Economy of Greenland

Greenland is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Greenland is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Greenland exports around $0.38 billion and imports roughly $0.81 billion. 9.1% of population in the country are unemployed. The total number of unemployed people in Greenland is 5,147. In Greenland, 16% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Greenland is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. The Gini Index of the country is 34. Greenland is experiencing good equality. The majority of citizens in Greenland fall within a narrow range of income, although some cases may show significant differences.

Currency

The currency of Greenland is Danish krone. The plural form of the word Danish krone is kroner. The symbol used for this currency is kr, and it is abbreviated as DKK. The Danish krone is divided into Ore; there are 100 in one krone.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Greenland.

Central bank

In Greenland, the institution that manages the state's currency, money supply, and interest rates is called National Bank of Denmark. Locally, the central bank of Greenland is called Danmarks Nationalbank.

Public debt

Greenland has a government debt of 18.8% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Greenland is set at 30%. VAT in Greenland is 25%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Greenland is $2.133 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Greenland was last recorded at $0 million. PPP in Greenland is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Greenland is 2,418 billion. Based on this statistic, Greenland is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Greenland was last recorded at $43 million. The average citizen in Greenland has low wealth. Countries with low wealth per capita often have slightly lower life expectancies and lower quality of living among citizens. It can be difficult to find highly skilled workers in countries with low wealth, as it is occasionally difficult for citizens to obtain the requisite education needed for specialized industries. Labor can be found for low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Greenland averaged 3% in 2014. According to this percentage, Greenland is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Greenland.

Industry

Major industries in the country are fish processing (mainly shrimp and Greenland halibut), gold, niobium, tantalite, uranium, iron and diamond mining, handicrafts, hides and skins, small shipyards. The total labor force of Greenland is 26,840 people, wherein 9.1% of population in the country are unemployed. The total number of unemployed people in Greenland is 5,147. To read more about industrial information within Greenland click on industry of Greenland.

Agriculture

There are 0 km² of arable land in Greenland, and it comprises 0% of the country's total territory. There are 0 km² of cultivated land in Greenland. The country's major agricultural crops and products are forage crops, garden and greenhouse vegetables, sheep, reindeer, fish.To read more about agriculture click on agriculture of Greenland.