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	$3.235 billion (nominal, 2021); $3.857 billion (PPP, 2021 est.);
GDP rank	— (nominal, 2021); — (PPP, 2021);
GDP growth	2.8% (2019); 0.2% (2020); 1.3% (2021)
GDP per capita	$57,116 (nominal, 2021); $68,081 (PPP, 2021 est.);
GDP per capita rank	— (nominal, 2021); — (PPP, 2021);
GDP by sector	agriculture: 17.5%; industry: 16.5%; services: 62.7%; (2021 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	$1.49 billion (2022)
Export goods	fish and fish products
Main export partners	European Union 54%; China 23.8%; United Kingdom 5.78%; Japan 5.18%; Taiwan 3.44%; United States 2.46%; (2022);
Imports	$1.05 billion (2022)
Import goods	machinery and transport equipment, manufactured goods, food, petroleum products
Main import partners	European Union 92.5% ; Iceland 2.7%; Canada 2.66%; United States 0.58%; Norway 0.31%; (2022);
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)
	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. Greenland's economy is hampered by lack of infrastructure with less than 100 miles of paved roads. However as of 2012, partly due to the retreating ice sheet due to climate change, Greenland was starting to emerge as a territory rich with untapped mining resources.