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Faroe Islands Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Faroe Islands Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
The Faroese economy has experienced a period of significant growth since 2011, due to higher fish prices and increased salmon farming and catches in the pelagic fisheries. Fishing has been the main source of income for the Faroe Islands since the late 19th century, but dependence on fishing makes the economy vulnerable to price fluctuations. Nominal GDP, measured in current prices, grew 8.0% in 2015 and 7.8% in 2016. The fisheries sector accounts for about 97% of exports and half of GDP. Unemployment is low, estimated at 2.5% in early 2017. Aided by an annual subsidy from Denmark, which amounts to about 4% of Faroese GDP, Faroese have a standard of living equal to that of Denmark. The Faroe Islands have bilateral free trade agreements with the EU, Iceland, Norway, Switzerland, and Turkey.For the first time in 8 years, the Faroe Islands managed to generate a public budget surplus in 2016, a trend which continued in 2017. The local government intends to use this to reduce public debt, which reached 38% of GDP in 2015. Increasing public infrastructure investments are likely to lead to continued growth in the short term, and the Faroese economy is becoming somewhat more diversified. Growing industries include financial services, petroleum-related businesses, shipping, maritime manufacturing services, civil aviation, IT, telecommunications, and tourism.

GDP (purchasing power parity):
$2.001 billion (2014 est.) $1.89 billion (2013 est.) $1.608 billion (2013 est.)
country comparison to the world: 198

GDP (official exchange rate):
$2.765 billion (2010 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.9% (2014 est.) 7.5% (2013 est.) 2.4% (2013 est.)
country comparison to the world: 26
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$40,000 (2014 est.)
country comparison to the world: 44

Gross national saving:
25.7% of GDP (2012 est.) 25.2% of GDP (2011 est.) 25.9% of GDP (2010 est.)
country comparison to the world: 48
[see also: Gross national saving country ranks ]

GDP - composition, by sector of origin:
agriculture: 18%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 39%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 43% (2013 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
milk, potatoes, vegetables, sheep, salmon, herring, mackerel and other fish

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

Industrial production growth rate:
3.4% (2009 est.)
country comparison to the world: 88
[see also: Industrial production growth rate country ranks ]

Labor force:
28,900 (2015 est.)
country comparison to the world: 206
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 15%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 70% (December 2016 est)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2.8% (2016 est.) 2.9% (2015 est.)
country comparison to the world: 32
[see also: Unemployment rate country ranks ]

Population below poverty line:
4.2% (2012 est.)
[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%

Distribution of family income - Gini index:
22.7 (2013 est.) 21.6 (2011 est.)
country comparison to the world: 149
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $835.6 million
[see also: Budget - revenues country ranks ]
expenditures: $883.8 million
[see also: Budget - expenditures country ranks ]
note: Denmark supplies the Faroe Islands with almost one-third of their public funds (2014 est.)

Taxes and other revenues:
30.2% of GDP (2014 est.)
country comparison to the world: 81
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.7% of GDP (2014 est.)
country comparison to the world: 76
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
35% of GDP (2014 est.)
country comparison to the world: 148
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.3% (2016) -1.7% (2015)
country comparison to the world: 6
[see also: Inflation rate (consumer prices) country ranks ]

Exports:
$1.184 billion (2016 est.) $1.019 billion (2015 est.)
country comparison to the world: 153
[see also: Exports country ranks ]

Exports - commodities:
fish and fish products (97%) (2017 est.)

Exports - partners:
UK 17.8%, Russia 17.3%, Germany 9.8%, China 9.2%, Denmark 6.5%, US 6%, Spain 4.8%, Poland 4.3% (2016)

Imports:
$978.4 million (2016 est.) $906.1 million (2015 est.)
country comparison to the world: 180
[see also: Imports country ranks ]

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

Imports - partners:
Denmark 26.6%, Germany 10.7%, China 10.6%, Norway 10.2%, Poland 6.2%, Ireland 5%, Chile 4.2% (2016)

Debt - external:
$387.6 million (2012) $274.5 million (2010)
country comparison to the world: 183
[see also: Debt - external country ranks ]

Exchange rates:
Danish kroner (DKK) per US dollar - 6.586 (2016) 6.7269 (2016) 6.7269 (2015) 6.7236 (2014 est.) 5.6125 (2013 est.)


NOTE: 1) The information regarding Faroe Islands on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Faroe Islands Economy 2018 information contained here. All suggestions for corrections of any errors about Faroe Islands Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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