Greenland: Terms of trade adjustment (constant LCU)

Key figures

What the numbers say

In 2023, Greenland's terms of trade adjustment (constant LCU) rose 56.48 million on 2022 (from 2.5 billion to 2.56 billion).

Across the 19 yearly changes before that (2004 to 2022), the average change was +96.53 million and a typical year strayed about 345.98 million from that (the standard deviation). This year's change was 0.1 standard deviations below 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 901.5 million in 2015 and the biggest yearly fall was 361.59 million in 2007. 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 177.6 million a year. A straight line explains 64% 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 3: 167.02 billion
• Togo — 2nd of 3: 63 billion

What this measures

The terms of trade adjustment is equal to the capacity to import (current price value of exports of goods and services deflated by the import price index) less exports of goods and services in constant prices. 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 21 values

Terms of trade adjustment (constant LCU) in nearby economies

• Albania — 90.65 billion (2025)
• Armenia — -348.18 billion (2025)
• Austria — -7.2 billion (2025)
• Belarus — -4.07 billion (2025)
• Belgium — -20.53 billion (2025)
• Bosnia and Herzegovina — -180.02 million (2025)
• Bulgaria — -68.12 million (2025)
• Croatia — 259.43 million (2025)
• Cyprus — 85.17 million (2025)
• Czechia — 47.02 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$49,930 (2023)
• GDP per capita (constant LCU) — 285,947 (2023)
• GDP (annual % growth) — 0.87% (2023)
• GDP per capita (annual % growth) — 0.5% (2023)
• Adjusted savings, carbon dioxide damage (current US$)

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Questions people ask

What is Greenland's terms of trade adjustment (constant LCU)?

2.56 billion in 2023, according to the World Bank (World Development Indicators).

How has it changed since 2003?

It is up 282.15% from 670.08 million in 2003 (6.93% a year on average, compounded). The highest value was 2.56 billion in 2023 and the lowest -274.61 million in 2008.

Is the latest change in terms of trade adjustment (constant LCU) unusual for Greenland?

In 2023, Greenland's terms of trade adjustment (constant LCU) rose 56.48 million on 2022 (from 2.5 billion to 2.56 billion). Across the 19 yearly changes before that (2004 to 2022), the average change was +96.53 million and a typical year strayed about 345.98 million from that (the standard deviation). This year's change was 0.1 standard deviations below 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 NY.TTF.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.

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