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    Faroe Islands Economy 1997
    https://photius.com/wfb1997/faroe_islands/faroe_islands_economy.html
    SOURCE: 1997 CIA WORLD FACTBOOK

      Economy - overview The Faroese economy in 1995 and 1996 saw a noticeable upturn after severalyears of decline brought on by a drop in fish catches and declining pricesand by over-spending by the Faroese Home Rule Government (FHRG). In the early1990s, property values plummeted, and the FHRG had to bail out and merge thetwo largest Faroese banks. Fishing is now improving; wage costs are increasing;the FHRG's budget is almost in balance; and the large foreign debt has comedown significantly. Nevertheless, the total dependence on fishing makes theFaroese economy extremely vulnerable, and the reduction in the foreign debtis at the cost of low investment. Oil finds close to the Faroese area givehope for deposits in the immediate Faroese area, which may lay the basis foran eventual economic rebound. Aided by a substantial annual subsidy from Denmark,the Faroese have a standard of living comparable to the Danes and other Scandinavians.

      GDP purchasing power parity - $800 million (1996 est.)

      GDP - real growth rate 6% (1996 est.)

      GDP - per capita purchasing power parity - $16,300 (1996 est.)

      GDP - composition by sector
      agriculture: 20%
      industry: 16%
      services : 64% (1996 est.)

      Inflation rate - consumer price index 2.8% (1996 est.)

      Labor force
      total: 20,345 (1995 est.)
      by occupation: largely engaged in fishing, manufacturing, transportation, and commerce

      Unemployment rate 11% (1996 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 - capacity 91,000 kW 000 kW

      Electricity - production 175.4 million kWh

      Electricity - consumption per capita 4,043 kWh (1995)

      Agriculture - products milk, potatoes, vegetables; sheep; salmon farming; fish

      Exports
      total value: $362 million (f.o.b., 1995)
      commodities : fish and fish products 92%, animal feedstuffs, transport equipment (ships)
      partners: Denmark 22.2%, UK 25.8%, Germany 9.7%, France 8.3%, Norway 6.2%, US2.0%

      Imports
      total value: $315.6 (c.i.f., 1995)
      commodities: machinery and transport equipment 17.0%, consumer goods 33%, raw materialsand semi-manufactures 26.9%, fuels 11.4%, fish and salt 6.7%
      partners : Denmark 34.5%, Norway 15.9%, UK 8.4% Germany 7.8%, Sweden 5.8%, US 1.5%

      Debt - external $767 million (1995 est.)

      Economic aid receives an annual subsidy from Denmark of about $150 million (1995)

      Currency 1 Danish krone (DKr) = 100 oere

      Exchange rates Danish kroner (DKr) per US$1 - 6.117 (January 1997), 5.799 (1966), 5.602(1995), 6.361 (1994), 6.484 (1993), 6.036 (1992)

      Fiscal year calendar year

      NOTE: The information regarding Faroe Islands on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Faroe Islands Economy 1997 information contained here. All suggestions for corrections of any errors about Faroe Islands Economy 1997 should be addressed to the CIA.

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    https://photius.com/wfb1997/faroe_islands/faroe_islands_economy.html

    Revised 06-Mar-02
    Copyright © 2002 Photius Coutsoukis (all rights reserved)


    ctr03/06/02