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Current Trends in the Greenlandic Economy - Part 1

Greenland was only to a moderate extent affected by the international economic crisis, since the block grant from Denmark and the extent of fishing are independent of the global business cycle. Construction activity has been considerable, together with extensive oil and mineral exploration activities. However, the exploration is offset primarily by large imports of services. Recent years have seen vary large deficits on the trade balance as a result of rising imports and stagnating exports. Since 2007, with the exception of a single year, the Greenlandic government had a deficit on its current, investment and lending budget, CIL, but so far this has not generated net government debt, and the gross debt is very low. There is a considerable risk that economic activity will decline in 2012, given the reduced prawn quotas and – presumably temporarily – declining oil and mineral exploration activity.