*Greenland, Economy
Overview:
Greenland's economic situation at present is difficult and unemployment
increases. Prospects for economic growth in the immediate future are not
bright. The Home Rule Government's economic restraint measures introduced in
the late 1980s have assisted in shifting red figures into a balance in the
public budget. Foreign trade produced a surplus in 1989 and 1990, but has
now returned to a deficit. Following the closing of the Black Angel lead and
zinc mine in 1989, Greenland today is fully dependent on fishing and fish
processing, this sector accounting for 95% of exports. Prospects for
fisheries are not bright, as the important shrimp catches will at best
stabilize and cod catches have dropped. Resumption of mining and hydrocarbon
activities is not around the corner, thus leaving only tourism with some
potential for the near future. The public sector in Greenland, i.e. the HRG
and its commercial entities and the municipalities, plays a dominant role in
Greenland accounting for about two thirds of total employment. About half
the government's revenues come from grants from the Danish Government.
National product:
GNP - purchasing power equivalent - $500 million (1988)
National product real growth rate:
-10% (1990)
National product per capita:
$9,000 (1988)
Inflation rate (consumer prices): 1.6% (1991)
Unemployment rate:
9% (1990 est.)
Budget:
revenues $381 million; expenditures $381 million, including capital
expenditures of $36 million (1989)
Exports:
$340.6 million (f.o.b., 1991)
commodities:
fish and fish products 95%
partners:
Denmark 79%, Benelux 9%, Germany 5%
Imports:
$403 million (c.i.f., 1991)
commodities:
manufactured goods 28%, machinery and transport equipment 24%, food and live
animals 12.4%, petroleum products 12%
partners:
Denmark 65%, Norway 8.8%, US 4.6%, Germany 3.8%, Japan 3.8%, Sweden 2.4%
External debt:
$480 million (1990 est.)
Industrial production:
growth rate NA%
Electricity:
84,000 kW capacity; 176 million kWh produced, 3,060 kWh per capita (1992)
Industries:
fish processing (mainly shrimp), lead and zinc mining, handicrafts, some
small shipyards, potential for platinum and gold mining
Agriculture:
sector dominated by fishing and sheep raising; crops limited to forage and
small garden vegetables; 1988 fish catch of 133,500 metric tons
Economic aid:
none
Currency:
1 Danish krone (DKr) = 100 re
*Greenland, Economy
Exchange rates:
Danish kroner (DKr) per US$1 - 6.236 (January 1993), 6.036 (1992), 6.396
(1991), 6.189 (1990), 7.310 (1989), 6.732 (1988)
Fiscal year:
calendar year
*Greenland, Communications
Highways:
80 km
Ports:
Kangerluarsoruseq (Faeringehavn), Paamiut (Frederikshaab), Nuuk (Godthaab),
Sisimiut (Holsteinsborg), Julianehaab, Maarmorilik, North Star Bay
Airports: total:
11
usable:
8
with permanent-surface runways:
5
with runways over 3,659 m:
0
with runways 2,440-3,659 m:
2
with runways 1,220-2,439 m:
2
Telecommunications:
adequate domestic and international service provided by cables and microwave
radio relay; 17,900 telephones; broadcast stations - 5 AM, 7 (35 repeaters)
FM, 4 (9 repeaters) TV; 2 coaxial submarine cables; 1 Atlantic Ocean
INTELSAT earth station
*Greenland, Defense Forces
Note: defense is responsibility of Denmark
*Grenada, Geography
Location:
in the eastern Caribbean Sea, about 150 im north of Trinidad and Tobago
Map references:
Central America and the Caribbean, South America, Standard Time Zones of the
World
Area:
total area:
340 km2
land area:
340 km2
comparative area:
slightly less than twice the size of Washington, DC
Land boundaries:
0 km
Coastline:
121 km
Maritime claims:
exclusive economic zone:
200 nm
territorial sea:
12 nm
International disputes:
none
Climate:
tropical; tempered by northeast trade winds
Terrain:
volcanic in origin with central mountains
Natural resources:
timber, tropical fruit, deepwater harbors
Land use:
arable land:
15%
permanent crops:
26%
meadows and pastures:
3%
forest and woodland:
9%
other:
47%
Irrigated land:
NA km2
Environment:
lies on edge of hurricane belt; hurricane season lasts from June to November
Note:
islands of the Grenadines group are divided politically with Saint Vincent
and the Grenadines