The state of play in the Greenlandic business environment
Despite the lingering effects of the COVID-19 pandemic, the story of the Greenlandic economy in 2021 is mostly positive. GDP growth is thought to have increased compared to 2020, while unemployment has continued to decline. There are, however, significant differences between sectors of the economy:
- Both the number of passengers flying to Greenland and the revenue in the Greenlandic retail sector have increased.
- Greenlandic companies in the service sector are optimistic about the future, although COVID-19 is still mentioned as a limiting factor.
- The value of exports from the Greenlandic fishing sector has decreased in 2021.
- The value of imports of construction materials has increased substantially in 2021, indicating growth in the Greenlandic construction sector. However, the companies in our survey also point to increasing difficulties in hiring the necessary workers.
With this edition of the ‘Konjunkturbarometer’, we conclude our series of biannual, survey-based assessments of the Greenlandic economy. We would like to thank all the companies in Greenland that have participated in our surveys during the past 10 years.