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


Household income or consumption by percentage share

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

Inflation rate consumer prices

1.8% (2005)


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

Agriculture products

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


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.)


$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)


$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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