Greenland

About Greenland

Background:

Greenland, the world's largest island, is about 81% ice-capped. Vikings reached the island in the 10th century from Iceland; Danish colonization began in the 18th century, and Greenland was made an integral part of Denmark in 1953. It joined the European Community (now the EU) with Denmark in 1973, but withdrew in 1985 over a dispute centered on stringent fishing quotas. Greenland was granted self-government in 1979 by the Danish parliament; the law went into effect the following year. Greenland voted in favor of increased self-rule in November 2008 and acquired greater responsibility for internal affairs in June 2009. Denmark, however, continues to exercise control of Greenland's foreign affairs, security, and financial policy in consultation with Greenland's Home Rule Government.

PEOPLE

Population:
57,600 (July 2009 est.)
country comparison to the world: 205

Nationality:
noun: Greenlander(s)
adjective: Greenlandic

Ethnic groups:
Greenlander 88% (Inuit and Greenland-born whites), Danish and others 12% (2000)

Religions:
Evangelical Lutheran

Languages:
Greenlandic (East Inuit) (official), Danish, English

GOVERNMENT

Country Name:
conventional long form: none
conventional short form: Greenland
local long form: none
local short form: Kalaallit Nunaat

Government type:
parliamentary democracy within a constitutional monarchy

Capital:
name: Nuuk (Godthab)
geographic coordinates: 64 11 N, 51 45 W
time difference: UTC-3 (2 hours ahead of Washington, DC during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
note: Greenland is divided into four time zones

Independence:
none (extensive self-rule as part of the Kingdom of Denmark; foreign affairs is the responsibility of Denmark, but Greenland actively participates in international agreements relating to Greenland)

Flag description:
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; the design represents the sun reflecting off a field of ice; the colors are the same as those of the Danish flag and symbolize Greenland's links to the Kingdom of Denmark

ECONOMY

Economy - overview:
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.

GDP (purchasing power parity):
$2 billion (2007 est.)
country comparison to the world: 182

GDP - per capita (PPP):
$35,400 (2007 est.)
country comparison to the world: 33

Budget:
revenues: $1.47 billion
expenditures: $1.51 billion (2007)

Inflation rate (consumer prices):
9.4% (2008 est.) 1% (2005 est.)
country comparison to the world: 189

Industries:
fish processing (mainly shrimp and Greenland halibut); gold, niobium, tantalite, uranium, iron and diamond mining; handicrafts, hides and skins, small shipyards

Exports:
$485 million (2008); $428 million (2007)
country comparison to the world: 166

Imports:
$867 million (2008); $669 million (2007)
country comparison to the world: 171

Exchange rates:
Danish kroner (DKK) per US dollar - 5.4742 (2009), 5.0236 (2008), 5.4797 (2007), 5.9468 (2006), 5.9969 (2005)