Faroe Islands Economy: from the All Country Info reference guide to country facts

Faroe Islands Economy

Faroe Islands Economy: A summary of information about Faroe Islands Economy, from government research data as well as independent research and other sources.

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Faroe Islands: Economy

Economy - overview
After the severe economic troubles of the early
1990s, brought on by a drop in the vital fish catch, the Faroe Islands
have come back in the last few years, with unemployment down to 5% in
mid-1998. Nevertheless, the almost total dependence on fishing means
the economy remains extremely vulnerable. The Faroese hope to broaden
their economic base by building new fish-processing plants. Oil finds
close to the Faroese area give hope for deposits in the immediate
area, which may lay the basis to sustained economic prosperity. The
Faroese are supported by a substantial annual subsidy from Denmark.
GDP
purchasing power parity - $700 million (1996 est.)
GDP - real growth rate
6% (1996 est.)
GDP - per capita
purchasing power parity - $16,000 (1996 est.)
GDP - composition by sector
agriculture: 20%
industry: 16%
services: 64% (1996 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
2.8% (1996 est.)
Labor force
20,500 (1996 est.)
Labor force - by occupation
largely engaged in fishing,
manufacturing, transportation, commerce
Unemployment rate
5% (1998 est.)
Budget
revenues: $467 million
expenditures: $468 million, including capital expenditures of $11
million (1996 est.)
Industries
fishing, shipbuilding, construction, handicrafts
Industrial production growth rate
NA%
Electricity - production
186 million kWh (1998)
Electricity - production by source
fossil fuel: 53.76%
hydro: 45.7%
nuclear: 0%
other: 0.54% (1998)
Electricity - consumption
173 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
milk, potatoes, vegetables; sheep; salmon,
other fish
Exports
$362 million (f.o.b., 1995)
Exports - commodities
fish and fish products 92%, animal feedstuffs,
transport equipment (ships)
Exports - partners
Denmark 31%, UK 25%, Germany 9%, France 7%, Spain
6%, US 2% (1996)
Imports
$315.6 million (c.i.f., 1995)
Imports - commodities
machinery and transport equipment 17.0%,
consumer goods 33%, raw materials and semi-manufactures 26.9%, fuels
11.4%, fish and salt 6.7%
Imports - partners
Denmark 33%, Norway 18%, UK 8% Germany 9%, Sweden
5%, US 2% (1996)
Debt - external
$767 million (1995 est.)
Economic aid - recipient
$150 million (annual subsidy from Denmark)
(1995)
Currency
1 Danish krone (DKr) = 100 oere
Exchange rates
Danish kroner (DKr) per US$1 - 7.336 (January 2000),
6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799 (1966), 5.602 (1995)
Fiscal year
calendar year
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