Growth of Greenland's Economy in 2021

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    Greenland’s economy will contract this year as a result of a slowdown in activity related to the coronavirus outbreak, but growth can be expected to return next year, the government’s panel of independent economic advisors predicts in its most recent outlook.

    “Greenland’s economy has been impacted differently by the current situation than most other countries have, given the economy’s unique structure,” Økonomisk Råd wrote in its spring report.

    The conclusion reiterates the panel’s previous findings, citing fisheries and a hefty subsidy from Copenhagen — two of the most important components of Greenland’s economy — as two of the main reasons why the country will be able to avoid a long-term economic decline related to coronavirus-related restrictions on commerce and travel.

    After falling by an expected 8 percent in the second quarter of this year, the overall decline in 2020 will be around 1.5 percent. Next year, growth will resume at a rate of perhaps 5 percent — though much will depend on economic activity abroad.

    “As a result, the corona outbreak signals a significant shift from a period of growth and increasing employment. A contraction and a worsening of public finances is unavoidable. This will have an impact on our economic headroom and our fiscal policymaking in the years to come,” Økonomisk Råd said.

    The report points to tourism as the biggest economic victim of the coronavirus. It makes up just 3 percent of Greenland’s economy, but with a limited domestic market, the industry relies on foreign travellers.





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