Greenland's external balance on goods and services (constant LCU) was -4.64 billion in 2023, the latest year in the World Bank's World Development Indicators. That is down 37.36% from -3.38 billion in 2013.
Key figures
| Value | Year | |
|---|---|---|
| Latest | -4.64 billion | 2023 |
| Five years earlier | -2.51 billion | 2018 |
| Ten years earlier | -3.38 billion | 2013 |
| Highest | -1.85 billion | 2014 |
| Lowest | -7.7 billion | 2011 |
| Average since 2014 | -3.45 billion | 2014–2023 |
| First recorded | -5.96 billion |
What the numbers say
In 2023, Greenland's external balance on goods and services (constant LCU) rose 181.5 million on 2022 (from -4.82 billion to -4.64 billion).
Across the 12 yearly changes before that (2011 to 2022), the average change was +94.93 million and a typical year strayed about 1.43 billion from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 3.61 billion in 2012 and the biggest yearly fall was 1.73 billion in 2011. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2014 to 2023 the straight-line trend is downward, about 359.33 million a year. A straight line explains 87% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
Closest to Greenland in the 2023 ranking
- United Arab Emirates — 1st of 2: 104.21 billion
What this measures
The balance of international trade in goods and services is the difference between the exports and imports of goods and services. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment varies by country. This series is expressed in local currency units.
All 14 values
| Year | External balance on goods and services (constant LCU) |
|---|---|
| 2023 | -4,642,800,000 |
| 2022 | -4,824,300,000 |
| 2021 | -4,943,500,000 |
| 2020 | -4,079,400,000 |
| 2019 | -4,062,200,000 |
| 2018 | -2,511,600,000 |
| 2017 | -2,515,700,000 |
| 2016 | -2,590,800,000 |
| 2015 | -2,520,300,000 |
| 2014 | -1,847,600,000 |
External balance on goods and services (constant LCU) in nearby economies
More economic policy & debt data for Greenland
- GDP (current US$) — US$3.33 billion (2023)
- GDP (current LCU) — 22.92 billion (2023)
- GDP (constant 2015 US$) — US$2.84 billion (2023)
- GDP (constant LCU) — 16.26 billion (2023)
- GDP per capita (current US$) — US$58,499 (2023)
- GDP per capita (current LCU) — 403,041 (2023)
- GDP per capita (constant 2015 US$) — US$49,930 (2023)
- GDP per capita (constant LCU) — 285,947 (2023)
- GDP (annual % growth) — 0.87% (2023)
- GDP per capita (annual % growth) — 0.5% (2023)
- Adjusted savings, carbon dioxide damage (current US$)
Reading data like this
Questions people ask
- What is Greenland's external balance on goods and services (constant LCU)?
- -4.64 billion in 2023, according to the World Bank (World Development Indicators).
- How has it changed since 2010?
- It is up 22.15% from -5.96 billion in 2010. The highest value was -1.85 billion in 2014 and the lowest -7.7 billion in 2011.
- Is the latest change in external balance on goods and services (constant LCU) unusual for Greenland?
- In 2023, Greenland's external balance on goods and services (constant LCU) rose 181.5 million on 2022 (from -4.82 billion to -4.64 billion). Across the 12 yearly changes before that (2011 to 2022), the average change was +94.93 million and a typical year strayed about 1.43 billion from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator NE.RSB.GNFS.KN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.
Legal entity
Devansh Yadav
Moradabad, Uttar Pradesh
Governing law: Courts at Moradabad, Uttar Pradesh
Phone: +91 8433475698
Legal: legal@analyzeit.in