Trade & Business

With its strong political and economic ties to Denmark, Greenland has a hybrid economy that draws on its natural resources to drive its economic production. The country's GDP exceeds $1 billion, which represents a respectable $20,000 GDP per capita, although the unemployment rates has been as high as 10% in recent years due to difficulties in the export section and questionable public policy decisions. Of the $1 billion of GDP, nearly $400 million represents experts, the majority of which are from its fishing and mineral deposit materials.

Nearly 2/3 of the country's trade is with Denmark, it's parent country, while G Breenland also has substantial trade with Japan and China for its natural resources. The country largely exports shrimp, gold and oil, which it imports machinery to process the materials as well as petroleum from its European trading partners, including Denmark and Sweden. The country's economic policies generate over $1.3 billion in revenue annually, including over $500 million in aid from Denmark, leaving the country with a relatively small debt burden. Public policy has been relatively conservative, resulting in low, stable inflation rates close to 2% and a relatively low tax burden.

With a strong reliance upon fishing exports and economic aid from Denmark, the country has a limited number of options given its lack of economic diversity. While the country previously exported zinc and lead, the last of those materials was mined in the 1980s, although the government has made efforts to partner with international resource companies to explore for further materials.

Nuna is the hybrid public private resource exploration company, which works with global firms to expand mineral and oil production. In recent years the country has seen a growth in its aluminum sector, with the opening of processing plants in recent years due to increased global demand.