"Greenland is dependen on it's fishing and export industry " Explain
Answers
The economy of Greenland can be characterized as small, mixed and vulnerable. Greenland's economy consists of a large public sector and comprehensive 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.
Economy ofGreenland
Nuuk skyline at night
CurrencyDanish krone (DKK, kr.)
Fiscal year
calendar year
Country group
High-income economyStatisticsPopulation 56,367 (2020)[2]GDP
$2.714 billion (nominal, 2016)$2.413 billion (PPP, 2015 est.)[4]
GDP rank
— (nominal, 2017)— (PPP, 2015)
GDP growth
−2.5% (2015) 4.7% (2016)0.5% (2017) 3.2% (2018)
GDP per capita
$48,296 (nominal, 2016)[6] $41,800 (PPP, 2015 est.)
GDP per capita rank
— (nominal, 2017)— (PPP, 2015)
GDP by sector
agriculture: 15.9%industry: 10.1%services: 73.9%(2015 est.)
Population below poverty line
16.2% (2015 est.)
Gini coefficient
33.9 medium (2015 est.)
Human Development Index
0.839 high (2010)(N/A rank, non-UN member)
Labour force
26,840 (2015 est.) 60% employment rate (2015)
Labour force by occupation
agriculture: 15.9%industry: 10.1%services: 73.9%(2015 est.)
Unemployment 9.1% (2015 est.)
Main industries
fish processing (mainly shrimp and Greenland halibut); Oil, gold, niobium, tantalite, uranium, iron, and diamond mining; handicrafts, hides, skins, small shipyardsExternalExports $407.1 million (2015 est.)
Export goods
fish and fish products 91% (2015 est.)
Main export partners
Denmark 82.5% Iceland 4.4%(2017)
Imports $783.5 million (2015 est.)
Import goods
machinery and transport equipment, manufactured goods, food, petroleum products
Main import partners
Denmark 69.7% Sweden 10.5%(2017)
Gross external debt
$36.4 million (2010)Public finances
Public debt
13% of GDP (2015 est.
Budget balance
+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)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
GDP per capita is close to the average for European economies, but the economy is critically dependent upon substantial support from the Danish government, which supplies about half the revenues of the Self-rule Government, which in turn employs 10,307 Greenlanders out of 25,620 currently in employment (2015). Unemployment nonetheless remains high, with the rest of the economy dependent upon demand for exports of shrimp and fish.