Arctic Region > Greenland > Economy

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Agriculture > products forage crops, garden and greenhouse vegetables; sheep, reindeer; fish
Budget > Expenditures	$1,270,000,000.00		[123rd of 165]
Budget > Revenues	$1,360,000,000.00		[119th of 166]
Debt > External	$25,000,000.00		[9th of 136]
Economic aid > Recipient	$512,000,000.00		[37th of 134]
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.
Exchange rates Danish kroner per US dollar - 5.9911 (2004), 6.5877 (2003), 7.8947 (2002), 8.3228 (2001), 8.0831 (2000)
Exports	$480,000,000.00		[156th of 189]
Exports > Commodities fish and fish products 94% (prawns 63%)
Exports to US	$4,900,000.00		[145th of 224]
Fiscal year	calendar year
GDP	$1,100,000,000.00		[158th of 203]
GDP (purchasing power parity)	$1,100,000,000.00		[2nd of 187]
GDP > Real growth rate	2%		[163rd of 198]
Imports	$712,000,000.00		[163rd of 185]
Inflation rate (consumer prices)	1%		[178th of 192]
Trade balance with US	-$3,900,000.00		[126th of 224]
World Trade > Imports > Mech transmission equipment	150		[129th of 137]
World Trade > Imports > Special industrial machines nes	781		[136th of 144]
World Trade > Imports > Special transactions nes	36,353		[54th of 118]

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