Political and economic information
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News about the Government in greenland
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Greenland's Energy Ways
After looking over how Greenland uses oil, it seems as if they do not produce or consume oil at all. There production and consumption is 0 bbl/day while they don’t produce petroleum they consume 3,897 bbl/day. As well, they do use electricity from fossil fuels and produce 276.6 million kWh and consume 279 million Kwh, which explains how to they don’t live without oil. This was very surprising to me that they don’t use or produce oil and rather use electricity and petroleum products. On the contrary, they do not use cars because the towns are far apart; they mostly use helicopters and planes to travel. Understanding that they use other resources also makes me want to live there to better understand how the families live there.
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Resources in greenland
Fishing is the main industry and product recourse in Greenland. They are famous for crustaceans and fish. For these essentials in the world, they need to make sure that the bed in Disko Bay are maintained and disturbed by the people not associated with Greenland’s distribution. “Fishing is the lifeline and primary industry of the Greenlandic economy. The most commercial resources are shrimps, Greenland halibut and recently the reintroduction of cod. The fleet consists of about 850 vessels of various sizes and there is an estimated figure of 5000 smaller boats. Greenland has the legislative competence for the fisheries sector and fishing is regulated by quotas and license regulations on the basis of biological advice to ensure a sustainable use of the natural resources (Naalakkersuisut)”.
To learn and understand more about the exports and imports, the countries that will be using them and what they are can be found in my blog post titled Globalization.
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ECONOMIC SYSTEM Questions
Greenland is a country that is capitalistic mixed with economy, which means that it is a “system that allows a level of private economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims. This type of economic system is less efficient than capitalism, but more efficient than socialism (investopedia)”. One of the changes that are happening in Greenland is that they are gradually switching from fossil fuel to hydropower for electricity production. As well, in their economy, they greatly depend on fishing industries and large fish exports.
In the Unite states the unemployment rate was 4.6% while Greenland was at 6.8% in 2007. In 2007 Greenland’s poverty was below the line by 9.2%. This tells us that even though they had a higher poverty rate then the United States, they are still able to get another job quickly and keep their homes. For their labor force, Greenland’s popular occupation is services (63.2%), industry (31.9%), and agriculture (4.9%). To support all of this information, Greenland must have a budget to make decisions and in 2010 there budget for expenditures was $1.68 billion. There budget revenue in 2013 was $1.72 billion making for what they spent even out and still have money for repairs or hiring more people in the three popular occupations. To add on, in 2007 there budget revenues per capita was $26,090.
As of 2011, Greenland’s GDP is $2.133 billion in purchasing power parity while in the exchange rate the GDP is $2.16 billion. The growth rate for GDP has increased by 3% and in 2008 the GDO per capita (PPP) was $38,400.
Resources:
In the Unite states the unemployment rate was 4.6% while Greenland was at 6.8% in 2007. In 2007 Greenland’s poverty was below the line by 9.2%. This tells us that even though they had a higher poverty rate then the United States, they are still able to get another job quickly and keep their homes. For their labor force, Greenland’s popular occupation is services (63.2%), industry (31.9%), and agriculture (4.9%). To support all of this information, Greenland must have a budget to make decisions and in 2010 there budget for expenditures was $1.68 billion. There budget revenue in 2013 was $1.72 billion making for what they spent even out and still have money for repairs or hiring more people in the three popular occupations. To add on, in 2007 there budget revenues per capita was $26,090.
As of 2011, Greenland’s GDP is $2.133 billion in purchasing power parity while in the exchange rate the GDP is $2.16 billion. The growth rate for GDP has increased by 3% and in 2008 the GDO per capita (PPP) was $38,400.
Resources:
- Greenland Economy Stats.(2015).NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Greenland/Economy/All-stats.
- "Greenland Labor Stats.(2015).NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Greenland/Labor
- CIA World Factbook.(2014).Greenland Economy Profile 2014. Retrieved from http://www.indexmundi.com/greenland/economy_profile.html.
- Inforplease.(2014).Greenland. Retrieved from http://www.infoplease.com/encyclopedia/people/greenland-economy.html.
- Infoplease.(2014).United States Unemployment Rate. Retrieved from http://www.infoplease.com/ipa/A0104719.html
- Index Mundi.(2014).Greenland Population Below Poverty Line. Retrieved from http://www.indexmundi.com/greenland/population_below_poverty_line.html.