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Faroe Islands:
Economy

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Faroe Islands Page


Other pages in this profile of the Faroe Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. 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 (about 15% of GDP) from Denmark, the Faroese have a standard of living not far below the Danes and other Scandinavians.
GDP (purchasing power parity)
Definition - World rank and map
$1 billion (2001 est.)
GDP (official exchange rate)
Definition
$1.7 billion (2005 est.)
GDP - real growth rate
Definition - World rank and map
2.4% (2005 est.)
GDP - per capita
Definition - World rank and map
$31,000 (2001 est.)
GDP - composition by sector
Definition
agriculture: 27%
industry: 11%
services: 62% (1999)
Labor force
Definition
24,250 (October 2000)
Labor force - by occupation
Definition
agriculture: 33%
industry: 33%
services: 34% (October 2000)
Unemployment rate
Definition - World rank and map
2.1% (2006)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
1.8% (2005)
Budget
Definition
revenues: $588 million
expenditures: $623 million (2005)
Agriculture - products
Definition
milk, potatoes, vegetables; sheep; salmon, other fish
Industries
Definition
fishing, fish processing, small ship repair and refurbishment, handicrafts
Industrial production growth rate
Definition - World rank and map
8% (1999 est.)
Electricity - production
Definition - World rank and map
290 million kWh (2005)
Electricity - consumption
Definition - World rank and map
269.7 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
5,541.7 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
4,600 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
94.5 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
4,580 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Exports
Definition - World rank and map
$634 million f.o.b. (2006)
Exports - commodities
Definition
fish and fish products 94%, stamps, ships (1999)
Exports - partners
Definition
Denmark 29.8%, UK 23.2%, Norway 13.4%, Nigeria 10.6%, Netherlands 6.8% (2006)
Imports
Definition - World rank and map
$751 million c.i.f. (2006)
Imports - commodities
Definition
consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt (1999)
Imports - partners
Definition
Denmark 52.9%, Norway 22.1%, Sweden 5.2% (2006)
Debt - external
Definition - World rank and map
$64 million (1999)
Economic aid - recipient
Definition
$105 million; note - annual subsidy from Denmark (2005)
Currency (code)
Definition
Danish krone (DKK)
Exchange rates
Definition
Danish kroner per US dollar - 5.4797 (2007), 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003)
Fiscal year
Definition
calendar year


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