Faroe Islands Economy - 2023

Economic overview

high-income Danish territorial economy; party neither to the EU nor the Schengen Area; associate Nordic Council member; very low unemployment; unique foreign ownership allowance in fishing industry; known salmon exporter; growing IT industries

Real GDP (purchasing power parity)

$2.001 billion (2014 est.)

$1.89 billion (2013 est.)

$1.608 billion (2012 est.)

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Real GDP growth rate

5.9% (2017 est.)

7.5% (2016 est.)

2.4% (2015 est.)

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Real GDP per capita

$40,000 (2014 est.)

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GDP (official exchange rate)

$2.765 billion (2014 est.)

Inflation rate (consumer prices)

-0.3% (2016)

-1.7% (2015)

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GDP - composition, by sector of origin

agriculture: 18% (2013 est.)

industry: 39% (2013 est.)

services: 43% (2013 est.)

GDP - composition, by end use

household consumption: 52% (2013)

government consumption: 29.6% (2013)

investment in fixed capital: 18.4% (2013)

Agricultural products

potatoes, mutton, sheep skins, sheep offals, beef, sheep fat, cattle offals, cattle hides, cattle fat

Industries

fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts

Industrial production growth rate

3.4% (2009 est.)

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Labor force

27,540 (2017 est.)

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Labor force - by occupation

agriculture: 15%

industry: 15%

services: 70% (December 2016 est.)

Unemployment rate

2.2% (2017 est.)

3.4% (2016 est.)

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Population below poverty line

10% (2015 est.)

Gini Index coefficient - distribution of family income

22.7 (2013 est.)

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Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $835.6 million (2014 est.)

expenditures: $883.8 million (2014)

note: Denmark supplies the Faroe Islands with almost one-third of its public funds

Budget surplus (+) or deficit (-)

-1.7% (of GDP) (2014 est.)

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Public debt

35% of GDP (2014 est.)

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Taxes and other revenues

30.2% (of GDP) (2014 est.)

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Fiscal year

calendar year

Exports

$1.184 billion (2016 est.)

$1.019 billion (2015 est.)

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Exports - partners

Russia 26.4%, UK 14.1%, Germany 8.4%, China 7.9%, Spain 6.8%, Denmark 6.2%, US 4.7%, Poland 4.4%, Norway 4.1% (2017)

Exports - commodities

fish and fish products (2021)

Imports

$978.4 million (2016 est.)

$906.1 million (2015 est.)

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Imports - partners

Denmark 33%, China 10.7%, Germany 7.6%, Poland 6.8%, Norway 6.7%, Ireland 5%, Chile 4.3% (2017)

Imports - commodities

goods for household consumption, machinery and transport equipment, fuels, raw materials and semi-manufactures, cars

Debt - external

$387.6 million (2012)

$274.5 million (2010)

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Exchange rates

Danish kroner (DKK) per US dollar -

6.287 (2021 est.)

6.542 (2020 est.)

6.669 (2019 est.)

6.315 (2018 est.)

6.603 (2017 est.)

NOTE: The information regarding Faroe Islands on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Faroe Islands 2023 information contained here. All suggestions for corrections of any errors about Faroe Islands 2023 should be addressed to the CIA or the source cited on each page.