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Current Trends in the Greenlandic Economy - Part 1

After a few years of high growth compared with most European countries, the development in the Greenlandic economy reversed in 2012. Particularly a decline in fisheries and lower oil exploration activity made a negative contribution to the development, while the block grant from Denmark and income from agreements with the EU are stable sources of income. The fisheries sector has seen favourable economic development due to rising prices for fish and shellfish, which contributed to a slight reduction of the trade deficit in 2012. The Greenlandic government has had relatively moderate deficits on its current, investment and lending budget, CIL. The government's gross debt remains modest, but has risen to just under 5 per cent of GDP. A further decline in activity is expected in 2013 due to lower prawn quotas and diminished raw material exploration activity. Nevertheless, extraction of raw materials should be regarded as the most realistic supplement to fisheries as an export sector in future, but with considerable uncertainty.