Greenland: Economy
Economy
Fishing (shrimp, halibut, salmon, and cod) is the main industry, and processing plants have been constructed in the south and southwest. Some of the world's largest shrimp beds are in Disko Bay. In the north and east seals, foxes, and polar bears are hunted. Seabirds are hunted for their flesh, eggs, and down. Reindeer are herded and there is extensive sheep breeding in the southern area.
Gold, zinc, and rubies and pink sapphires are mined. Deposits of cryolite and lead that were important to Greenland's mining industry have been largely worked out. Other lead deposits as well as uranium, rare earths, copper, coal, oil, and molybdenum exist, but many are difficult to extract. Attempts to develop tourism have progressed slowly. The country is gradually shifting its electricity production from fossil fuel to hydropower.
Greenland has gradually modernized its economy but still depends heavily on its fishing industry, and fish products are its largest export. The country must import most machinery and transportation equipment, manufactured goods, food, and petroleum products. Tourism is being developed. Significant financial support from Denmark, however, remains essential. Greenland has benefited from greatly improved air transportation and telecommunications in recent years.
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