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.
GDP (purchasing power parity):
$1.1 billion (2001 est.)
GDP (official exchange rate):
$1.7 billion (2005)
GDP - real growth rate:
2% (2005 est.)
GDP - per capita (PPP):
$20,000 (2001 est.)