Greenland's industry, including construction, value added (current LCU) was 4.23 billion in 2023, the latest year in the World Bank's World Development Indicators. That is up 54.62% from 2.73 billion in 2013 (4.45% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 4.23 billion | 2023 |
| Five years earlier | 3.51 billion | 2018 |
| Ten years earlier | 2.73 billion | 2013 |
| Highest | 4.35 billion | 2022 |
| Lowest | 1.5 billion | 2003 |
| Average since 2014 | 3.54 billion | 2014–2023 |
| First recorded | 1.5 billion |
What the numbers say
In 2023, Greenland's industry, including construction, value added (current LCU) fell 2.9% on 2022 (from 4.35 billion to 4.23 billion).
Across the 19 yearly changes before that (2004 to 2022), the average change was +6% and a typical year strayed about 8% from that (the standard deviation). This year's change was 1.1 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.
On record, the biggest yearly rise was 21.8% in 2020 and the biggest yearly fall was 8.4% in 2014. 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 upward, about 195.66 million a year. A straight line explains 92% 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
- New Zealand — 1st of 5: 81.14 billion
- Liechtenstein — 3rd of 5: 2.9 billion
- Aruba — 4th of 5: 726.83 million
- Isle of Man — 5th of 5: 454.88 million
What this measures
Industry (including construction) corresponds to ISIC (Rev.4) divisions 05-43. It is comprised of mining, manufacturing, construction, electricity, water, and gas industries. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.
All 21 values
| Year | Industry, including construction, value added (current LCU) |
|---|---|
| 2023 | 4,227,800,000 |
| 2022 | 4,352,400,000 |
| 2021 | 3,930,400,000 |
| 2020 | 4,175,000,000 |
| 2019 | 3,426,800,000 |
| 2018 | 3,514,400,000 |
| 2017 | 3,202,900,000 |
| 2016 | 3,223,300,000 |
| 2015 | 2,866,200,000 |
| 2014 | 2,503,700,000 |
Industry, including construction, value added (current LCU) in nearby economies
- Albania — 578.72 billion (2025)
- Andorra — 509.31 million (2025)
- Armenia — 2.61 trillion (2025)
- Austria — 122.99 billion (2025)
- Azerbaijan — 51.01 billion (2025)
- Belarus — 90.53 billion (2025)
- Belgium — 119.46 billion (2025)
- Bosnia and Herzegovina — 12.18 billion (2025)
- Bulgaria — 24.61 billion (2025)
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 industry, including construction, value added (current LCU)?
- 4.23 billion in 2023, according to the World Bank (World Development Indicators).
- How has it changed since 2003?
- It is up 181.37% from 1.5 billion in 2003 (5.31% a year on average, compounded). The highest value was 4.35 billion in 2022 and the lowest 1.5 billion in 2003.
- Is the latest change in industry, including construction, value added (current LCU) unusual for Greenland?
- In 2023, Greenland's industry, including construction, value added (current LCU) fell 2.9% on 2022 (from 4.35 billion to 4.23 billion). Across the 19 yearly changes before that (2004 to 2022), the average change was +6% and a typical year strayed about 8% from that (the standard deviation). This year's change was 1.1 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.
Source
World Bank, World Development Indicators, indicator NV.IND.TOTL.CN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; 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.
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