The GDP composition of Greenland in 2023 reveals a diverse economy with the services sector leading at 46.74%, indicating a robust service-oriented market. Agriculture, hunting, forestry, and fishing account for 12.75%, closely followed by wholesale, retail trade, restaurants, and hotels at 12.66%. Transport, storage, and communication contributes 12.63% to the GDP. The construction sector adds 9.3%, while mining, manufacturing, and utilities contribute the least at 5.92%. Over the past two years, Greenland’s economy has shifted slightly towards services and trade as key growth areas. The five-year CAGR suggests steady growth across all sectors, with services showing the strongest uptick.
Future trends to watch include the potential increase in mining activities due to rising global demand for rare earth elements. Climate change impacts could also reshape the agriculture and fishing sectors, potentially influencing GDP contributions. Technological advancements might spur growth in communications and transportation, offering new opportunities for economic diversification.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 46.74 | 2016 | |
| 2 | 2 Agriculture, hunting, forestry, fishing | 12.75 | 2016 | |
| 3 | 3 Wholesale, retail trade, restaurants and hotels | 12.66 | 2016 | |
| 4 | 4 Transport, storage and communication | 12.63 | 2016 | |
| 5 | 5 Construction | 9.3 | 2016 | |
| 6 | 6 Mining, Manufacturing, Utilities | 5.92 | 2016 |
