Faroe Islands

Airports

total: 1 useable: 1 with permanent-surface runways: 1 with runways over 3659 m: 0 with runways 2440-3659 m: 0 with runways 1220-2439 m: 1

Highways

200 km

Merchant marine

10 ships (1,000 GRT or over) totaling 22,015 GRT/24,007 DWT; includes 1 short-sea passenger, 5 cargo, 2 roll-on/roll-off, 2 refrigerated cargo; note - a subset of the Danish register

Ports

Torshavn, Tvoroyri

Telecommunications

good international communications; fair domestic facilities; 27,900 telephones; broadcast stations - 1 AM, 3 (10 repeaters) FM, 3 (29 repeaters) TV; 3 coaxial submarine cables

Branches

small Police Force, no organized native military forces

Note

defense is the responsibility of Denmark

Agriculture

accounts for 27% of GDP and employs 27% of labor force; principal crops - potatoes and vegetables; livestock - sheep; annual fish catch about 360,000 metric tons

Budget

revenues $425 million; expenditures $480 million, including capital expenditures of $NA (1991 est.)

Currency

1 Danish krone (DKr) = 100 ore

Economic aid

receives an annual subsidy from Denmark of about $130 million

Electricity

80,000 kW capacity; 280 million kWh produced, 5,760 kWh per capita (1992)

Exchange rates

Danish kroner (DKr) per US$1 - 6.236 (January 1993), 6.036 (1992), 6.396 (1991), 6.189 (1990), 7.310 (1989), 6.732 (1988)

Exports

$386 million (f.o.b., 1990 est.) commodities: fish and fish products 88%, animal feedstuffs, transport equipment (ships) (1989) partners: Denmark 20%, Germany 18.3%, UK 14.2%, France 11.2%, Spain 7.9%, US 4.5%

External debt

$1.3 billion (1991)

Fiscal year

1 April - 31 March

Imports

$322 million (c.i.f., 1990 est.) commodities: machinery and transport equipment 24.4%, manufactures 24%, food and livestock 19%, fuels 12%, chemicals 6.5% partners: Denmark 43.8%, Norway 19.8%, Sweden 4.9%, Germany 4.2%, US 1.3%

Industrial production

growth rate NA%

Industries

fishing, shipbuilding, handicrafts

Inflation rate (consumer prices)

2% (1988)

National product

GDP - purchasing power equivalent - $662 million (1989 est.)

National product per capita

$14,000 (1989 est.)

National product real growth rate

3% (1989 est.)

Overview

The Faroese, who have long enjoyed the affluent living standards of the Danes and other Scandinavians, now must cope with the decline of the all-important fishing industry and one of the world's heaviest per capita external debts of nearly $30,000. When the nations of the world extended their fishing zones to 200 nautical miles in the early 1970s, the Faroese no longer could continue their traditional long-distance fishing and subsequently depleted their own nearby fishing areas. The government's tight controls on fish stocks and its austerity measures have caused a recession, and subsidy cuts will force nationalization in the fishing industry, which has already been plagued with bankruptcies. Copenhagen has threatened to withhold its annual subsidy of $130 million - roughly one-third of the islands' budget revenues - unless the Faroese make significant efforts to balance their budget. To this extent the Faroe government is expected to continue its tough policies, including introducing a 20% VAT in 1993, and has agreed to an IMF economic-political stabilization plan. In addition to its annual subsidy, the Danish government has bailed out the second largest Faroe bank to the tune of $140 million since October 1992.

Unemployment rate

5%-6% (1991 est.)

Area

total area: 1,400 km2 land area: 1,400 km2 comparative area: slightly less than eight times the size of Washington, DC

Climate

mild winters, cool summers; usually overcast; foggy, windy

Coastline

764 km

Environment

precipitous terrain limits habitation to small coastal lowlands; archipelago of 18 inhabited islands and a few uninhabited islets

International disputes

none

Irrigated land

NA km2

Land boundaries

0 km

Land use

arable land: 2% permanent crops: 0% meadows and pastures: 0% forest and woodland: 0% other: 98%

Location

in the north Atlantic Ocean, located half way between Norway and Iceland

Map references

Arctic Region

Maritime claims

exclusive fishing zone: 200 nm territorial sea: 3 nm

Natural resources

fish

Note

strategically located along important sea lanes in northeastern Atlantic

Terrain

rugged, rocky, some low peaks; cliffs along most of coast

Administrative divisions

none (self-governing overseas administrative division of Denmark)

Capital

Torshavn

Constitution

Danish

Digraph

FO

Diplomatic representation in US

none (self-governing overseas administrative division of Denmark)

Elections

Danish Parliament: last held on 12 December 1990 (next to be held by December 1994); results - percent of vote by party NA; seats - (2 total) Social Democratic 1, People's Party 1; note - the Faroe Islands elects two representatives to the Danish Parliament Faroese Parliament: last held 17 November 1990 (next to be held November 1994); results - Social Democratic 27.4%, People's Party 21.9%, Cooperation Coalition Party 18.9%, Republican Party 14.7%, Home Rule 8.8%, PFIP-CPP 5.9%, other 2.4%; seats - (32 total) two-party coalition 17 (Social Democratic 10, People's Party 7), Cooperation Coalition Party 6, Republican Party 4, Home Rule 3, PFIP-CPP 2

Executive branch

Danish monarch, high commissioner, prime minister, deputy prime minister, Cabinet (Landsstyri)

Flag

white with a red cross outlined in blue that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the DANNEBROG (Danish flag)

Independence

none (part of the Danish realm; self-governing overseas administrative division of Denmark)

Judicial branch

none

Leaders

Chief of State: Queen MARGRETHE II (since 14 January 1972), represented by High Commissioner Bent KLINTE (since NA) Head of Government: Prime Minister Marita PETERSEN (since 18 January 1993)

Legal system

Danish

Legislative branch

unicameral Parliament (Lgting)

Member of

none

Names

conventional long form: none conventional short form: Faroe Islands local long form: none local short form: Foroyar

National holiday

Birthday of the Queen, 16 April (1940)

Political parties and leaders

three-party ruling coalition: Social Democratic Party, Marita PETERSEN; Republican Party, Signer HANSEN; Home Rule Party, Hilmar KASS opposition: Cooperation Coalition Party, Pauli ELLEFSEN; Progressive and Fishing Industry Party-Christian People's Party (PFIP-CPP), leader NA; Progress Party, leader NA; People's Party, Jogvan SUND-STEIN

Suffrage

20 years of age; universal

Type

part of the Danish realm; self-governing overseas administrative division of Denmark

US diplomatic representation

none (self-governing overseas administrative division of Denmark)

Birth rate

18.45 births/1,000 population (1993 est.)

Death rate

7.57 deaths/1,000 population (1993 est.)

Ethnic divisions

Scandinavian

Infant mortality rate

8.3 deaths/1,000 live births (1993 est.)

Labor force

17,585 by occupation: largely engaged in fishing, manufacturing, transportation, and commerce

Languages

Faroese (derived from Old Norse), Danish

Life expectancy at birth

total population: 77.92 years male: 74.51 years female: 81.45 years (1993 est.)

Literacy

total population: NA% male: NA% female: NA%

Nationality

noun: Faroese (singular and plural) adjective: Faroese

Net migration rate

-4.2 migrant(s)/1,000 population (1993 est.)

Population

48,065 (July 1993 est.)

Population growth rate

0.67% (1993 est.)

Religions

Evangelical Lutheran

Total fertility rate

2.52 children born/woman (1993 est.)