Greenland: Inflation, GDP deflator (annual % growth)

Key figures

What the numbers say

In 2023, Greenland's inflation, GDP deflator (annual % growth) fell 3.74 percentage points on 2022 (from 5.61% to 1.86%).

Across the 30 yearly changes before that (1993 to 2022), the average change was +0.14 percentage points and a typical year strayed about 3.16 percentage points from that (the standard deviation). This year's change was 1.2 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 7.89 percentage points in 1974 and the biggest yearly fall was 7.07 percentage points in 2004. 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 there is no clear straight-line trend: a straight line explains 6% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

See how every economy compares in the full ranking.

Closest to Greenland in the 2023 ranking

• San Marino — 1st of 4: 7.36%
• Channel Islands — 2nd of 4: 5.75%
• Isle of Man — 3rd of 4: 3.2%

What this measures

Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.

Regional and income-group figures are computed by the World Bank as a median.

All 53 values

Inflation, GDP deflator (annual % growth) in nearby economies

• Albania — 1.45% (2025)
• Andorra — 2.63% (2025)
• Armenia — 3.57% (2025)
• Austria — 3.15% (2025)
• Azerbaijan — 0.57% (2025)
• Belarus — 10.92% (2025)
• Belgium — 2.56% (2025)
• Bosnia and Herzegovina — 3.01% (2025)
• Bulgaria — 7.41% (2025)
• Channel Islands — 5.75% (2023)

More financial sector data for Greenland

• DEC alternative conversion factor (LCU per US$) — US$6.62 (2025)
• Official exchange rate (LCU per US$, period average) — US$6.62 (2025)
• GDP deflator (base year varies by country) — 140.95 (2023)
• Inflation, GDP deflator, linked series (annual % growth) — 1.86% (2023)
• GDP deflator, linked series (base year varies by country) — 140.95 (2023)

Every indicator for Greenland is on the Greenland data page.

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Greenland's inflation, GDP deflator (annual % growth)?

1.86% in 2023, according to the World Bank (World Development Indicators).

How has it changed since 1971?

It is down 9.58 percentage points from 11.45% in 1971. The highest value was 16.43% in 1975 and the lowest -3.23% in 2005.

Is the latest change in inflation, GDP deflator (annual % growth) unusual for Greenland?

In 2023, Greenland's inflation, GDP deflator (annual % growth) fell 3.74 percentage points on 2022 (from 5.61% to 1.86%). Across the 30 yearly changes before that (1993 to 2022), the average change was +0.14 percentage points and a typical year strayed about 3.16 percentage points from that (the standard deviation). This year's change was 1.2 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.

Where does this data come from?

The World Bank's World Development Indicators, 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).

Source

World Bank, World Development Indicators, indicator NY.GDP.DEFL.KD.ZG, 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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