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Greenland today is dependent on fishing and fish exports. The shrimp and fish industry is by far the largest income earner.[58] Despite resumption[when?] of several hydrocarbon and mineral exploration activities, it will take several years before hydrocarbon production can materialize. The state oil company Nunaoil was created to help develop the hydrocarbon industry in Greenland. The state company Nunamineral has been launched on the Copenhagen Stock Exchange to raise more capital to increase the production of gold, started in 2007. Mining of ruby deposits began in 2007. Other mineral prospects are improving as prices are increasing. These include iron, uranium, aluminium, nickel, platinum, tungsten, titanium, and copper. Electricity has traditionally been generated by oil or diesel power plants, even if there is a large surplus of potential hydropower. Because of rising oil prices, there is a programme to build hydro power plants. The first, and still the largest, is Buksefjord hydroelectric power plant. There are also plans to build a large aluminium smelter, using hydropower to create an exportable product. It is expected that much of the labour needed will be imported.[59] The European Union has urged Greenland to restrict People's Republic of China development of rare-earth projects, as China accounts for 95 percent of the world's current supply. In early 2013, the Greenland government said that it had no plans to impose such restrictions.[60] The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy. About half the government revenues come from grants from the Danish government, an important supplement to the gross domestic product (GDP). Gross domestic product per capita is equivalent to that of the average economies of Europe. Greenland suffered an economic contraction in the early 1990s. But, since 1993, the economy has improved. The Greenland Home Rule Government (GHRG) has pursued a tight fiscal policy since the late 1980s, which has helped create surpluses in the public budget and low inflation. Since 1990, Greenland has registered a foreign trade deficit following the closure of the last remaining lead and zinc mine that year. More recently,[when?] new sources of ruby in Greenland have been discovered, promising to bring new industry and a new export to the country. (See Gemstone industry in Greenland). Transportation Main articles: Transport in Greenland and List of airports in Greenland Air Greenland Airbus A330 at Kangerlussuaq Airport Helicopter and Dash-7 aircraft at Qaarsut Airport The Sarfaq Ittuk, which belongs to the Arctic Umiaq Line Air transportation exists both within Greenland and between the island and other nations. There is also scheduled boat traffic, but the long distances lead to long travel times and low frequency. There are no roads between cities because the coast has many fjords that would require ferry service to connect a road network,[citation needed] Also the lack of agriculture, forestry and similar countryside activities has meant that very few countryside roads have been built. All civil aviation matters are handled by the Civil Aviation Administration Denmark. Kangerlussuaq Airport around 100 km (60 miles) from the west coast is the major airport of Greenland and the hub for domestic flights. Intercontinental flights connect mainly to Copenhagen. In May 2007, Air Greenland initiated a seasonal route to and from Baltimore in the United States,[61] but on 10 March 2008, the route was cancelled because of financial losses.[62] In 2012, Air Greenland commenced seasonal, biweekly flights between Nuuk and Iqaluit.[63] Working in tandem with First Air passengers can then continue to Ottawa.[64] Air Iceland began operating a twice-weekly Keflavík-Ilulissat route in July 2009.[65] In addition to these routes there are scheduled international flights between Narsarsuaq and Copenhagen. Air Iceland operates routes between Reykjavík and Narsarsuaq, Ilulissat, Nuuk on the west coast and Kulusuk, Ittoqqortoormiit on the east coast. Sea passenger and freight transport is served by the coastal ferries operated by Arctic Umiaq Line. It makes a single round trip per week, taking 80 hours each direction. Demographics Main article: Demographics of Greenland See also: List of Greenlanders Greenland has a population of 56,370 (January 2013 estimate),[4] of whom 88% are Greenlandic Inuit (including mixed persons). The remaining 12% are of white European descent, mainly Greenland Danes. Several thousand Greenlandic Inuit reside in Denmark proper. The majority of the population is Lutheran. Nearly all Greenlanders live along the fjords in the south-west of the main island, which has a relatively mild climate.[66] Over 16,000 people reside in Nuuk, the capital city. |
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