted about 2% in 2009 as a result of the global economic slowdown. Budget surpluses turned to deficits beginning in 2007 and unemployment has risen. During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems. The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which account for 82% of exports - the economy remains very sensitive to foreign developments. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland. In May 2007 a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Within the area of mining, olivine sand continues to be produced and gold production has resumed in south Greenland. Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The same text in 2012 and 2013.
Published as “Economy - overview”
The economy remains critically dependent on exports of shrimp and fish, income from resource exploration and extraction, and on a substantial subsidy from the Danish Government. The subsidy is budgeted to be about $650 million in 2012, approximately 56% of government revenues in 2012 for the year. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy.
Greenland's real GDP contracted about 1% in 2009 as a result of the global economic slowdown, but is estimated to have grown 2% in 2010 and 3% in 2011. The relative ease with which Greenland has weathered the economic crisis is due to increased hydrocarbon and mineral exploration and extraction activities, a high level of construction activity in the Nuuk area and the increasing price of fish and shrimp. During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems.
The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which accounted for 89% of exports in 2010 - the economy remains very sensitive to foreign developments. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland.
In May 2007 a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Within the area of mining, olivine sand continues to be produced and gold production has resumed in south Greenland, while rare-earth and iron ore mineral projects have been proposed or planned elsewhere on the island.
Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The economy remains critically dependent on exports of shrimp and fish fish, income from resource exploration and extraction, and on a substantial subsidy - from the Danish Government. The subsidy is budgeted to be about $650 million in 2009 - from the Danish Government, which supplies nearly 60% 2012, approximately 56% of government revenues. revenues in 2012 for the year. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's real GDP contracted about 2% 1% in 2009 as a result of the global economic slowdown. Budget surpluses turned slowdown, but is estimated to deficits beginning have grown 2% in 2007 2010 and unemployment 3% in 2011. The relative ease with which Greenland has risen. weathered the economic crisis is due to increased hydrocarbon and mineral exploration and extraction activities, a high level of construction activity in the Nuuk area and the increasing price of fish and shrimp. During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems. The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which account accounted for 82% 89% of exports in 2010 - the economy remains very sensitive to foreign developments. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland. In May 2007 a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Within the area of mining, olivine sand continues to be produced and gold production has resumed in south Greenland. Greenland, while rare-earth and iron ore mineral projects have been proposed or planned elsewhere on the island. Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
Published as “Economy - overview”
The economy remains critically dependent on exports of shrimp and fish, income from resource exploration and extraction, and on a substantial subsidy from the Danish Government. The subsidy was budgeted to be about $651 million in 2012, approximately 56% of government revenues that year. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's real GDP contracted about 1% in 2009 as a result of the global economic slowdown, but is estimated to have grown marginally in 2010-13.
The relative ease with which Greenland has weathered the economic crisis is due to increased hydrocarbon and mineral exploration and extraction activities, a high level of construction activity in the Nuuk area and the increasing price of fish and shrimp. During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems.
The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which accounted for 89% of exports in 2010 - the economy remains very sensitive to foreign developments. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland.
In May 2007 a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Within the area of mining, olivine sand continues to be produced and gold production has resumed in south Greenland, while rare-earth and iron ore mineral projects have been proposed or planned elsewhere on the island.
Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The economy remains critically dependent on exports of shrimp and fish, income from resource exploration and extraction, and on a substantial subsidy from the Danish Government. The subsidy is was budgeted to be about $650 $651 million in 2012, approximately 56% of government revenues in 2012 for the that year. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's real GDP contracted about 1% in 2009 as a result of the global economic slowdown, but is estimated to have grown 2% in 2010 and 3% marginally in 2011. 2010-13. The relative ease with which Greenland has weathered the economic crisis is due to increased hydrocarbon and mineral exploration and extraction activities, a high level of construction activity in the Nuuk area and the increasing price of fish and shrimp. During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems. The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which accounted for 89% of exports in 2010 - the economy remains very sensitive to foreign developments. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland. In May 2007 a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Within the area of mining, olivine sand continues to be produced and gold production has resumed in south Greenland, while rare-earth and iron ore mineral projects have been proposed or planned elsewhere on the island. Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
Published as “Economy - overview”
The economy remains critically dependent on exports of shrimp and fish, income from resource exploration and extraction, and on a substantial subsidy from the Danish Government. The subsidy was budgeted to be about $651 million in 2012, approximately 56% of government revenues that year.
The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's real GDP contracted about 1% in 2009 as a result of the global economic slowdown, but is estimated to have grown marginally in 2010-14.
During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems.
The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which accounted for 89% of exports in 2010 - the economy remains very sensitive to external demand.
The relative ease with which Greenland has weathered the economic crisis is due to increased hydrocarbon and mineral exploration and extraction activities, a high level of construction activity in the Nuuk area and the increasing price of fish and shrimp. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland.
In May 2007, a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Within the area of mining, olivine sand continues to be produced and gold production has resumed in south Greenland, while rare-earth and iron ore mineral projects have been proposed or planned elsewhere on the island.
Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The economy remains critically dependent on exports of shrimp and fish, income from resource exploration and extraction, and on a substantial subsidy from the Danish Government. The subsidy was budgeted to be about $651 million in 2012, approximately 56% of government revenues that year.
The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's real GDP contracted about 1% in 2009 as a result of the global economic slowdown, but is estimated to have grown marginally in 2010-13. The relative ease with which Greenland has weathered the economic crisis is due to increased hydrocarbon and mineral exploration and extraction activities, a high level of construction activity in the Nuuk area and the increasing price of fish and shrimp. 2010-14.
During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems.
The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which accounted for 89% of exports in 2010 - the economy remains very sensitive to foreign developments. external demand.
The relative ease with which Greenland has weathered the economic crisis is due to increased hydrocarbon and mineral exploration and extraction activities, a high level of construction activity in the Nuuk area and the increasing price of fish and shrimp. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland. In May 2007 2007, a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Within the area of mining, olivine sand continues to be produced and gold production has resumed in south Greenland, while rare-earth and iron ore mineral projects have been proposed or planned elsewhere on the island.
Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
Published as “Economy - overview”
The economy remains critically dependent on exports of shrimp and fish, income from resource exploration and extraction, and on a substantial subsidy from the Danish Government. The subsidy was budgeted to be about $535 million in 2015, approximately 56% of government revenues that year.
The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's real GDP contracted about 5% from 2012 to 2014. Real growth is projected for 2015 and 2016 due to increasing world prices for fish and shellfish, public construction activities, and to a small degree from increased revenues from small-scale mining.
During the last decade the Greenland Home Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The public budget exhibited a deficit of 2% of GDP in 2014, but public debt remains low at about 5% of GDP.
The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, mackerel. Due to Greenland's continued dependence on exports of fish - which accounted for 91% of exports in 2015 - the economy remains very sensitive to external demand and price fluctuations.
The Greenlandic economy is expected to expand in 2016, but significant challenges face the island. High unemployment, structural challenges stemming from low levels of qualified labor, geographic dispersion, an undiversified economy, the long-term sustainability of the public budget, and a declining population due to emigration. Catches in fisheries have been declining in recent years and a reversal in prices will quickly lead to vulnerabilities.
Hydrocarbon exploration has ceased with declining oil prices and currently only three mines are under development. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed.
Tourism offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The economy remains critically dependent on exports of shrimp and fish, income from resource exploration and extraction, and on a substantial subsidy from the Danish Government. The subsidy was budgeted to be about $651 $535 million in 2012, 2015, approximately 56% of government revenues that year.
The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's real GDP contracted about 1% in 2009 as a result of the global economic slowdown, but 5% from 2012 to 2014. Real growth is estimated projected for 2015 and 2016 due to have grown marginally in 2010-14. increasing world prices for fish and shellfish, public construction activities, and to a small degree from increased revenues from small-scale mining.
During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care care, and retirement systems. The public budget exhibited a deficit of 2% of GDP in 2014, but public debt remains low at about 5% of GDP.
The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. mackerel. Due to Greenland's continued dependence on exports of fish - which accounted for 89% 91% of exports in 2010 2015 - the economy remains very sensitive to external demand. demand and price fluctuations.
The relative ease with which Greenland has weathered the economic crisis Greenlandic economy is due expected to increased hydrocarbon and mineral exploration and extraction activities, a high level of construction activity expand in 2016, but significant challenges face the Nuuk area and island. High unemployment, structural challenges stemming from low levels of qualified labor, geographic dispersion, an undiversified economy, the increasing price long-term sustainability of fish and shrimp. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern public budget, and northeastern Greenland. In May 2007, a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government declining population due to build an aluminum smelter emigration. Catches in fisheries have been declining in recent years and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Within the area of mining, olivine sand continues reversal in prices will quickly lead to be produced vulnerabilities. Hydrocarbon exploration has ceased with declining oil prices and gold production currently only three mines are under development. The island has resumed in south Greenland, while rare-earth potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects have been proposed or planned elsewhere on the island. proposed.
Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
Published as “Economy - overview”
Greenland’s economy depends on exports of shrimp and fish, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to fluctuations in world demand. The subsidy from the Danish Government is budgeted to be about $535 million in 2017, more than 50% of government revenues, and 25% of GDP.
The economy is expanding after a period of decline. In 2016 the economy grew 4.6% compared to 1.1% in 2015 and negative growth in the years 2013-14. For 2017 the economy is expected to continue to expand at a more subdued rate. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital, where the harbor is being enlarged and a prison is under construction.
Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland has grown annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy. During the last decade the Greenland Home Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The budget was in deficit in 2014 and 2016, but public debt remains low at about 5% of GDP. The government plans a balanced budget for the 2017–20 period.
Significant challenges face the island, including low levels of qualified labor, geographic dispersion, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration. Catches in fisheries have been declining in recent years. Hydrocarbon exploration has ceased with declining oil prices and currently only three mines are under development. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed.
The Greenland’s economy remains critically dependent depends on exports of shrimp and fish, income from resource exploration and extraction, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to fluctuations in world demand. The subsidy was from the Danish Government is budgeted to be about $535 million in 2015, approximately 56% 2017, more than 50% of government revenues that year. revenues, and 25% of GDP.
The economy is expanding after a period of decline. In 2016 the economy grew 4.6% compared to 1.1% in 2015 and negative growth in the years 2013-14. For 2017 the economy is expected to continue to expand at a more subdued rate. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital, where the harbor is being enlarged and a prison is under construction. Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland has grown annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The public sector, including publicly owned enterprises and the municipalities, plays the a dominant role in Greenland's economy. Greenland's real GDP contracted about 5% from 2012 to 2014. Real growth is projected for 2015 and 2016 due to increasing world prices for fish and shellfish, public construction activities, and to a small degree from increased revenues from small-scale mining.During the last decade the Greenland Home Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The public budget exhibited a was in deficit of 2% of GDP in 2014, 2014 and 2016, but public debt remains low at about 5% of GDP.Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, mackerel. Due to Greenland's continued dependence on exports of fish - which accounted government plans a balanced budget for 91% of exports in 2015 - the economy remains very sensitive to external demand and price fluctuations. 2017–20 period.The Greenlandic economy is expected to expand in 2016, but significant Significant challenges face the island. High unemployment, structural challenges stemming from island, including low levels of qualified labor, geographic dispersion, an undiversified economy, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration. Catches in fisheries have been declining in recent years and a reversal in prices will quickly lead to vulnerabilities. years. Hydrocarbon exploration has ceased with declining oil prices and currently only three mines are under development. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed.
Tourism offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The same text in 2018 and 2019.
Published as “Economy - overview”
Greenland’s economy depends on exports of shrimp and fish, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to price fluctuations. The subsidy from the Danish Government is budgeted to be about $535 million in 2017, more than 50% of government revenues, and 25% of GDP. The economy is expanding after a period of decline. The economy contracted between 2012 and 2014, grew by 1.7% in 2015 and by 7.7%in 2016.
The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital. Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland grew annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy. During the last decade the Greenland Self Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The budget was in deficit in 2014 and 2016, but public debt remains low at about 5% of GDP. The government plans a balanced budget for the 2017–20 period.
Significant challenges face the island, including low levels of qualified labor, geographic dispersion, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration. Hydrocarbon exploration has ceased with declining oil prices. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed, but a lack of infrastructure hinders development.
Greenland’s economy depends on exports of shrimp and fish, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to fluctuations in world demand. price fluctuations. The subsidy from the Danish Government is budgeted to be about $535 million in 2017, more than 50% of government revenues, and 25% of GDP.In 2016 the The economy contracted between 2012 and 2014, grew 4.6% compared to 1.1% by 1.7% in 2015 and negative growth in the years 2013-14. For 2017 the economy is expected to continue to expand at a more subdued rate. by 7.7%in 2016. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital, where the harbor is being enlarged and a prison is under construction. capital. Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland has grown grew annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.Home Self Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The budget was in deficit in 2014 and 2016, but public debt remains low at about 5% of GDP. The government plans a balanced budget for the 2017–20 period.Catches in fisheries have been declining in recent years. Hydrocarbon exploration has ceased with declining oil prices and currently only three mines are under development. prices. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed. proposed, but a lack of infrastructure hinders development.
Greenland’s economy depends on exports of shrimp and fish, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to price fluctuations. The subsidy from the Danish Government is budgeted to be about $535 million in 2017, more than 50% of government revenues, and 25% of GDP. The economy is expanding after a period of decline. The economy contracted between 2012 and 2014, grew by 1.7% in 2015 and by 7.7%in 2016.
The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital. Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland grew annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy. During the last decade the Greenland Self Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The budget was in deficit in 2014 and 2016, but public debt remains low at about 5% of GDP. The government plans a balanced budget for the 2017–20 period.
Significant challenges face the island, including low levels of qualified labor, geographic dispersion, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration. Hydrocarbon exploration has ceased with declining oil prices. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed, but a lack of infrastructure hinders development.
Greenland’s economy depends on exports of shrimp and fish, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to price fluctuations. The subsidy from the Danish Government is budgeted to be about $535 million in 2017, more than 50% of government revenues, and 25% of GDP. The economy is expanding after a period of decline. The economy contracted between 2012 and 2014, grew by 1.7% in 2015 and by 7.7%in 2016. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital. Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland grew annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season. The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy. During the last decade the Greenland Self Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The budget was in deficit in 2014 and 2016, but public debt remains low at about 5% of GDP. The government plans a balanced budget for the 2017–20 period. Significant challenges face the island, including low levels of qualified labor, geographic dispersion, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration. Hydrocarbon exploration has ceased with declining oil prices. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed, but a lack of infrastructure hinders development.
Greenland’s economy depends on exports of shrimp and fish, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to price fluctuations. The subsidy from the Danish Government is budgeted to be about $535 million in 2017, more than 50% of government revenues, and 25% of GDP.
The economy is expanding after a period of decline. The economy contracted between 2012 and 2014, grew by 1.7% in 2015 and by 7.7%in 2016. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital. Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland grew annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy. During the last decade the Greenland Self Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The budget was in deficit in 2014 and 2016, but public debt remains low at about 5% of GDP. The government plans a balanced budget for the 2017–20 period.
Significant challenges face the island, including low levels of qualified labor, geographic dispersion, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration. Hydrocarbon exploration has ceased with declining oil prices. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed, but a lack of infrastructure hinders development.
Greenland’s economy depends on exports of shrimp and fish, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to price fluctuations. The subsidy from the Danish Government is budgeted to be about $535 million in 2017, more than 50% of government revenues, and 25% of GDP.
The economy is expanding after a period of decline. The economy contracted between 2012 and 2014, grew by 1.7% in 2015 and by 7.7%in 2016. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital. Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland grew annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy. During the last decade the Greenland Self Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The budget was in deficit in 2014 and 2016, but public debt remains low at about 5% of GDP. The government plans a balanced budget for the 2017–20 period.
Significant challenges face the island, including low levels of qualified labor, geographic dispersion, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration. Hydrocarbon exploration has ceased with declining oil prices. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed, but a lack of infrastructure hinders development.
Greenland’s economy depends on exports of shrimp and fish, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to price fluctuations. The subsidy from the Danish Government was budgeted to be about $535 million in 2017, more than 50% of government revenues, and 25% of GDP.
The economy is expanding after a period of decline. The economy contracted between 2012 and 2014, grew by 1.7% in 2015 and by 7.7%in 2016. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital. Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland grew annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy. During the last decade the Greenland Self Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The budget was in deficit in 2014 and 2016, but public debt remains low at about 5% of GDP. The government planned a balanced budget for the 2017–20 period.
Significant challenges face the island, including low levels of qualified labor, geographic dispersion, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration. Hydrocarbon exploration has ceased with declining oil prices. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed, but a lack of infrastructure hinders development.
Greenland’s economy depends on exports of shrimp and fish, and on a substantial subsidy from the Danish Government. Fish account for over 90% of its exports, subjecting the economy to price fluctuations. The subsidy from the Danish Government is was budgeted to be about $535 million in 2017, more than 50% of government revenues, and 25% of GDP.
The economy is expanding after a period of decline. The economy contracted between 2012 and 2014, grew by 1.7% in 2015 and by 7.7%in 2016. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital. Private consumption and tourism also are contributing to GDP growth more than in previous years. Tourism in Greenland grew annually around 20% in 2015 and 2016, largely a result of increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy. During the last decade the Greenland Self Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The budget was in deficit in 2014 and 2016, but public debt remains low at about 5% of GDP. The government plans planned a balanced budget for the 2017–20 period.
Significant challenges face the island, including low levels of qualified labor, geographic dispersion, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration. Hydrocarbon exploration has ceased with declining oil prices. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed, but a lack of infrastructure hinders development.
The same text in 2023 and 2024.
- large self-governing Danish territorial economy;
- preferential EU market access;
- high-income economy;
- dependent on Danish financial support, even for whaling and sealing industries;
- growing tourism;
- hydropower-fueled but environmentally fragile economy
Rewritten: too little of the 2022 text remains to mark the changes.
large self-governing Danish territorial economy; preferential EU market access; high-income economy; dependent on Danish financial support, even for whaling and sealing industries; growing tourism; hydropower-fueled but environmentally fragile economy
- high-income, self-governing Danish territorial economy;
- non-EU member but preferential market access;
- dependent on Danish financial support;
- exports led by fishing industry;
- growing tourism and interest in untapped mineral deposits;
- relies on hydropower for fuel
large high-income, self-governing Danish territorial economy; non-EU member but preferential EU market access; high-income economy; dependent on Danish financial support, even for whaling and sealing industries; support; exports led by fishing industry; growing tourism; hydropower-fueled but environmentally fragile economy tourism and interest in untapped mineral deposits; relies on hydropower for fuel
No edition has those words. Try a shorter word.
Cite this page
Central Intelligence Agency. “Greenland: Economic overview.” The World Factbook, 1990–2025 editions. Archived by The Factbook, thefactbook.org/greenland/economic-overview.