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Faroe Islands Economy 2011
https://theodora.com/wfb2011/faroe_islands/faroe_islands_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 11, 2011

Economy - overview:
The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. The sector accounts for about 95% of exports and nearly half of GDP. In early 2008 the Faroese economy began to slow as a result of smaller catches and historically high oil prices that continue to trouble the economy. Though oil prices have come down, reduced catches, especially of cod and haddock, have continued to strain the Faroese economy. GDP grew 0.5% in 2008-09. The slowdown in the Faroese economy followed a strong performance since the mid-1990s with annual growth rates averaging close to 6%, mostly a result of increased fish landings and salmon farming, and high export prices. Unemployment reached its lowest level in the first half of 2008, but increased to 3.9% in 2009 and is rising. The Faroese Home Rule Government produced increasing budget surpluses that helped to reduce the large public debt, most of it to Denmark. However, total dependence on fishing and salmon farming make the Faroese economy very vulnerable to fluctuations in world demand. In addition, budget surpluses turned to deficits in 2008-09, and the economy at both the country and local level is running large deficits. Initial discoveries of oil in the Faroese area give hope for eventual oil production, which may provide a foundation for a more diversified economy and less dependence on Danish economic assistance. Aided by an annual subsidy from Denmark amounting to about 6% of Faroese GDP, the Faroese have a standard of living comparable to that of the Danes and other Scandinavians.

GDP (purchasing power parity):
$1.642 billion (2008 est.)
country comparison to the world: 193
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$2.45 billion (2008 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.5% (2008 est.)
country comparison to the world: 187
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$48,200 (2008 est.)
country comparison to the world: 10
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 16%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 29%
[see also: GDP - composition by sector - industry country ranks ]
services: 55% (2007 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
34,680 (November 2008)
country comparison to the world: 202
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 10.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 69.2% (2008)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
3.9% (2009)
country comparison to the world: 34

1.2% (2008)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $1.163 billion
[see also: Budget - revenues country ranks ]
expenditures: $1.139 billion (2006)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
-1.1% (2009)
country comparison to the world: 6

6.4% (2008)
[see also: Inflation rate (consumer prices) country ranks ]

Agriculture - products:
milk, potatoes, vegetables; sheep; salmon, other fish

Industries:
fishing, fish processing, small ship repair and refurbishment, handicrafts

Industrial production growth rate:
8% (2007 est.)
country comparison to the world: 27
[see also: Industrial production growth rate country ranks ]

Electricity - production:
275.8 million kWh (2008 est.)
country comparison to the world: 172
[see also: Electricity - production country ranks ]

Electricity - consumption:
264.4 million kWh (2008 est.)
country comparison to the world: 170
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 176
[see also: Oil - production country ranks ]

Oil - consumption:
5,000 bbl/day (2009 est.)
country comparison to the world: 170
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2008)
country comparison to the world: 196
[see also: Oil - exports country ranks ]

Oil - imports:
4,922 bbl/day (2008)
country comparison to the world: 158
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 181
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008)
country comparison to the world: 197
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008)
country comparison to the world: 186
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008)
country comparison to the world: 181
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008)
country comparison to the world: 181
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 181
[see also: Natural gas - proved reserves country ranks ]

Exports:
$848 million (2008)
country comparison to the world: 158

$634 million (2006)
[see also: Exports country ranks ]

Exports - commodities:
fish and fish products 94%, stamps, ships

Exports - partners:
Hungary 36.26%, Denmark 21.36%, UK 12.21%, Nigeria 7.72%, US 6.49%, Norway 5.46% (2009)

Imports:
$983 million (2008)
country comparison to the world: 172

$751 million (2006)
[see also: Imports country ranks ]

Imports - commodities:
consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt

Imports - partners:
Denmark 54.42%, Norway 20.76%, Sweden 4.79% (2009)

Debt - external:
$68.1 million (2006)
country comparison to the world: 186
[see also: Debt - external country ranks ]

Exchange rates:
Danish kroner (DKK) per US dollar - 5.774 (2009), 5.0236 (2008), 5.4797 (2007), 5.9468 (2006)


NOTE: The information regarding Faroe Islands on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Faroe Islands Economy 2011 information contained here. All suggestions for corrections of any errors about Faroe Islands Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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