Greenland has four time zones etymology: The economy is expanding after a period of decline. The economy contracted between and , grew by 1. The expansion has been driven by larger quotas for shrimp, the predominant Greenlandic export, and also by increased activity in the construction sector, especially in Nuuk, the capital.
Private consumption and tourism also are contributing to GDP growth more than in previous years. The public sector, including publicly owned enterprises and the municipalities, plays a dominant role in Greenland's economy.
During the last decade the Greenland Self Rule Government pursued conservative fiscal and monetary policies, but public pressure has increased for better schools, health care, and retirement systems. The government plans a balanced budget for the โ20 period. Significant challenges face the island, including low levels of qualified labor, geographic dispersion, lack of industry diversification, the long-term sustainability of the public budget, and a declining population due to emigration.
Hydrocarbon exploration has ceased with declining oil prices. The island has potential for natural resource exploitation with rare-earth, uranium, and iron ore mineral projects proposed, but a lack of infrastructure hinders development.
Vikings reached the island in the 10th century from Iceland; Danish colonization began in the 18th century, and Greenland became an integral part of the Danish Realm in It joined the European Community now the EU with Denmark in but withdrew in over a dispute centered on stringent fishing quotas. Greenland was granted self-government in by the Danish parliament; the law went into effect the following year.
