Faroe islands

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Introduction - Faroe Islands:
Location - Faroe Islands:
People - Faroe Islands:
Government - Faroe Islands:
Economy - Faroe Islands:
Economy overview	The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. Since 2003 the Faroese economy has picked up as a result of higher prices for fish and for housing. Unemployment is minimal and government finances are relatively sound. Oil finds close to the Islands give hope for economically recoverable deposits, which could eventually lay the basis for a more diversified economy and lessen dependence on Danish economic assistance. Aided by a substantial annual subsidy (about 15% of GDP) from Denmark, the Faroese have a standard of living not far below the Danes and other Scandinavians.

Gdp purchasing power parity	$1 billion (2001 est.)

Gdp official exchange rate	$1.7 billion (2005 est.)

Gdp real growth rate	2.4% (2005 est.)

Gdp per capita ppp	$31,000 (2001 est.)

Gdp composition by sector	agriculture: 27% industry: 11% services: 62% (1999)

Labor force	24,250 (October 2000)

Labor force by occupation	agriculture: 33% industry: 33% services: 34%

Unemployment rate	2.1% (2006)

Population below poverty line	NA%

Household income or consumption by percentage share	lowest 10%: NA% highest 10%: NA%

Inflation rate consumer prices	1.8% (2005)

Budget	revenues: $588 million expenditures: $623 million; including capital expenditures of $34 million (2005)

Agriculture products	milk, potatoes, vegetables; sheep; salmon, other fish

Industries	fishing, fish processing, small ship repair and refurbishment, handicrafts

Industrial production growth rate	8% (1999 est.)

Electricity production	292.6 million kWh (2004)

Electricity consumption	272.1 million kWh (2004)

Electricity exports	0 kWh (2004)

Electricity imports	0 kWh (2004)

Oil production	0 bbl/day (2004 est.)

Oil consumption	4,550 bbl/day (2004 est.)

Oil exports	NA bbl/day

Oil imports	NA bbl/day

Oil proved reserves	0 bbl

Natural gas production	0 cu m (2004 est.)

Natural gas consumption	0 cu m (2004 est.)

Exports	$598 million f.o.b. (2005 est.)

Exports commodities	fish and fish products 94%, stamps, ships (1999)

Exports partners	Denmark 31.6%, UK 26.8%, Norway 10.1%, Nigeria 9.2%, Netherlands 5.4% (2006)

Imports	$639 million c.i.f. (2004 est.)

Imports commodities	consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt (1999)

Imports partners	Denmark 52.4%, Norway 20.4%, Iceland 5.9%, Sweden 4.2% (2006)

Debt external	$64 million (1999)

Economic aid recipient	$105 million; note - annual subsidy from Denmark (2005)

Currency code	Danish krone (DKK)

Exchange rates	Danish kroner per US dollar - 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003), 7.8947 (2002)

Communications - Faroe Islands:
Transportation - Faroe Islands:
Military - Faroe Islands:

This page was last updated on 16 September, 2007
Source: CIA >>>

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An Intelligence Quotient or IQ is a score derived from one of several different standardized tests attempting to measure intelligence. Although the term "IQ" is still in common use, the scoring of modern IQ tests such as the Wechsler Adult Intelligence Scale is now based on a projection of the subject's measured rank on the Gaussian bell curve with a center value (average IQ) of 100, and a standard deviation of 15, although different tests may have different standard deviations. The average IQ scores for many populations have been rising at an average rate of three points per decade since the early 20th century with most of the increase in the lower half of the IQ range: a phenomenon called the Flynn effect. It is disputed whether these changes in scores reflect real changes in intellectual abilities, or merely methodological problems with past or present testing. (Wikipedie)

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Faroe islands

Faroe islands: Travel tips, articles, photos, gallery, cities database, population, pics, flags, statistics, free maps online

Back to Countries, Click to read the whole article: Faroe islands

Economy overview

Gdp purchasing power parity

$1 billion (2001 est.)

Gdp official exchange rate

$1.7 billion (2005 est.)

Gdp real growth rate

2.4% (2005 est.)

Gdp per capita ppp

$31,000 (2001 est.)

Gdp composition by sector

agriculture: 27% industry: 11% services: 62% (1999)

Labor force

24,250 (October 2000)

Labor force by occupation

agriculture: 33% industry: 33% services: 34%

Unemployment rate

2.1% (2006)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA% highest 10%: NA%

Inflation rate consumer prices

1.8% (2005)

Budget

revenues: $588 million expenditures: $623 million; including capital expenditures of $34 million (2005)

Agriculture products

milk, potatoes, vegetables; sheep; salmon, other fish

Industries

fishing, fish processing, small ship repair and refurbishment, handicrafts

Industrial production growth rate

8% (1999 est.)

Electricity production

292.6 million kWh (2004)

Electricity consumption

272.1 million kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

Oil production

0 bbl/day (2004 est.)

Oil consumption

4,550 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

0 cu m (2004 est.)

Exports

$598 million f.o.b. (2005 est.)

Exports commodities

fish and fish products 94%, stamps, ships (1999)

Exports partners

Denmark 31.6%, UK 26.8%, Norway 10.1%, Nigeria 9.2%, Netherlands 5.4% (2006)

Imports

$639 million c.i.f. (2004 est.)

Imports commodities

consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt (1999)

Imports partners

Denmark 52.4%, Norway 20.4%, Iceland 5.9%, Sweden 4.2% (2006)

Debt external

$64 million (1999)

Economic aid recipient

$105 million; note - annual subsidy from Denmark (2005)

Currency code

Danish krone (DKK)

Exchange rates

Danish kroner per US dollar - 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003), 7.8947 (2002)

Free IQ test online

IQ test lasts approximately 30 minutes and contains 40 questions !

In the IQ test you must focus on the maximum. Test questions are simple. In the IQ test may not use the calculator and paper.

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agriculture: 27%
industry: 11%
services: 62% (1999)

agriculture: 33%
industry: 33%
services: 34%

lowest 10%: NA%
highest 10%: NA%

revenues: $588 million
expenditures: $623 million; including capital expenditures of $34 million (2005)