[{"bbox": [85, 153, 1145, 207], "category": "Text", "text": "only 25% of men are in such jobs. Men are overrepresented especially in fishing and construction, but also in trade, industry and transport⁷."}, {"bbox": [85, 232, 1145, 390], "category": "Text", "text": "The objectives of the Greenland Education Programme, which aim at raising the education seeking behaviour for the young population groups finalising primary school and efforts to reduce dependency of imported high skilled labour, therefore still holds high relevance. According to the GEC, Greenland's economy has managed comparatively well through the crises of recent years. The observed trend is expected to continue in 2023 with GEC forecasts on 0.8% growth in real GDP, cf. table above, in line with the forecasted EU average growth rate on 0.8% for 2023⁸."}, {"bbox": [85, 418, 1145, 525], "category": "Text", "text": "The economy grew by 1.2% in 2021 with economic progress continuing in 2022, due mainly to the construction activity related to the large airports construction projects in the cities of Nuuk and Ilulissat, complemented by contribution from the fishery sector. After some difficult years during the COVID pandemic, tourism also rebounded strongly in 2022. The number of cruise ships visiting Greenland have increased significantly in 2022."}, {"bbox": [85, 541, 1145, 621], "category": "Text", "text": "The construction sector constitutes a significant indicator for the business cycle of the Greenlandic economy. Measured by number of jobs and production value, the construction sector is 3-4 times larger than the tourism industry."}, {"bbox": [85, 647, 1145, 807], "category": "Text", "text": "In addition to the two main components, construction and consumption, the fisheries sector also contributed to economic growth. The export value for 2022 increased to DKK 5.927 million (EUR 794.278) from DKK 5.059 million (EUR 677.906) in 2021 (an increase of 17.2%). Exports of fish and fish products make up the bulk of revenue from abroad and are worth over DKK 5 billion (EUR 0.7 billion), equivalent to roughly 91% of total goods exported. This makes the economy very vulnerable to fluctuations in the fisheries sector, for example, with regard to prices and quota sizes."}, {"bbox": [85, 832, 1145, 992], "category": "Text", "text": "Inflationary pressure has been modest as compared to other countries. In July 2022, consumer prices were 2.2% higher than the previous year. In particular energy prices have risen far less than in the rest of the world. The publicly owned company Polaroil also has obligation to supply oil and diesel products to Greenland via a service contract. Before Russia's war against Ukraine, price protection agreements were concluded for the period 2021 to 2023. The fixed prices for oil products have so far shielded the Greenland economy from price increases on energy products and accordingly the price protection agreements contribute to the modest inflation."}, {"bbox": [85, 1017, 1145, 1122], "category": "Text", "text": "GEC expects inflation just over 5% in 2023, the highest inflation rate observed since 2008-2009. Inflation in Greenland is mainly related to international developments. With the expiry of the Polaroil price protection agreement on oil products at the end of 2023, GEC foresees uncertainty for the development of consumer prices in 2024."}, {"bbox": [85, 1151, 445, 1177], "category": "Section-header", "text": "### Assessment of macroeconomic policies"}, {"bbox": [85, 1177, 1145, 1387], "category": "Text", "text": "Greenland's economy has shown sound growth rates before the COVID-19 pandemic with 2.3% in 2019 and the economy also seem to be coping well with the challenges related to the disruptions in global economy related to Russia's war against Ukraine, in particular global high inflation, thanks to specifics and structural characteristics attached to the Greenland economy. For instance, fisheries have been affected only marginally by changes in global economic conditions where uncertainty is primarily related to the price development of seafood. Finally, the large public sector and the Danish block grant, constituting more than half of public revenues (approximately 55%), provides a significant stabiliser against the Greenland economy's vulnerability to and dependence on international economic conditions."}, {"bbox": [85, 1416, 1145, 1496], "category": "Text", "text": "The long-term political goal of the Government of Greenland is to establish a more independent economy based on its own resources and with a greater integration into the global economy. Currently the Greenlandic public finances are still strongly dependent on the block grant from Denmark, which amounts to approximately DKK 3.9 billion"}, {"bbox": [85, 1547, 926, 1571], "category": "Footnote", "text": "⁷ Annex to State party report for the eighth periodic review p. 8–9 & CEDAW/C/DNK/9 para. 248."}, {"bbox": [85, 1570, 1091, 1621], "category": "Footnote", "text": "⁸ Cf. https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/winter-2023-economic-forecast-eu-economy-set-avoid-recession-headwinds-persist_en"}, {"bbox": [1038, 1682, 1145, 1706], "category": "Page-footer", "text": "Page 9 of 32"}]