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Faroe Islands:
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Other pages in this profile of the Faroe Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition 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) |
Definition - World rank and map $1 billion (2001 est.) |
GDP (official exchange rate) |
Definition $1.7 billion (2005 est.) |
GDP - real growth rate |
Definition - World rank and map 2.4% (2005 est.) |
GDP - per capita |
Definition - World rank and map $31,000 (2001 est.) |
GDP - composition by sector |
Definition agriculture: 27% industry: 11% services: 62% (1999) |
Labor force |
Definition 24,250 (October 2000) |
Labor force - by occupation |
Definition agriculture: 33% industry: 33% services: 34% (October 2000) |
Unemployment rate |
Definition - World rank and map 2.1% (2006) |
Population below poverty line |
Definition NA% |
Household income or consumption by percentage share |
Definition lowest 10%: NA% highest 10%: NA% |
Inflation rate (consumer prices) |
Definition - World rank and map 1.8% (2005) |
Budget |
Definition revenues: $588 million expenditures: $623 million (2005) |
Agriculture - products |
Definition milk, potatoes, vegetables; sheep; salmon, other fish |
Industries |
Definition fishing, fish processing, small ship repair and refurbishment, handicrafts |
Industrial production growth rate |
Definition - World rank and map 8% (1999 est.) |
Electricity - production |
Definition - World rank and map 290 million kWh (2005) |
Electricity - consumption |
Definition - World rank and map 269.7 million kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 5,541.7 kWh (2005) |
Electricity - exports |
Definition 0 kWh (2005) |
Electricity - imports |
Definition 0 kWh (2005) |
Oil - production |
Definition - World rank and map 0 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 4,600 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 94.5 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 0 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 4,580 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 0 bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 0 cu m (1 January 2006 est.) |
Exports |
Definition - World rank and map $634 million f.o.b. (2006) |
Exports - commodities |
Definition fish and fish products 94%, stamps, ships (1999) |
Exports - partners |
Definition Denmark 29.8%, UK 23.2%, Norway 13.4%, Nigeria 10.6%, Netherlands 6.8% (2006) |
Imports |
Definition - World rank and map $751 million c.i.f. (2006) |
Imports - commodities |
Definition consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt (1999) |
Imports - partners |
Definition Denmark 52.9%, Norway 22.1%, Sweden 5.2% (2006) |
Debt - external |
Definition - World rank and map $64 million (1999) |
Economic aid - recipient |
Definition $105 million; note - annual subsidy from Denmark (2005) |
Currency (code) |
Definition Danish krone (DKK) |
Exchange rates |
Definition Danish kroner per US dollar - 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003) |
Fiscal year |
Definition calendar year |
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