| Economy - overview | 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. |
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| GDP | NA |
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| GDP - real growth rate | 2.4% (2005 est.) |
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| GDP - composition by sector | agriculture: 27%
industry: 11%
services: 62% (1999) |
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| Population below poverty line | NA% |
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Household income or consumption
by percentage share | lowest 10%: NA%
highest 10%: NA% |
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| Labor force | 24,250 (October 2000) |
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| Labor force - by occupation | agriculture: 33%
industry: 33%
services: 34% |
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| Unemployment rate | 2.1% (2006) |
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| Budget | revenues: $588 million
expenditures: $623 million; including capital expenditures of $34 million (2005) |
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| Industries | fishing, fish processing, small ship repair and refurbishment, handicrafts |
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| Industrial production growth rate | 8% (1999 est.) |
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Electricity -
production | 292.6 million kWh (2004) |
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Electricity -
production by source | fossil fuel: 62.4%
hydro: 37.6%
nuclear: 0%
other: 0% (2001) |
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Electricity -
consumption | 272.1 million kWh (2004) |
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Electricity -
exports | 0 kWh (2004) |
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Electricity -
imports | 0 kWh (2004) |
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| Oil - production | 0 bbl/day (2004 est.) |
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| Oil - consumption | 4,550 bbl/day (2004 est.) |
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| Oil - exports | NA bbl/day |
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| Oil - imports | NA bbl/day |
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| Agriculture - products | milk, potatoes, vegetables; sheep; salmon, other fish |
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| Exports | $598 million f.o.b. (2005 est.) |
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| Exports - commodities | fish and fish products 94%, stamps, ships (1999) |
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| Exports - partners | Denmark 38%, UK 29.4%, Nigeria 8.9%, Norway 6.1%, Netherlands 4.3% (2005) |
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| Imports | $639 million c.i.f. (2004 est.) |
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| Imports - commodities | consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt (1999) |
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| Imports - partners | Denmark 47.4%, Norway 18.7%, Germany 8.4%, Spain 7.8%, Iceland 4.9%, Sweden 4% (2005) |
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| Debt - external | $64 million (1999) |
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| Economic aid - recipient | $105 million; note - annual subsidy from Denmark (2005) |
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| Currency code | DKK |
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| Exchange rates | Danish kroner per US dollar - 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003), 7.8947 (2002) |
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| Fiscal year | calendar year |
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