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Economic activity

Current Trends in the Greenlandic Economy

Greenland is faced with considerable economic problems. Economic activity declined in 2012 and 2013 and there are several indications that this continues into 2014. The downturn follows a number of years with strong growth. Activities in connection with extraction of and exploration for raw materials have diminished considerably, and investment in building and construction has also declined. Catches of prawns, the economically most important segment of Greenlandic fisheries, are decreasing, and the possibilities of increasing catches of traditional species must be deemed to be limited. But experimental fishing for mackerel may turn out to be of great significance. Thanks to favourable prices for fish and shellfish, finances are good in large parts of the fisheries sector, which contributed to reduction of the trade deficit and small government surpluses in 2012 and 2013.