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Economic activity

Current trends in the Greenlandic economy

Greenland is faced with considerable economic problems. Activity has been declining for some years and emigration is reducing the population. Catches of prawn, which is the most economically important species in Greenlandic fisheries, continue to fall. On the other hand, export prices for fish and shellfish have risen strongly, which has generated good earnings for large parts of the fisheries sector. Catches of other traditional species have not been able to make up for the declining catches, but mackerel could turn out to be important. Activities in connection with extraction of and exploration for raw materials have diminished considerably. At present, no mines are in operation, but during 2015 one company will start to extract rubies. Following a trough in 2014, investment in building and construction is set to rise this year. At the same time, there are indications that private consumption has ceased to fall. Hence, economic growth is expected to become positive this year, but there are no signs that a solution is being found to the large structural problems in the form of a very narrow business sector in Greenland. In the slightly longer term, Greenland is faced with a challenge as the baby boomers from the 1960s reach retirement age.