Economy of Greenland

Economy of Greenland
	Nuuk skyline at night
Currency	Danish krone (DKK, kr.)
Fiscal year	calendar year
Country group	High-income economy
Statistics
Population	56,653 (2021)
GDP	$2.714 billion (nominal, 2016); $2.413 billion (PPP, 2015 est.);
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); $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	0.786 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 shipyards
External
Exports	$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
Government debt	13% of GDP (2015 est.)
Budget balance	+5.6% (of GDP) (2016 est.)
Revenues	1.719 billion (2016 est.)
Expenses	1.594 billion (2016 est.)
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.

The economy of Greenland is 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.

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.

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