Greenland

Greenland (Greenlandic: Kalaallit Nunaat, "The Land of the Greenlanders (Kalaallit)"; Danish: Grønland) is a self-governed Danish territory. An Arctic island nation located in North America by geography, culture and demographics, Greenland is part of Europe politically. The Atlantic Ocean and Iceland lie to Greenland's Southeast; the Greenland Sea to the East; the Arctic Ocean to the North; Baffin Bay and Canada to the West. Greenland is the world's largest island, and is the largest dependent territory by area in the world. About 81 percent of its surface is covered by ice, known as the Greenlandic ice cap.

Economy

Greenland suffered economic contraction in the early 1990s, but since 1993 the economy has improved. The Greenland Home Rule Government (GHRG) has pursued a tight fiscal policy since the late 1980s which has helped create surpluses in the public budget and low inflation. Since 1990, Greenland has registered a foreign trade deficit following the closure of the last remaining lead and zinc mine in 1990. Greenland today is critically dependent on fishing and fish exports; the shrimp fishing industry is by far the largest income earner. Despite resumption of several interesting hydrocarbon and mineral exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential and even this is limited due to a short season and high costs. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. About half the government revenues come from grants from the Danish Government, an important supplement to the gross domestic product.

Related Topics:
1990s - 1993 - 1980s - 1990 - Lead - Zinc - Fishing - Fish - Shrimp - Hydrocarbon - Mineral - Tourism - Gross domestic product

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