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The population of the Faroe Islands is largely descended from Viking settlers who arrived in the 9th century. The islands have been connected politically to Denmark since the 14th century. A high degree of self government was granted the Faroese in 1948, who have autonomy over most internal affairs while Denmark is responsible for justice, defense, and foreign affairs. The Faroe Islands are not part of the European Union.


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Economy

Economy - overview
The Faroese economy is dependent on fishing, which makes the economy vulnerable to price fluctuations. The sector normally accounts for about 95% of exports and nearly half of GDP. In early 2008 the Faroese economy began to slow as a result of smaller catches and historically high oil prices. The slowdown in the Faroese economy followed a strong performance since the mid-1990s with annual growth rates averaging close to 6%, mostly a result of increased fish landings and salmon farming, and high export prices. Unemployment reached its lowest level in June 2008 at 1.1%. The Faroese Home Rule Government produced increasing budget surpluses in that period, which helped to reduce the large public debt, most of it to Denmark. However, total dependence on fishing and salmon farming make the Faroese economy vulnerable to fluctuations in world demand. Initial discoveries of oil in the Faroese area give hope for eventual oil production, which may provide a foundation for a more diversified economy and less dependence on Danish economic assistance. Aided by an annual subsidy from Denmark amounting to about 5% of Faroese GDP, the Faroese have a standard of living almost equal to that of Denmark and Greenland. The Faroese Government ran relatively large deficits from 2008 to 2010 and budget deficits are forecast for several years ahead. At year-end 2010 the gross debt had reached approximately US$900 million.

Gdp (purchasing power parity) World Ranking: 195
$1.471 billion (2010 est.)
$1.389 billion (2008 est.)

Gdp (official exchange rate)
$2.22 billion (2010 est.)

Gdp - real growth rate World Ranking: 126
2.9% (2010 est.)
0.5% (2008 est.)

Gdp - per capita (ppp) World Ranking: 45
$30,500 (2008 est.)

Gdp - composition by sector
Agriculture 16%
Industry 29%
Services 55% (2007 est.)

Labor force World Ranking: 201
34,710 (November 2010)

Labor force - by occupation
Agriculture 10.7%
Industry 18.9%
Services 70.3% (November 2010)

Unemployment rate World Ranking: 77
6.8% (2011)
5.7% (2010)

Population below poverty line
NA%

Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA%

Budget
Revenues $1.22 billion
Expenditures $1.301 billion
Note
Denmark supplies the Faroe Islands with almost one-third of their public funds (2010)

Taxes and other revenues World Ranking: 12
55% of GDP (2010)

Budget surplus (+) or deficit (-) World Ranking: 118
-3.6% of GDP (2010)

Inflation rate (consumer prices) World Ranking: 34
2.3% (2011)
0.4% (2010)

Agriculture - products
Milk, potatoes, vegetables; sheep; salmon, other fish

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

Industrial production growth rate World Ranking: 90
3.4% (2009 est.)

Electricity - production World Ranking: 166
280.3 million kWh (2010 est.)

Electricity - consumption World Ranking: 171
268.8 million kWh (2010 est.)

Electricity - exports
0 kWh (2010 est.)

Electricity - imports
0 kWh (2010 est.)

Oil - production World Ranking: 171
0 bbl/day (2010 est.)

Oil - consumption World Ranking: 171
4,492 bbl/day (2010 est.)

Oil - exports World Ranking: 156
0 bbl/day (2010 est.)

Oil - imports World Ranking: 157
4,776 bbl/day (2009 est.)

Oil - proved reserves World Ranking: 129
0 bbl (1 January 2011 est.)

Natural gas - production World Ranking: 179
0 cu m (2010 est.)

Natural gas - consumption World Ranking: 175
0 cu m (2010 est.)

Natural gas - exports World Ranking: 96
0 cu m (2010 est.)

Natural gas - imports World Ranking: 190
0 cu m (2010 est.)

Natural gas - proved reserves World Ranking: 175
0 cu m (1 January 2011 est.)

Exports World Ranking: 162
$824 million (2010)
$767 million (2009)

Exports - commodities
Fish and fish products 94%, stamps, ships

Exports - partners
Denmark 27.1%, UK 22.5%, US 12.2%, Nigeria 12%, Netherlands 7.8%, Norway 4.5% (2011)

Imports World Ranking: 183
$776 million (2010)
$786 million (2009)

Imports - commodities
Goods for household consumption 24%, machinery and transport equipment 23.5%, fuels 21.4%, raw materials and semi-manufactures, salt

Imports - partners
Denmark 49.6%, Norway 29%, Iceland 4.1% (2011)

Debt - external World Ranking: 157
$888.8 million (2010)
$68.1 million (2006)

Exchange rates
Danish kroner (DKK) per US dollar -
5.3687 (2011 est.)
5.6241 (2010)
5.361 (2009)
5.0236 (2008)
5.4797 (2007)

Fiscal year
Calendar year


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  Faroe Islands [ Denmark ] (Denmark):


  GPS points from Faroe Islands [ Denmark ] (Denmark)

Sjov Faroe Islands (general)

Skuvoy Suduroy

Hagagjogv Streymoy

Tjornevig Faroe Islands (general)

Ornanaes Faroe Islands (general)

Urdhannagjogv Faroe Islands (general)

Torvanes Streymoy

Haegstafjall Faroe Islands (general)




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