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Economy of the Faroe Islands

From Academic Kids

Economy - overview: After the severe economic troubles of the early 1990's, brought on by a drop in the vital fish catch, the Faroe Islands have come back in the last few years, with unemployment down to 5% in mid-1998. Nevertheless, the almost total dependence on fishing means the economy remains extremely vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants. Oil finds close to the Faroese area give hope for deposits in the immediate area, which may lay the basis to sustained economic prosperity. The Faroese are supported by a substantial annual subsidy from Denmark.

GDP: purchasing power parity - $700 million (1996 est.)

GDP - real growth rate: 6% (1996 est.)

GDP - per capita: purchasing power parity - $16,000 (1996 est.)

GDP - composition by sector:
agriculture: 20%
industry: 16%
services: 64% (1996 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%.: NA%

Inflation rate (consumer prices): 2.8% (1996 est.)

Labor force: 20,500 (1996 est.)

Labor force - by occupation: largely engaged in fishing, manufacturing, transportation, commerce

Unemployment rate: 5% (1998 est.)

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

Industries: fishing, shipbuilding, construction, handicrafts

Industrial production growth rate: NA%

Electricity - production: 186 GWh (1998)

Electricity - production by source:
fossil fuel: 53.76%
hydro: 45.7%
nuclear: 0%
other: 0.54% (1998)

Electricity - consumption: 173 GWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

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

Exports: $362 million (f.o.b., 1995)

Exports - commodities: fish and fish products 92%, animal feedstuffs, transport equipment (ships)

Exports - partners: Denmark 31%, United Kingdom 25%, Germany 9%, France 7%, Spain 6%, United States 2% (1996)

Imports: $315.6 million (c.i.f., 1995)

Imports - 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%

Imports - partners: Denmark 33%, Norway 18%, United Kingdom 8% Germany 9%, Sweden 5%, United States 2% (1996)

Debt - external: $767 million (1995 est.)

Economic aid - recipient: $150 million (annual subsidy from Denmark) (1995)

Currency: 1 Danish krone (DKr) = 100 oere

Exchange rates: Danish kroner (DKr) per US$1 - 7.336 (January 2000), 6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799 (1966), 5.602 (1995)

Fiscal year: calendar year

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