fishing in the long term. Oil finds close to the Faroese area give
hope for deposits in the immediate Faroese area, which may
eventually lay the basis for a more diversified economy and thus
lessen dependence on Danish economic assistance. Aided by a
substantial annual subsidy (15% of GDP) from Denmark, the Faroese
have a standard of living not far below the Danes and other
Scandinavians.
GDP (purchasing power parity):
$1 billion (2001 est.)
GDP - real growth rate:
10% (2001 est.)
GDP - per capita:
purchasing power parity - $22,000 (2001 est.)
GDP - composition by sector: agriculture: 27% industry: 11% services: 62% (1999)
Labor force: 24,250 (October 2000)
Labor force - by occupation: fishing, fish processing, and manufacturing 33%, construction and private services 33%, public services 34%
Unemployment rate:
1% (October 2000)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
5.1% (1999)
Budget:
revenues: $488 million
expenditures: $484 million, including capital expenditures of $21
million (1999)
Agriculture - products:
milk, potatoes, vegetables; sheep; salmon, other fish
Industries:
fishing, fish processing, small ship repair and refurbishment,
handicrafts
Industrial production growth rate:
8% (1999 est.)
Electricity - production:
220 million kWh (2002)
Electricity - production by source: fossil fuel: 62.4% hydro: 37.6% nuclear: 0% other: 0% (2001)
Electricity - consumption:
204.6 million kWh (2002)
Electricity - exports:
0 kWh (2002)
Electricity - imports:
0 kWh (2002)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
4,500 bbl/day (2001 est.)
Oil - exports:
NA
Oil - imports:
NA
Exports:
$408 million f.o.b. (2002)
Exports - commodities:
fish and fish products 94%, stamps, ships (1999)
Exports - partners:
Denmark 33.5%, UK 29.7%, Norway 8.4%, Nigeria 7.2% (2004)
Imports:
$466 million c.i.f. (2002)
Imports - commodities:
machinery and transport equipment 29%, consumer goods 36%, raw
materials and semi-manufactures 32%, fuels, fish and salt (1999)
Imports - partners:
Denmark 52.8%, Norway 18.3%, Iceland 4.4%, Sweden 4.2% (2004)
Debt - external:
$64 million (1999)
Economic aid - recipient:
$135 million (annual subsidy from Denmark) (1998)
Currency (code):
Danish krone (DKK)
Currency code:
DKK
Exchange rates:
Danish kroner per US dollar - 5.9911 (2004), 6.5877 (2003), 7.8947
(2002), 8.3228 (2001), 8.0831 (2000)
Fiscal year:
calendar year
Communications Faroe Islands
Telephones - main lines in use:
23,000 (2002)
Telephones - mobile cellular:
30,700 (2002)
Telephone system:
general assessment: good international communications; good
domestic facilities
domestic: digitalization was completed in 1998; both NMT (analog)
and GSM (digital) mobile telephone systems are installed
international: country code - 298; satellite earth stations - 1
Orion; 1 fiber-optic submarine cable to the Shetland Islands,
linking the Faroe Islands with Denmark and Iceland; fiber-optic
submarine cable connection to Canada-Europe cable
Radio broadcast stations:
AM 1, FM 13, shortwave 0 (1998)
Radios:
26,000 (1997)
Television broadcast stations:
3 (plus 43 low-power repeaters) (September 1995)
Televisions:
15,000 (1997)
Internet country code:
.fo
Internet Service Providers (ISPs):
2 (2000)
Internet users:
25,000 (2002)
Transportation Faroe Islands
Highways: total: 463 km paved: 454 km unpaved: 9 km (1999)
Ports and harbors:
Torshavn
Merchant marine:
total: 14 ships (1,000 GRT or over) 24,051 GRT/11,998 DWT
by type: cargo 6, container 1, passenger/cargo 5, petroleum tanker 2
foreign-owned: 8 (Denmark 2, Germany 1, Iceland 2, Norway 2, United
Kingdom 1) (2005)
Airports:
1 (2004 est.)
Airports - with paved runways: total: 1 914 to 1,523 m: 1 (2004 est.)
Military Faroe Islands
Military branches:
no regular military forces
Military expenditures - dollar figure:
$NA
Military expenditures - percent of GDP:
NA
Military - note:
defense is the responsibility of Denmark
Transnational Issues Faroe Islands
Disputes - international:
because anticipated offshore hydrocarbon resources have not been