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The economy remains critically dependent on exports of shrimp and fish and on a substantial subsidy - about $650 million in 2009 - from the Danish Government, which supplies nearly 60% of government revenues. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. Greenland's GDP contracted about 2% in 2009 as a result of the global economic slowdown. Budget surpluses turned to deficits beginning in 2007 and unemployment has risen. During the last decade the Greenland Home Rule Government (GHRG) pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care and retirement systems. The Greenlandic economy has benefited from increasing catches and exports of shrimp, Greenland halibut and, more recently, crabs. Due to Greenland's continued dependence on exports of fish - which account for 82% of exports - the economy remains very sensitive to foreign developments. International consortia are increasingly active in exploring for hydrocarbon resources off Greenland's western coast, and international studies indicate the potential for oil and gas fields in northern and northeastern Greenland. In May 2007 a US aluminum producer concluded a memorandum of understanding with the Greenland Home Rule Government to build an aluminum smelter and a power generation facility, which takes advantage of Greenland's abundant hydropower potential. Tourism also offers another avenue of economic growth for Greenland, with increasing numbers of cruise lines now operating in Greenland's western and southern waters during the peak summer tourism season.
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$2.03 billion (2008 est.)
country comparison to the world: 182
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$2.03 billion (2008 est.)
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1.5% (2008 est.)
country comparison to the world: 93
4% (2007 est.)
2.6% (2006 est.)
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$35,900 (2007 est.)
country comparison to the world: 32
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agriculture: 4.9%
industry:
31.9%
services:
63.2%
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28,240 (January 2009)
country comparison to the world: 204
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agriculture: 4.9%
industry:
31.9%
services:
63.2% (2007 est.)
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6.8% (2007 est.)
country comparison to the world: 61
7.3% (2006 est.)
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9.2% (2007)
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lowest 10%: NA%
highest 10%:
NA%
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revenues: $1.47 billion
expenditures:
$1.51 billion (2007)
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9.4% (2008 est.)
country comparison to the world: 190
1% (2005 est.)
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forage crops, garden and greenhouse vegetables; sheep, reindeer; fish
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fish processing (mainly shrimp and Greenland halibut); gold, niobium, tantalite, uranium, iron and diamond mining; handicrafts, hides and skins, small shipyards
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NA%
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310.3 million kWh (2008 est.)
country comparison to the world: 167
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285.6 million kWh (2008 est.)
country comparison to the world: 168
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0 kWh (2008)
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0 kWh (2008)
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NA bbl/day (2009 est.)
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4,000 bbl/day (2009 est.)
country comparison to the world: 174
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1,183 bbl/day (2008)
country comparison to the world: 122
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5,172 bbl/day (2008 est.)
country comparison to the world: 157
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NA bbl (1 January 2009 est.)
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0 cu m (2008)
country comparison to the world: 107
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0 cu m (2008)
country comparison to the world: 180
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0 cu m (2008)
country comparison to the world: 73
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0 cu m (2008)
country comparison to the world: 172
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0 cu m (1 January 2009 est.)
country comparison to the world: 173
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$485 million (2008)
country comparison to the world: 167
$428 million (2007)
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fish and fish products 72%, metals 10% (2008)
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Denmark 61.13%, Japan 13.69%, China 6.15%, Sweden 5.21% (2009)
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$867 million (2008)
country comparison to the world: 173
$669 million (2007)
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machinery and transport equipment, manufactured goods, food, petroleum products
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Denmark 74.93%, Sweden 11.73%, Norway 2.29% (2009)
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$58 million (2009)
country comparison to the world: 187
$25 million (1999)
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Danish kroner (DKK) per US dollar - 5.4742 (2009), 5.0236 (2008), 5.4797 (2007), 5.9468 (2006), 5.9969 (2005)
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