Greenland: Services, value added (constant 2015 US$)

Key figures

What the numbers say

In 2023, Greenland's services, value added (constant 2015 US$) rose 2.2% on 2022 (from US$1.71 billion to US$1.75 billion).

Across the 19 yearly changes before that (2004 to 2022), the average change was +1.7% and a typical year strayed about 2.2% from that (the standard deviation). This year's change was 0.2 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 7.1% in 2006 and the biggest yearly fall was 3.3% in 2020. 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 US$19.33 million a year. A straight line explains 89% 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.

A straight-line projection, tested first

Extending that straight line gives about US$1.77 billion for 2026. We show this only because the same method, fitted on earlier years, predicted 2021 to 2023 better than "no change" would have: its average miss was US$47.58 million, against US$82.24 million for assuming no change. Treat it as a continuation of the recent pattern, not a forecast of events: it cannot see a recession, a policy change or a revision to the data.

See how a linear trend forecast works and the guide on forecasting without fooling yourself.

How it compares

See how every economy compares in the full ranking.

Closest to Greenland in the 2023 ranking

• Isle of Man — 1st of 3: US$6.74 billion
• Aruba — 2nd of 3: US$2.48 billion

What this measures

Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defense, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. 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 constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed in United States dollars.

Limitations: In the services industries, including most of government, value added in constant prices is often imputed from labor inputs, such as real wages or number of employees. In the absence of well defined measures of output, measuring the growth of services remains difficult.

Regional and income-group figures are computed by the World Bank as a gap-filled total.

All 21 values

Services, value added (constant 2015 US$) in nearby economies

• Albania — US$7.97 billion (2025)
• Andorra — US$2.73 billion (2025)
• Armenia — US$10.55 billion (2025)
• Austria — US$270.9 billion (2025)
• Azerbaijan — US$30.43 billion (2025)
• Belarus — US$29.76 billion (2025)
• Belgium — US$385.76 billion (2025)
• Bosnia and Herzegovina — US$12.58 billion (2025)
• Bulgaria — US$43.88 billion (2025)
• Croatia — US$42.28 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

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Greenland's services, value added (constant 2015 US$)?

US$1.75 billion in 2023, according to the World Bank (World Development Indicators).

How has it changed since 2003?

It is up 39.15% from US$1.26 billion in 2003 (1.67% a year on average, compounded). The highest value was US$1.75 billion in 2023 and the lowest US$1.26 billion in 2003.

Source

World Bank, World Development Indicators, indicator NV.SRV.TOTL.KD, 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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