| Economy | Faroe Islands |
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Economy - overview:
|
The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. The sector accounts for 95% of exports and nearly half of GDP. 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 - approximately $113 million in 2007, about 5% of GDP and 10% of government revenue - 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 - per capita (PPP):
|
$31,000 (2001 est.) |
GDP (official exchange rate):
|
$2.4 billion (2005 est.) |
GDP - real growth rate:
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2.4% (2005 est.) |
GDP - composition by sector:
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agriculture: 27%
industry: 11%
services: 62% (1999) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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6.4% (2008 est.) 1.8% (2005) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
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void |
Stock of money - per capita:
|
void |
Stock of quasi money:
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void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Labor force:
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29,430 (October 2000) |
Labor force participation rate:
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60.24 % of population |
Labor force - by occupation:
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agriculture: 10.2%
industry: 20.5%
services: 69.2% (2007) |
Unemployment rate:
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1.2% (2008 est.)
1.4% (2006) |
Budget:
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revenues: $588 million
expenditures: $623 million (2005) |
Budget revenues per capita:
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12,036 USD per capita |
Public debt:
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void |
Industries:
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fishing, fish processing, small ship repair and refurbishment, handicrafts |
Industrial production growth rate:
|
8% (1999 est.) |
Electricity - production:
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243.7 million kWh (2007 est.) |
Electricity - production per capita:
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4,989 kWh per capita |
Electricity - consumption:
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226.6 million kWh (2007 est.) |
Electricity - consumption - per capita:
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4,639 kWh per capita |
Electricity - exports:
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0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
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0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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5,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
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37.35 bbl/year per capita |
Oil - exports:
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0 bbl/day (2007 est.) |
Oil - imports:
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4,922 bbl/day (2007 est.) |
Oil - proved reserves:
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0 bbl (1 January 2009 est.) |
Natural gas - production:
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0 cu m (2008 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2008 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2008 est.) |
Natural gas - imports:
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0 cu m (2008 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2009 est.) |
Agriculture - products:
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milk, potatoes, vegetables; sheep; salmon, other fish |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
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$980 million (2008 est.); $634 million (2006) |
Exports per capita:
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20,059 USD per capita |
Exports - commodities:
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fish and fish products 94%, stamps, ships |
Exports - partners:
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Denmark 27.3%, UK 18.6%, Croatia 12%, Norway 11.7%, Nigeria 10%, Netherlands 5.5% (2008) |
Imports:
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$1.008 billion (2008 est.); $751 million (2006) |
Imports per capita:
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20,633 USD per capita |
Imports - commodities:
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consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt |
Imports - partners:
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Denmark 50.4%, Norway 20.2%, Sweden 6.4%, UK 4.2%, Iceland 4.1% (2008) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$64 million (1999 est.) |
Debt - external - per capita:
|
1,310 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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void |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$105 million |
Economic aid - recipient per capita:
|
2,150 USD per capita |
Currency (code):
|
Danish krone (DKK) |
Exchange rates:
|
Danish kroner (DKK) per US dollar - 5.4742 (2009), 5.0236 (2008), 5.4797 (2007), 5.9468 (2006), 5.9969 (2005) |
Fiscal year:
|
calendar year |
|
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