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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. GDP: |
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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. GDP: |
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forage crops, garden vegetables; sheep, reindeer; fish |
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forage crops, garden vegetable?s; sheep?, reindeer?; fish |
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Denmark 89%, Japan 5%, UK 5% |
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Denmark 89%, Japan 5%, UK 5% |
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machinery and transport equipment, manufactured goods, food and live animals, petroleum products |
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machinery and transport equipment, manufactured goods, food and live animals, petroleum products |
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Denmark 7.5%, Iceland 3.8%, Japan 3.3%, Norway 3.1%, US 2.4%, Germany 2.4%, Sweden 1.8% |
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Denmark 7.5%, Iceland 3.8%, Japan 3.3%, Norway 3.1%, US 2.4%, Germany 2.4%, Sweden 1.8% |
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1 Danish krone (DKr) = 100 oere |
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1 [Danish krone]? (DKr) = 100 oere |
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