overning overseas administrative division of Denmark)
Flag:
two equal horizontal bands of white (top) and red with a large disk
slightly to the hoist side of center - the top half of the disk is
red, the bottom half is white

@Greenland, Economy

Overview:
Greenland's economic situation at present is difficult. Unemployment
is increasing, and prospects for economic growth in the immediate
future are dim. Following the closing of the Black Angel lead and zinc
mine in 1989, Greenland became almost completely dependent on fishing
and fish processing, the 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 central government
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:
capacity:
84,000 kW
production:
176 million kWh
consumption per capita:
3,060 kWh (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
E