Faroe Islands (part of the Kingdom of Denmark) Economy - Flags, Maps, Economy, Geography, Climate, Natural Resources, Current Issues, International Agreements, Population, Social Statistics, Political System
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Faroe Islands (part of the Kingdom of Denmark) 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 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 Faroese area, which may lay the basis for 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: 20,345 (1995 est.)

    Labor force—by occupation: largely engaged in fishing, manufacturing, transportation, and 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: 170 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 52.94%
    hydro: 47.06%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 170 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

    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 22.2%, UK 25.8%, Germany 9.7%, France 8.3%, Norway 6.2%, US 2.0%

    Imports: $315.6 (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 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—recipient: $150 million (annual subsidy from Denmark) (1995)

    Currency: 1 Danish krone (DKr) = 100 oere

    Exchange rates: Danish kroner (DKr) per US$1—6.408 (January 1999), 6.701 (1998), 6.604 (1997), 5.799 (1966), 5.602 (1995), 6.361 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)