| Economy | Faroe Islands |
 = Fields  = World Records  = Dictionary  = Bar graph  = Distribution map  = Fields History  = Definitions |
Economy - overview:
|
The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. The sector 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 that continue to trouble the economy. Reduced catches, especially of cod and haddock, have continued to strain the Faroese economy. GDP grew 0.5% in 2008-09. 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 the first half of 2008, but increased to 3.9% in 2009 and is rising. The Faroese Home Rule Government produced increasing budget surpluses that helped to reduce the large public debt, most of it to Denmark. However, total dependence on fishing and salmon farming make the Faroese economy very 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 6% of Faroese GDP, the Faroese have a standard of living almost equal to that of Denmark and Greenland. |
GDP (purchasing power parity):
|
$1.465 billion (2008 est.) |
GDP - per capita (PPP):
|
$30,300 (2008 est.) |
GDP (official exchange rate):
|
$2.45 billion (2008 est.) |
GDP - real growth rate:
|
0.5% (2008 est.) |
GDP - composition by sector:
|
agriculture: 16%
industry: 29%
services: 55% (2007 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
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):
|
-1.1% (2009)
6.4% (2008) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
|
34,680 (November 2008) |
Labor force participation rate:
|
70.39 % of population |
Labor force - by occupation:
|
agriculture: 10.2%
industry: 20.5%
services: 69.2% (2008) |
Unemployment rate:
|
5.7% (2010)
3.9% (2009) |
Unemployment, youth ages 15-24:
|
total: 9.4%
male: 6.9%
female: 12.5% (2005) |
Budget:
|
revenues: $1.163 billion
expenditures: $1.139 billion
note: Denmark supplies the Faroe Islands with almost one-third of their public funds (2006) |
Budget revenues per capita:
|
23,607 USD per capita |
Taxes and other revenues:
|
47.5% of GDP (2006) |
Budget surplus (+) or deficit (-):
|
1% of GDP (2006) |
Public debt:
|
void |
Industries:
|
fishing, fish processing, small ship repair and refurbishment, handicrafts |
Industrial production growth rate:
|
8% (2007 est.) |
Electricity - production:
|
251.9 million kWh (2008 est.) |
Electricity - production per capita:
|
5,113 kWh per capita |
Electricity - consumption:
|
234.3 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
4,756 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
5,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
37.04 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
4,776 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
milk, potatoes, vegetables; sheep; salmon, other fish |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
|
$848 million (2008)
$634 million (2006) |
Exports per capita:
|
17,213 USD per capita |
Exports - commodities:
|
fish and fish products 94%, stamps, ships |
Exports - partners:
|
Denmark 33%, UK 19.8%, Nigeria 12.5%, US 10%, Netherlands 5.4%, Norway 4.8% (2010) |
Imports:
|
$983 million (2008)
$751 million (2006) |
Imports per capita:
|
19,953 USD per capita |
Imports - commodities:
|
consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt |
Imports - partners:
|
Denmark 51.1%, Norway 22.4%, Sweden 6.7%, UK 4.2%, Iceland 4.1% (2010) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$68.1 million (2006) |
Debt - external - per capita:
|
1,383 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:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Danish krone (DKK) |
Exchange rates:
|
Danish kroner (DKK) per US dollar -
5.291 (2011 est.)
5.624 (2010)
5.361 (2009)
5.0236 (2008)
5.4797 (2007) |
Fiscal year:
|
calendar year |
|
= Fields = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
