Faroe Islands

Agriculture-products

milk, potatoes, vegetables; sheep; salmon farming; fish

Budget

revenues: $467 million expenditures: $468 million, including capital expenditures of $11 million (1996 est.)

Currency

1 Danish krone (DKr) = 100 oere

Debt-external

$767 million (1995 est.)

Economic aid

receives an annual subsidy from Denmark of about $150 million (1995)

Economy-overview

The Faroese economy in 1995 and 1996 saw a noticeable upturn after several years of decline brought on by a drop in fish catches and declining prices and by over-spending by the Faroese Home Rule Government (FHRG). In the early 1990s, property values plummeted, and the FHRG had to bail out and merge the two largest Faroese banks. Fishing is now improving; wage costs are increasing; the FHRG's budget is almost in balance; and the large foreign debt has come down significantly. Nevertheless, the total dependence on fishing makes the Faroese economy extremely vulnerable, and the reduction in the foreign debt is at the cost of low investment. Oil finds close to the Faroese area give hope for deposits in the immediate Faroese area, which may lay the basis for an eventual economic rebound. The Faroese are supported by a substantial annual subsidy from Denmark.

Electricity-capacity

91,000 kW (1995)

Electricity-consumption per capita

4,092 kWh (1995)

Electricity-production

200 million kWh (1995)

Exchange rates

Danish kroner (DKr) per US$1-6.916 (January 1998), 6.604 (1997), 5.799 (1966), 5.602 (1995), 6.361 (1994), 6.484 (1993)

Exports

total value: $362 million (f.o.b., 1995) commodities: fish and fish products 92%, animal feedstuffs, transport equipment (ships) partners: Denmark 22.2%, UK 25.8%, Germany 9.7%, France 8.3%, Norway 6.2%, US 2.0%

Fiscal year

calendar year Communications

GDP

purchasing power parity-$800 million (1996 est.)

GDP-composition by sector

agriculture: 20% industry: 16% services: 64% (1996 est.)

GDP-per capita

purchasing power parity-$16,300 (1996 est.)

GDP-real growth rate

6% (1996 est.)

Imports

total value: $315.6 (c.i.f., 1995) commodities: machinery and transport equipment 17.0%, consumer goods 33%, raw materials and semi-manufactures 26.9%, fuels 11.4%, fish and salt 6.7% partners: Denmark 34.5%, Norway 15.9%, UK 8.4% Germany 7.8%, Sweden 5.8%, US 1.5%

Industrial production growth rate

NA%

Industries

fishing, shipbuilding, construction, handicrafts

Inflation rate-consumer price index

2.8% (1996 est.)

Labor force

total: 20,345 (1995 est.) by occupation: largely engaged in fishing, manufacturing, transportation, and commerce

Radio broadcast stations

AM 1, FM 1 (repeaters 13), shortwave 0

Radios

11,800 (1996 est.)

Telephone system

good international communications; good domestic facilities domestic: digitalization to be completed in 1998 international: satellite earth stations-1 Orion; 1 optical fiber submarine cable linking the Faroe Islands with Denmark and Iceland

Telephones

26,000 of which about 3,500 are mobile telephones (1996)

Television broadcast stations

1 (repeaters 45)

Televisions

11,600 (1996 est.)

Unemployment rate

11% (1996 est.)

Area

total: 1,399 sq km land: 1,399 sq km water: 0 sq km (some lakes and streams)

Area-comparative

eight times the size of Washington, DC

Climate

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

Coastline

1,117 km

Elevation extremes

lowest point: Atlantic Ocean 0 m highest point: Slaettaratindur 882 m

Environment-current issues

NA

Environment-international agreements

party to: NA signed, but not ratified: NA

Geographic coordinates

62 00 N, 7 00 W

Geography-note

archipelago of 17 inhabited islands and one uninhabited island, and a few uninhabited islets; strategically located along important sea lanes in northeastern Atlantic; precipitous terrain limits habitation to small coastal lowlands

Irrigated land

0 sq km

Land boundaries

0 km

Land use

arable land: 6% permanent crops: 0% permanent pastures: 0% forests and woodland: 0% other: 94% (1996)

Location

Northern Europe, island group between the Norwegian Sea and the north Atlantic Ocean, about one-half of the way from Iceland to Norway

Map references

Europe

Maritime claims

exclusive fishing zone: 200 nm territorial sea: 3 nm

Natural hazards

NA

Natural resources

fish, whales

Terrain

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

Administrative divisions

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

Constitution

5 June 1953 (Danish constitution)

Country name

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

Data code

FO

Dependency status

part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark since 1948

Diplomatic representation from the US

none (self-governing overseas administrative division of Denmark)

Diplomatic representation in the US

none (self-governing overseas administrative division of Denmark)

Executive branch

chief of state: Queen MARGRETHE II of Denmark (since 14 January 1972), represented by High Commissioner Bente KLINTE, chief administrative officer (since NA) head of government: Prime Minister Anfinn KALLSBERG (since NA May 1998) cabinet: Landsstyri elected by the Faroese Parliament elections: the queen is a constitutional monarch; high commissioner appointed by the queen; following legislative elections, the leader of the party that wins the most seats is usually elected prime minister by the Faroese Parliament; election last held NA 1994 (next to be held NA 1998) election results: Edmund JOENSEN elected prime minister; percent of parliamentary vote - 23.4%

Flag description

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)

Government type

NA

Independence

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

International organization participation

none

Judicial branch

none

Legal system

Danish

Legislative branch

unicameral Faroese Parliament or Logting (32 seats; members are elected on a proportional basis from the seven constituencies to serve four-year terms) elections: last held 30 April 1998 (next to be held by NA July 2002) election results: percent of vote by party-Republicans 23.8%, People's Party 21.3%, Social Democrats 21.9%, Coalition Party (Union Party, Labor Front, Home Rule Party) 15%; seats by party-Republicans 8, People's Party 8, Social Democrats 7, Coalition Party 6, other parties 3 note: election of 2 seats to the Danish Parliament was last held on 21 September 1994 (next to be held by September 1998); results-percent of vote by party - Unionist Party 22.5%, People's Party 21.7%; seats by party-Unionist Party 1, People's Party 1

National capital

Torshavn

National holiday

Birthday of the Queen, 16 April (1940)

Political parties and leaders

Social Democratic Party [Joannes EIDESGAARD]; Workers' Party [Alis JACOBSEN]; Home Rule Party [Helena Dam A NEYSTABO]; Unionist Party [Edmund JOENSEN]; Republican Party [Heini O. HEINESEN]; Center Party [Tordur NICLASEN]; Christian People's Party [Niels Pauli DANIELSEN]; People's Party [Arnfinn KALLSBERG]

Suffrage

18 years of age; universal

Military branches

no organized native military forces; only a small Police Force and Coast Guard are maintained

Military expenditures-dollar figure

$NA

Military expenditures-percent of GDP

NA%

Military-note

defense is the responsibility of Denmark

Age structure

0-14 years: 23% (male 4,971; female 4,777) 15-64 years: 62% (male 13,896; female 12,034) 65 years and over: 15% (male 2,759; female 3,397) (July 1998 est.)

Birth rate

13.08 births/1,000 population (1998 est.)

Death rate

8.84 deaths/1,000 population (1998 est.)

Ethnic groups

Scandinavian

Infant mortality rate

10.5 deaths/1,000 live births (1998 est.)

Languages

Faroese (derived from Old Norse), Danish

Life expectancy at birth

total population: 78.43 years male: 75.53 years female: 81.45 years (1998 est.)

Literacy

NA note: similar to Denmark proper

Nationality

noun: Faroese (singular and plural) adjective: Faroese

Net migration rate

-21.42 migrant(s)/1,000 population (1998 est.)

Population

41,834 (July 1998 est.)

Population growth rate

-1.72% (1998 est.)

Religions

Evangelical Lutheran

Sex ratio

at birth: 1.05 male(s)/female under 15 years: 1.04 male(s)/female 15-64 years: 1.15 male(s)/female 65 years and over: 0.81 male(s)/female (1998 est.)

Total fertility rate

2.36 children born/woman (1998 est.)

Disputes-international

none FIJI

Airports

1 (1997 est.)

Airports-with paved runways

total: 1 914 to 1,523 m: 1 (1997 est.)

Highways

total: 458 km paved: 450 km unpaved: 8 km (1995 est.)

Merchant marine

total: 6 ships (1,000 GRT or over) totaling 22,853 GRT/13,481 DWT ships by type: cargo 2, oil tanker 1, refrigerated cargo 1, roll-on/roll-off cargo 1, short-sea passenger 1 (1997 est.)

Ports and harbors

Torshavn, Klaksvik, Tvoroyri, Runavik, Fuglafjorour

Railways

0 km