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Faroe Islands: Economy

Economy Faroe Islands
Economy - overview:
The Faroese economy has had a strong performance since 1994, mostly as a result of increasing fish landings and high and stable export prices. Unemployment is falling and there are signs of labor shortages in several sectors. The positive economic development has helped the Faroese Home Rule Government produce increasing budget surpluses, which in turn help to reduce the large public debt, most of it owed to Denmark. However, the total dependence on fishing makes the Faroese economy extremely vulnerable, and the present fishing efforts appear in excess of what is a sustainable level of 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)
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)
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)
Budget:
revenues: $488 million
expenditures: $484 million, including capital expenditures of $21 million (1999)
Industries:
fishing, fish processing, shipbuilding, construction, handicrafts
Industrial production growth rate:
8% (1999 est.)
Electricity - production:
160.4 million kWh (2001)
Electricity - production by source:
fossil fuel: 62.4%
hydro: 37.6%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
149.1 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
4,500 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
milk, potatoes, vegetables; sheep; salmon, other fish
Exports:
$418 million f.o.b. (2001)
Exports - commodities:
fish and fish products 94%, stamps, ships (1999)
Exports - partners:
Denmark 39.9%, UK 32.1%, Norway 7.4%, Netherlands 6.1% (2002)
Imports:
$469 million c.i.f. (1999)
Imports - commodities:
machinery and transport equipment 29%, consumer goods 36%, raw materials and semi-manufactures 32%, fuels, fish and salt (1999)
Imports - partners:
Denmark 53.8%, Norway 24.2%, Iceland 5.7% (2002)
Debt - external:
$64 million (1999)
Economic aid - recipient:
$55 million (annual subsidy from Denmark)
Currency:
Danish krone (DKK)
Currency code:
DKK
Exchange rates:
Danish kroner per US dollar - 7.89 (2002), 8.32 (2001), 8.08 (2000), 6.98 (1999), 6.7 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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